# EDGAR Filing Document

**Accession Number:** 0000036377
**File Stem:** 0001104659-23-033344
**Filing Date:** 2023-3
**Character Count:** 381208
**Document Hash:** 1cdd717c5a0664448f92e8d03527e27a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-033344.hdr.sgml**: 20230316

**ACCESSION NUMBER**: 0001104659-23-033344

**CONFORMED SUBMISSION TYPE**: DEF 14A

**PUBLIC DOCUMENT COUNT**: 120

**FILED AS OF DATE**: 20230316

**DATE AS OF CHANGE**: 20230316

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST HAWAIIAN, INC.
- **CENTRAL INDEX KEY:** 0000036377
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 990156159
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DEF 14A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14585
- **FILM NUMBER:** 23739258

**BUSINESS ADDRESS:**
- **STREET 1:** 999 BISHOP STREET
- **CITY:** HONOLULU
- **STATE:** HI
- **ZIP:** 96813
- **BUSINESS PHONE:** 808-525-7000

**MAIL ADDRESS:**
- **STREET 1:** 999 BISHOP STREET
- **CITY:** HONOLULU
- **STATE:** HI
- **ZIP:** 96813

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANCWEST CORP/HI
- **DATE OF NAME CHANGE:** 19981105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST HAWAIIAN INC
- **DATE OF NAME CHANGE:** 19920703

?xml version="1.0" encoding="ASCII"? tm232400-1_nonfiling - none - 22.9375973s

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#### UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

#### SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of

the Securities Exchange Act of 1934 (Amendment No.)

Filed by the Registrant ☒

Filed by a Party other than the Registrant ☐

Check the appropriate box:

☐

Preliminary Proxy Statement

☐

**Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))** 

☒

Definitive Proxy Statement

☐

Definitive Additional Materials

☐

Soliciting Material under §240.14a-12

### FIRST HAWAIIAN, INC.
(Name of Registrant as Specified in its Charter)

#### N/A
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

☒

No fee required.

☐

Fee paid previously with preliminary materials.

☐

Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a6(i)(1) and 0-11.

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![[MISSING IMAGE: cv_ofc-4clr.jpg]](cv_ofc-4clr.jpg)

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![[MISSING IMAGE: lg_firsthawaiian-4clr.jpg]](lg_firsthawaiian-4clr.jpg)

COMPANY PROFILE

First Hawaiian, Inc. (NASDAQ: FHB) is a bank holding company, incorporated in the State of Delaware and headquartered in Honolulu, Hawaii. Its wholly owned bank subsidiary, First Hawaiian Bank (www.fhb.com), founded in 1858, is Hawaii's oldest financial institution. As of December 31, 2022, FHB was the largest bank in Hawaii in terms of total assets, loans and leases, deposits and net income. The Bank has branches located throughout the State of Hawaii, Guam and Saipan, and offers a comprehensive suite of banking services to consumer and commercial customers including loans, deposit products, wealth management, insurance, trust, retirement planning, credit card and merchant processing services.

#### 2022 AT-A-GLANCE

---

| | | | |
|:---|:---|:---|:---|
| **$265.7M**  | &nbsp;&nbsp; **$14.1B**  | &nbsp;&nbsp; **55.2%**  | &nbsp;&nbsp; **$40M**  |
| Net income | &nbsp;&nbsp; Loans and <br> leases, up 9%  | &nbsp;&nbsp; Efficiency ratio, outperforming <br> peer Hawaii banks  | &nbsp;&nbsp; Board-approved $40M stock repurchase program in 2023  |

---

---

| | | | |
|:---|:---|:---|:---|
| **1%**  | &nbsp;&nbsp; **$24.6B**  | &nbsp;&nbsp; **0.08%**  | &nbsp;&nbsp; **0.08%**  |
| Increase in diluted earnings, to $2.08 per share | &nbsp;&nbsp; Total assets at December 31, 2022  | &nbsp;&nbsp; Ratio of non-accrual loans and leases to total loans and leases  | &nbsp;&nbsp; Net charge-offs to average total loans and leases  |

---

---

| | | | |
|:---|:---|:---|:---|
| **$21.7B**  | &nbsp;&nbsp; **2.78%**  | &nbsp;&nbsp; **11.44% / 20.03%\***  | &nbsp;&nbsp; **>2,000**  |
| Deposits: #1 in Hawaii | &nbsp;&nbsp; Net interest <br> margin, up <br> 35 basis points  | &nbsp;&nbsp; Return on average total stockholders' equity / return on average tangible stockholders' equity  | &nbsp;&nbsp; Employees  |

---

![[MISSING IMAGE: tm212424d3-tbl_3cspn.jpg]](tm212424d3-tbl_3cspn.jpg)

\*

Represents a non-GAAP measure. Please see "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2022 for an explanation and reconciliation.

