Company: BOH
Filing Date: 2025-03-14
Form Type: DEF 14A
Source: 0000950170-25-039381
Chunk: 84

Company: BANK OF HAWAII CORP
Filing Date: 2025-03-14
Form: DEF 14A
Chunk 84
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 outstanding. Amendment The Board of Directors may amend or terminate the 2025 Plan at any time. Following approval of the 2025 Plan by the Company’s shareholders, the Board may not amend the 2025 Plan in any manner which would require shareholder approval under applicable law or the regulations or requirements of any exchange on which the Company’s shares are listed unless the Company actually obtains shareholder approval of that amendment. In addition, any amendment that would adversely affect the rights of the recipient of an outstanding award will require the approval of that recipient. New Plan Benefits Awards under the 2025 Plan are discretionary and the Board has not yet determined the Awards to be made and the terms and conditions of such awards. Therefore, the benefits and amounts that will be received by each of the directors under the 2025 Plan are not presently determinable. Summary of Certain Federal Income Tax Consequences The following is a summary of the principal United States federal income taxation consequences to participants and the Company with respect to participation in the 2025 Plan. This summary is not intended to be exhaustive and does not discuss the income tax laws of any local, state or foreign jurisdiction in which a participant may reside. This information is based upon current federal income tax rules and therefore is subject to change when those rules change. Because the tax consequences to any participant may depend on his or her particular situation, each participant should consult a tax adviser regarding the federal, state, local and other tax consequences of the grant or exercise of an award or the disposition of stock acquired in the 2025 Plan. The 2025 Plan is not qualified under the provisions of Section 401(a) of the Code and is not subject to any of the provisions of the Employee Retirement Income Security Act of 1974, as amended. The Company’s ability to realize the benefit

| BANK OF HAWAI'I  •  2025 PROXY STATEMENT | 77 |

| PROPOSAL 3: APPROVAL OF BANK OF HAWAII CORPORATION 2025 DIRECTOR STOCK COMPENSATION PLAN |

of any tax deductions described below depends on our generation of taxable income as well as the requirement of reasonableness and the satisfaction of our tax reporting obligations. Nonqualified Stock Options . Generally, there is no taxation upon the grant of a nonqualified stock option if the stock option is granted with an exercise price equal to the fair market value of the underlying stock on the grant date. On exercise, a participant will recognize ordinary income equal to the excess, if any, of the fair market