Company: BOH
Filing Date: 2025-03-14
Form Type: DEF 14A
Source: 0000950170-25-039381
Chunk: 75

Company: BANK OF HAWAII CORP
Filing Date: 2025-03-14
Form: DEF 14A
Chunk 75
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 without the participant’s written consent: • a material reduction in the participant’s base salary, authority, duties or responsibilities, or in the budget over which the participant has authority; • a material reduction in the authority, duties or responsibilities of the participant’s supervisor; • the participant is required to relocate to a different Hawaiian Island for employment or to a place more than 50 miles from the participant’s base of employment immediately prior to the change-in-control; or • any other action or inaction that constitutes a material breach by the Company of the Retention Plan or the participant’s employment agreement. The terms of the Company’s 2024 Stock and Incentive Compensation Plan provide for full acceleration of vesting of restricted stock, restricted stock units, and stock options upon the occurrence of a change-in-control of the Company. We believe that it is generally appropriate to fully vest equity and incentive-based awards to employees in a change-in-control transaction because such a transaction may often cut short or reduce the employee’s ability to realize value with respect to such awards. All restricted stock, restricted stock units and stock option agreements which, by their terms, provide for acceleration of vesting in the event of a change-in-control, require a “Double-Trigger” for acceleration to occur, as provided in the Retention Plan. The Executive Incentive Plan provides that incentive awards will, upon a change-in-control of the Company, be prorated as though the applicable performance period ended on the change-in-control date, and will be calculated as an amount equal to two times a participant’s incentive allocation for the prorated performance period.

| 68 | BANK OF HAWAI'I  •  2025 PROXY STATEMENT |

| COMPENSATION DISCUSSION AND ANALYSIS |

The table below sets forth the benefits that would have been payable to each of the named executive officers had a qualifying termination occurred under the terms of the Retention Plan or plans with change-in-control provisions on December 31, 2024.

| Name                |     | Base Salary 
   and Bonus 
     Payment 
   ($)(1)(8) |     |      Executive 
 Incentive Plan 
        Payment 
      ($)(2)(8) |     |   Health 
 Benefits 
   ($)(3) |     | Outplacement 
       ($)(4) |     | Relocation 
    Payment 
     ($)(5) |     |  Acceleration 
 of Restricted 
         Stock 
     ($)(6)(8) |     |        Non