#### OUR PILLARS OF SUSTAINABILITY

---

| | | | | |
|:---|:---|:---|:---|:---|
|  ![[MISSING IMAGE: tm212424d3_icon-legalpn.jpg]](tm212424d3_icon-legalpn.jpg)  | ![[MISSING IMAGE: tm212424d3_icon-riskmgmtpn.jpg]](tm212424d3_icon-riskmgmtpn.jpg)  | ![[MISSING IMAGE: tm212424d3_icon-compcultpn.jpg]](tm212424d3_icon-compcultpn.jpg)  | ![[MISSING IMAGE: tm212424d3_icon-enviropn.jpg]](tm212424d3_icon-enviropn.jpg)  | ![[MISSING IMAGE: tm212424d3_icon-maxsocimppn.jpg]](tm212424d3_icon-maxsocimppn.jpg)  |
|  Promoting healthy profitability through **Values-Based Governance**  | Protecting the Company and its stakeholders through **Responsible Risk Management**  | **Growing our capacity by Investing in Company Culture and our Employees**  | Accepting our responsibility as an organization for **Improving our Environmental Impact**  | Increasing the potential of our communities by investing in programs that **Maximize Social Impact**  |

---

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CEO'S MESSAGE

![[MISSING IMAGE: ph_robertharrissm-4c.jpg]](ph_robertharrissm-4c.jpg)

March 16, 2023

### TO OUR STOCKHOLDERS:
You are invited to attend our 2023 Annual Meeting of Stockholders scheduled for Wednesday, April 26, 2023, 8:00 a.m., Hawaii Standard Time. In our continuing trend, this year's Annual Meeting will be completely virtual and conducted electronically via live webcast.

### 2022—A Year of Recovery
We saw remarkable changes as our recovery from the pandemic accelerated in 2022. Tourists returned in large numbers, and local businesses gradually recaptured much of the business that was lost during the 2020-2021 shut down. At First Hawaiian, our focus continued to be on empowering our customers and communities, and we believe that goes much deeper than the traditional customer/banker relationship.

Here are some of our 2022 financial performance highlights:

• We increased loans by $1.1 billion, or 9%

• Our deposits of $21.7 billion remained the highest in our primary market

• We maintained high asset quality, with non-accrual loans and leases at 0.08% of total loans and leases

• Net income of $265.7 million remained steady, falling by $0.1 million

• We increased return on average total stockholders' equity from 9.81% for 2021 to 11.44% for 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• We increased return on average tangible stockholders' equity (non-GAAP) from 15.51% for 2021 to 20.03% for 2022

• Our net interest margin improved by 35 basis points, from 2.43% for 2021 to 2.78% for 2022

• Our stock price at December 31, 2022 traded at 1.46 times book value and 12.52 times earnings

### Strategic Planning and Digital Transformation
With contributions from our senior management team and many others, our strategic planning process took shape resulting in the development of a plan to optimize future growth opportunities while leveraging our core strengths of delivering customer-focused products and services.

To accomplish our growth plans, we must invest in new technology. Overhauling our entire digital architecture is critical to meeting customer expectations, quickly test new products and services, and generally improve the customer experience to maintain our competitive position in a crowded marketplace. I am pleased to report we accomplished the first major step in our digital transformation through a successful core conversion in May 2022.

### The Annual Meeting
Our Board of Directors and senior officers, together with representatives from our independent registered public accounting firm, will be in attendance at the Annual Meeting to respond to your questions. We encourage you to read our 2023 Proxy Summary, our

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2022 Annual Report to Stockholders and our Annual Report on Form 10-K for the year ended December 31, 2022 prior to the meeting. Complete instructions on how to vote begin on page 2. Whether or not you plan to attend the meeting, please complete, sign, date and return the enclosed proxy card in the envelope provided or vote telephonically or electronically using the telephone or Internet voting procedures described on your proxy card at your earlier convenience.

