Company: BOH
Filing Date: 2025-03-14
Form Type: DEF 14A
Source: 0000950170-25-039381
Chunk: 43

Company: BANK OF HAWAII CORP
Filing Date: 2025-03-14
Form: DEF 14A
Chunk 43
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2015 Director Stock Plan allows for the granting of stock options, restricted common stock, and restricted stock units. Under the 2015 Director Stock Plan, the Board has the flexibility to set the form and terms of awards. For 2024, the non-employee directors received an annual equity compensation value of $65,000. Based on the fair market value on the date of grant in April 2024, each of the non-employee Board members was given a stock award of 1,109 shares of restricted common stock with a vesting date of April 18, 2025. In 2024, no stock options or restricted stock units were granted under the 2015 Director Stock Plan.

| 34 | BANK OF HAWAI'I  •  2025 PROXY STATEMENT |

| PROPOSAL 1: ELECTION OF DIRECTORS |

If the 2025 Director Stock Compensation Plan is approved by our shareholders as part of Proposal 3, the non-employee directors elected at the Annual Meeting will receive a restricted stock award from the 2025 Director Stock Compensation Plan. As in prior years, the restricted shares will have a value of $65,000 on the grant date and be subject to vesting per the terms of the Plan and continued service. Directors’ Deferred Compensation Plan The Company maintains the Directors’ Deferred Compensation Plan (the “Directors’ Deferred Plan”), under which each non-employee director may participate and elect to defer the payment of all of his or her annual Board and committee retainer fees, or all of his or her annual Board retainer fees, or all of his or her annual committee retainer fees. At the director’s choice, deferred amounts under the Directors’ Deferred Plan may be payable: 1) beginning on the first day of the first month after the participating director ceases to be a director of the Company; or 2) on an anniversary date of the director’s choosing after the director ceases to be a director; or 3) a date specified by the director (which may include a date prior to the date a director ceases to be a director). Deferred amounts are paid to the participant in a lump sum or in equal annual installments over such period of years (not exceeding 10 years) as the participant elects at the time of deferral. If a participant dies, all deferred and previously unpaid amounts will be paid in a lump sum to the participant’s beneficiary on the second day of the calendar year following the year of death.