Company: BOH
Filing Date: 2025-03-14
Form Type: DEF 14A
Source: 0000950170-25-039381
Chunk: 54

Company: BANK OF HAWAII CORP
Filing Date: 2025-03-14
Form: DEF 14A
Chunk 54
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 shareholder value. Each NEO receives a balance of variable and fixed compensation. The following describes the various forms of compensation:

| 46 | BANK OF HAWAI'I  •  2025 PROXY STATEMENT |

| COMPENSATION DISCUSSION AND ANALYSIS |

2024 Base Salary Base salary is driven by each NEO’s responsibilities. The Committee also considered competitive compensation data provided by WTW. Base salaries are generally established in connection with recruiting or retaining qualified executive officers. The Committee reviews salary levels as part of the Company’s annual performance review process, as well as upon promotion or other changes in job responsibility. Merit-based increases to salaries for executive officers other than the CEO are determined by the Committee and include the CEO’s assessment of individual performance and his recommendation. In recommending base salaries, the CEO considers, among other factors, the needs of the Company, internal pay parity among positions of comparable responsibility, and individual performance and contribution to the Company. The Committee also looks at market survey data to verify that salaries are competitive and within market ranges. Based upon the foregoing, including peer group analysis, market data and recommendations by WTW, the Committee approved, effective April 1, 2024, the following NEO base salaries:

| Name                   |     | Base Salary Effective 
     April 1, 2024 ($) |
|:-----------------------|:----|----------------------:|
| Peter S. Ho            |     |               885,800 |
| Dean Y. Shigemura      |     |               448,050 |
| S. Bradley Shairson(1) |     |               450,000 |
| James C. Polk(2)       |     |               473,800 |
| Patrick M. McGuirk     |     |               462,000 |

(1) Mr. Shairson received a salary increase as of April 1, 2024 as part of his promotion to Chief Risk Officer effective March 31, 2024. (2) Mr. Polk's base salary was increased to $570,000 upon his promotion to President of the Company effective July 19, 2024. 2024 Short-Term Incentive Compensation The CEO and other NEOs participate in the Executive Incentive Plan (the “EIP”), the Company’s short-term cash incentive plan for executives. The EIP is a 100% performance-based short-term incentive plan. Refer to the Executive Compensation Process and Results sections for details on the EIP design