Our leadership team and I are excited for what lies ahead for First Hawaiian Bank and know that we can

deliver an even bolder and brighter future for our stockholders, colleagues, customers and communities. We look forward to your participation in this year's Annual Meeting. Thank you for your continued support.

Sincerely,

![[MISSING IMAGE: sg_robertharrison-bw.jpg]](sg_robertharrison-bw.jpg)

**Robert S. Harrison** 

Chairman, President and Chief Executive Officer

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NOTICE OF 2023 ANNUAL MEETING OF STOCKHOLDERS

**Notice Hereby is Given** that the 2023 Annual Meeting of Stockholders of First Hawaiian, Inc. will be held:

---

| | | |
|:---|:---|:---|
| **WHEN**  | **WHO MAY VOTE**  | **ACCESS**  |
| Wednesday, April 26, 2023, 8:00 a.m., Hawaii Standard Time  | &nbsp;&nbsp; Stockholders of record on the record date, March 3, 2023  | &nbsp;&nbsp; Via webcast at https://web.lumiagm.com/224987645; access available beginning at 7:30 a.m., local time in Honolulu, Hawaii, on April 26, 2023. Enter your voter control number found on your Important Notice Regarding the Availability of Proxy Materials, on your proxy card or on the instructions that accompanied your proxy materials, along with the password of fh2023 (case sensitive). |

---

At the Annual Meeting, we will ask you to consider and vote upon these proposals.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Items of Business**  | **Items of Business**  | **Items of Business**  | **Items of Business**  | **Items of Business**  |
| 1.  | The election to our Board of Directors of the nine nominees named in the attached Proxy Statement to serve until the 2024 Annual Meeting of Stockholders  | The election to our Board of Directors of the nine nominees named in the attached Proxy Statement to serve until the 2024 Annual Meeting of Stockholders  | The election to our Board of Directors of the nine nominees named in the attached Proxy Statement to serve until the 2024 Annual Meeting of Stockholders  | The election to our Board of Directors of the nine nominees named in the attached Proxy Statement to serve until the 2024 Annual Meeting of Stockholders  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; • Michael K. Fujimoto <br>• Robert S. Harrison <br>• Faye W. Kurren <br>| &nbsp;&nbsp;&nbsp;&nbsp; • James S. Moffatt <br>• Mark M. Mugiishi <br>| &nbsp;&nbsp;&nbsp;&nbsp; • Kelly A. Thompson <br>• Allen B. Uyeda <br>| &nbsp;&nbsp;&nbsp;&nbsp; • Vanessa L. Washington <br>• &nbsp;&nbsp;&nbsp;&nbsp; C. Scott Wo <br>|
| 2.  | An advisory vote on the compensation of our named executive officers as disclosed in the attached Proxy Statement  | An advisory vote on the compensation of our named executive officers as disclosed in the attached Proxy Statement  | An advisory vote on the compensation of our named executive officers as disclosed in the attached Proxy Statement  | An advisory vote on the compensation of our named executive officers as disclosed in the attached Proxy Statement  |
| 3.  | The ratification of the appointment of Deloitte & Touche LLP to serve as our independent registered public accounting firm for the fiscal year ending December 31, 2023  | The ratification of the appointment of Deloitte & Touche LLP to serve as our independent registered public accounting firm for the fiscal year ending December 31, 2023  | The ratification of the appointment of Deloitte & Touche LLP to serve as our independent registered public accounting firm for the fiscal year ending December 31, 2023  | The ratification of the appointment of Deloitte & Touche LLP to serve as our independent registered public accounting firm for the fiscal year ending December 31, 2023  |
| 4.  | Such other business as properly may come before the Annual Meeting or any adjournments or postponements thereof  | Such other business as properly may come before the Annual Meeting or any adjournments or postponements thereof  | Such other business as properly may come before the Annual Meeting or any adjournments or postponements thereof  | Such other business as properly may come before the Annual Meeting or any adjournments or postponements thereof  |

---

This year's Annual Meeting will be held exclusively online via live webcast on Wednesday, April 26, 2023, at 8:00 a.m., Hawaii Standard Time. You will be able to attend the meeting online and submit questions during the meeting. You will also be able to vote your shares electronically at the Annual Meeting.

The Proxy Statement contains important information for you to consider when deciding how to vote on the matters brought before the Annual Meeting. Please read it carefully.

