exhibit10-19.htm


    Exhibit
10.19

     

    Amendment
No. 2008-1 to the Central Pacific Financial Corporation

    Long-Term
Executive Incentive Plan

    


    THIS
AMENDMENT (the “Amendment”) is made
by Central Pacific Financial Corporation (the “Company”) to be
effective as of December 31, 2008.

    


    WHEREAS, the Company maintains the
Long-Term Executive Incentive Plan (the “Plan”) for the
benefit of certain participants (“Participants”);

    


    WHEREAS, the Company desires to amend
certain provisions of the Plan in order to comply with Section 409A of the
Internal Revenue Code of 1986, as amended (“Section 409A”);
and

    


    WHEREAS, the Company has reserved the
right to amend or modify the Plan.

    


    NOW, THEREFORE, the Plan is hereby
amended as follows:

     

    
      	
              1.  

            	
              Section
      2.4 shall be amended to read as
follows:

            


    

     

    ““Change
in Control Event” is defined by reference to the definition of “change in
control event” in Treas. Reg. 1.409A-3(i)(5).”

    


    
      	
              2.  

            	
              Section
      2.8 shall be amended to read as
follows:

            


    

     

    ““Disability”
is defined by reference to the definition of “disability” in Treas. Reg.
1.409A-3(i)(4).”

    


    
      	
              3.  

            	
              The
      following sentence shall be added as the final sentence to Section
      7.1:

            


    

     

    “Any such
prorated Final Award payable in respect of termination of employment due to the
Participant’s death or Disability shall be paid as soon as practicable after
such termination of employment, but no later than 21⁄2 months after the close of
the Plan Year in which the termination of employment due to the Participant’s
death or Disability occurs.”

    


    
      	
              4.  

            	
              The
      final sentence of Article 8 shall be amended to read as
      follows:

            


    

     

    “Any
Final Award payable because of the death of the Participant shall be paid as
soon as practicable after the Participant dies, but no later than 21⁄2 months
after the close of the Plan Year in which the Participant dies.”

    


    
      	
              5.  

            	
              A
      new Section 15.5 shall be added to the Plan as
    follows:

            


    

     

    “Code Section
409A.  It is the Company’s intent that payments under the Plan
are exempt from, and do not constitute “deferred compensation” subject to,
Section 409A of the Code and that the Plan be administered
accordingly.  If and to the extent that any payment is determined by
the Company to constitute “non-qualified deferred compensation” subject to
Section 409A of the Code and is payable hereunder to a Participant by reason of
his termination of employment, then (a) such payment or benefit shall be made or
provided to the Participant only upon a “separation from service” as defined for
purposes of Section 409A of the Code under applicable regulations and (b) if the
Participant is a “specified employee” (within the meaning of Section 409A of the
Code and as determined by the Company), such payment shall not be made or
provided before the date that is six months after the date of the Participant’s
separation from service (or his earlier death).  Neither the Company
nor its affiliates shall have any liability to any Participant, Participant’s
spouse or other beneficiary of any Participant’s spouse or other beneficiary of
any Participant or otherwise if the Plan or any amounts paid or payable
hereunder are subject to the additional tax and penalties under Section 409A of
the Code.”

    


    IN
WITNESS WHEREOF, the Compensation Committee has caused this Amendment 2008-1 to
the Plan to be duly executed on this 31st day of
December, 2008.

     

    CENTRAL
PACIFIC FINANCIAL CORPORATION

     

    By:           /s/ Karen K.
Street

    Executive Vice President and Director
of Human Resources