WHETHER OR NOT YOU EXPECT TO ATTEND THE ANNUAL MEETING, PLEASE SUBMIT YOUR PROXY WITH YOUR VOTING INSTRUCTIONS. YOU MAY VOTE BY TELEPHONE OR INTERNET, BY FOLLOWING THE INSTRUCTIONS ON THE PROXY CARD OR BY MAIL.

---

| | | |
|:---|:---|:---|
| Honolulu, Hawaii <br> March 16, 2023  | ![[MISSING IMAGE: ph_joelrappoport-4c.jpg]](ph_joelrappoport-4c.jpg)  | By Order of the Board of Directors, <br> ![[MISSING IMAGE: sg_joelrappaport-k.jpg]](sg_joelrappaport-k.jpg) <br> **Joel E. Rappoport <br> Executive Vice President, General Counsel and Secretary**  |

---

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NOTICE OF 2023 ANNUAL MEETING OF STOCKHOLDERS

 **IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS <br> FOR OUR ANNUAL MEETING TO BE HELD ON APRIL 26, 2023** 

<br> <u> Our Proxy Statement, our 2022 Annual Report to Stockholders and our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 are available on our website at http://proxy.fhb.com. Except as stated otherwise, information on our website is not considered part of this Proxy Statement. </u>

By March 16, 2023, we will have sent to certain of our stockholders a Notice of Availability of Proxy Materials ("Notice"). The Notice includes instructions on how to access our Proxy Statement, our 2022 Annual Report to Stockholders and our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and vote online. Stockholders who do not receive the Notice will continue to receive either a paper or an electronic copy of our proxy materials, which will be sent on or about March 22, 2023. If you received the Notice and would like to receive a printed copy of our proxy materials, please follow the instructions for requesting such materials included in the Notice. For more information, see "*Frequently Asked Questions about the Annual Meeting and Voting*." <br>

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**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | **PROXY STATEMENT**  |
| **[1](#tPSS)**  | **[PROXY STATEMENT SUMMARY](#tPSS)**  |
| **[15](#tCGAB)**  | **[CORPORATE GOVERNANCE AND BOARD MATTERS](#tCGAB)**  |
| **[15](#tP1EO)**  | **[PROPOSAL 1—ELECTION OF DIRECTORS](#tP1EO)** |
| [16](#tDINO) | [DIRECTOR NOMINEES](#tDINO) |
| [25](#tBODC)  | [BOARD OF DIRECTORS, COMMITTEES AND GOVERNANCE](#tBODC) |
| &nbsp;&nbsp;&nbsp;&nbsp; *[25](#tMEE)*  | &nbsp;&nbsp;&nbsp; *[Meetings](#tMEE)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[25](#tDIIN)*  | &nbsp;&nbsp;&nbsp; *[Director Independence](#tDIIN)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[26](#tBLSA)*  | &nbsp;&nbsp;&nbsp; *[Board Leadership Structure and Qualifications](#tBLSA)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[26](#tBLSA)*  | &nbsp;&nbsp;&nbsp; *[Director Nomination Process](#tBLSA)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[28](#tCOOB)*  | &nbsp;&nbsp;&nbsp; *[Committees of Our Board of Directors](#tCOOB)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[31](#tCCIA)*  | &nbsp;&nbsp;&nbsp; *[Compensation Committee Interlocks and Insider Participation](#tCCIA)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[33](#tBOOR)*  | &nbsp;&nbsp;&nbsp; *[Board Oversight of Risk Management](#tBOOR)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[35](#tCGGA)*  | &nbsp;&nbsp;&nbsp; *[Corporate Governance Guidelines and Code of Conduct and Ethics](#tCGGA)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[35](#tSCWT)*  | &nbsp;&nbsp;&nbsp; *[Stockholder Communications with the Board of Directors](#tSCWT)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[36](#t2DC)*  | &nbsp;&nbsp;&nbsp; *[2022 Director Compensation](#t2DC)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[37](#tSOGF)*  | &nbsp;&nbsp;&nbsp; *[Stock Ownership Guidelines for Non-Employee Directors](#tSOGF)*  |
| **[38](#tEXCO)**  | **[EXECUTIVE COMPENSATION](#tEXCO)**  |
| **[38](#tP2AV)**  | **[PROPOSAL 2—ADVISORY VOTE ON THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS](#tP2AV)**  |
| [40](#tCDAA)  | [COMPENSATION DISCUSSION AND ANALYSIS](#tCDAA) |
| &nbsp;&nbsp;&nbsp;&nbsp; *[40](#tNEO)*  | &nbsp;&nbsp;&nbsp; *[Named Executive Officers](#tNEO)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[41](#t2BP)*  | &nbsp;&nbsp;&nbsp; *[2022 Business Performance](#t2BP)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[42](#tCAHI)*  | &nbsp;&nbsp;&nbsp; *[Capital Highlights](#tCAHI)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[42](#t2CS)*  | &nbsp;&nbsp;&nbsp; *[2022 Compensation Summary](#t2CS)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[43](#tOCP)*  | &nbsp;&nbsp;&nbsp; *[Our Compensation Philosophy](#tOCP)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[45](#t2CF)*  | &nbsp;&nbsp;&nbsp; *[2022 Compensation Framework](#t2CF)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[45](#tCGP)*  | &nbsp;&nbsp;&nbsp; *[Compensation Governance Practices](#tCGP)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[46](#tCGP1)*  | &nbsp;&nbsp;&nbsp; *[Compensation Governance Process](#tCGP1)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[47](#tBECO)*  | &nbsp;&nbsp;&nbsp; *[Benchmarking Compensation](#tBECO)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[49](#t2CC)*  | &nbsp;&nbsp;&nbsp; *[2022 CEO Compensation](#t2CC)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[49](#t2SO)*  | &nbsp;&nbsp;&nbsp; *[2022 Stockholder Outreach](#t2SO)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[51](#tKCOC)*  | &nbsp;&nbsp;&nbsp; *[Key Components of Compensation](#tKCOC)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[58](#tEAAO)*  | &nbsp;&nbsp;&nbsp; *[Employment Agreements and Offer Letters](#tEAAO)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[59](#tOBAR)*  | &nbsp;&nbsp;&nbsp; *[Other Benefits and Retirement Plans](#tOBAR)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[60](#tCRMA)*  | &nbsp;&nbsp;&nbsp; *[Compensation Risk Management and Governance Policies](#tCRMA)*  |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; *[62](#tDOEC)*  | &nbsp;&nbsp;&nbsp; *[Deductibility of Executive Compensation](#tDOEC)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[62](#tARIO)*  | &nbsp;&nbsp;&nbsp; *[Assessing Risk in Our Compensation Programs](#tARIO)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[62](#tCICP)*  | &nbsp;&nbsp;&nbsp; *[Change in CEO Pension Value in the Summary Compensation Table](#tCICP)*  |
| [63](#tCCR)  | [COMPENSATION COMMITTEE REPORT](#tCCR) |
| [64](#tECT)  | [EXECUTIVE COMPENSATION TABLES](#tECT) |
| &nbsp;&nbsp;&nbsp;&nbsp; *[64](#tSCT)*  | &nbsp;&nbsp;&nbsp; *[Summary Compensation Table](#tSCT)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[66](#t2GOP)*  | &nbsp;&nbsp;&nbsp; *[2022 Grants of Plan-Based Awards](#t2GOP)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[67](#tOEAA)*  | &nbsp;&nbsp;&nbsp; *[Outstanding Equity Awards at 2022 Fiscal Year End](#tOEAA)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[68](#t2SV)*  | &nbsp;&nbsp;&nbsp; *[2022 Stock Vested](#t2SV)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[68](#t2PB)*  | &nbsp;&nbsp;&nbsp; *[2022 Pension Benefits](#t2PB)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[69](#t2NDC)*  | &nbsp;&nbsp;&nbsp; *[2022 Nonqualified Deferred Compensation](#t2NDC)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[72](#tPPUT)*  | &nbsp;&nbsp;&nbsp; *[Potential Payments upon Termination or Change in Control](#tPPUT)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[73](#tPRD)*  | &nbsp;&nbsp;&nbsp; *[Pay Ratio Disclosure](#tPRD)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[73](#tPRD)*  | &nbsp;&nbsp;&nbsp; *[Pay Versus Performance Disclosure](#tPRD)*  |
| **[79](#tAUMA)**  | **[AUDIT MATTERS](#tAUMA)**  |
| **[79](#tP3RO)**  | **[PROPOSAL 3―RATIFICATION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#tP3RO)**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[80](#tACR)*  | &nbsp;&nbsp;&nbsp; *[AUDIT COMMITTEE REPORT](#tACR)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[81](#tPAF)*  | &nbsp;&nbsp;&nbsp; *[PRINCIPAL ACCOUNTANT FEES](#tPAF)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[81](#tPPAP)*  | &nbsp;&nbsp;&nbsp; *[PREAPPROVAL POLICIES AND PROCEDURES](#tPPAP)*  |
| **[82](#tBOEO)**  | **[BIOGRAPHIES OF EXECUTIVE OFFICERS](#tBOEO)**  |
| **[86](#tSTOW)**  | **[STOCK OWNERSHIP](#tSTOW)**  |
| [86](#tSOOC)  | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS, DIRECTORS AND MANAGEMENT](#tSOOC)  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[88](#tDS1R)*  | &nbsp;&nbsp;&nbsp; *[Delinquent Section 16(a) Reports](#tDS1R)*  |
| &nbsp;&nbsp;&nbsp;&nbsp; *[88](#tBRAR)*  | &nbsp;&nbsp;&nbsp; *[Business Relationships and Related Party Transactions Policy](#tBRAR)*  |
| **[89](#tFAQA)**  | **[FREQUENTLY ASKED QUESTIONS ABOUT THE ANNUAL MEETING AND VOTING](#tFAQA)**  |
| **[94](#tOTBU)**  | **[OTHER BUSINESS](#tOTBU)**  |
| [94](#tSPFT)  | [STOCKHOLDER PROPOSALS FOR THE 2024 ANNUAL MEETING](#tSPFT) |
| [95](#tDOCD)  | [DISTRIBUTION OF CERTAIN DOCUMENTS](#tDOCD) |
| [95](#tSRDSSM)  | [STATEMENT REGARDING THE DELIVERY OF A SINGLE SET OF MATERIALS TO HOUSEHOLDS WITH MULTIPLE STOCKHOLDERS](#tSRDSSM)  |
| **[A-1](#tAARF)**  | **[ANNEX A—NON-GAAP RECONCILIATION](#tAARF)**  |

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Forward-Looking Statements

This Proxy Statement includes forward-looking statements. These statements are not historical facts and are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are

not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. For a discussion of some of the risks and important factors that could affect the Company's future results and financial condition, see "Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

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PROXY STATEMENT SUMMARY

The following summary highlights information contained elsewhere in this Proxy Statement and provides context related to the matters to be voted on at the 2023 Annual Meeting of Stockholders of First Hawaiian, Inc. ("First Hawaiian," "FHI," "we," "our," "us" and the "Company"). This summary does not contain all

of the information that you should consider, and you should read the entire Proxy Statement before voting. For more complete information regarding the Company's 2022 performance, please review the Company's Annual Report on Form 10-K for the year ended December 31, 2022

### 2023 ANNUAL MEETING INFORMATION

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **![[MISSING IMAGE: tm212424d3_icon-whenko.gif]](tm212424d3_icon-whenko.gif) <br> WHEN <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **![[MISSING IMAGE: tm212424d3_icon-whereko.gif]](tm212424d3_icon-whereko.gif) <br> RECORD DATE <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **![[MISSING IMAGE: tm212424d3_icon-recordko.gif]](tm212424d3_icon-recordko.gif) <br> ACCESS <br>**  |
| Wednesday, April 26, 2023, 8:00 a.m., Hawaii Standard Time | &nbsp;&nbsp; March 3, 2023  | &nbsp;&nbsp; Via webcast at https://web.lumiagm.com/224987645; access available beginning at 7:30 a.m., local time in Honolulu, Hawaii, on April 26, 2023. Enter your voter control number found on your Important Notice Regarding the Availability of Proxy Materials, on your proxy card or on the instructions that accompanied your proxy materials, along with the password of fh2023 (case sensitive). Once admitted to the meeting platform, you may submit questions and/or vote during the Annual Meeting by following the instructions that will be available on the meeting website. There will not be a physical meeting in Hawaii or anywhere else.  |

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### Meeting Agenda

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| | | | | |
|:---|:---|:---|:---|:---|
| **Proposal**  | **Proposal**  | **Board Voting <br> Recommendation**  | **Board Voting <br> Recommendation**  | **See <br> Page**  |
| 1.  | The election to our Board of Directors of the nine nominees named in the attached Proxy Statement to serve until the 2024 Annual Meeting of Stockholders  | ![[MISSING IMAGE: tm212424d3_icon-boardforpn.jpg]](tm212424d3_icon-boardforpn.jpg)  | **FOR** each <br> director nominee  | [15](#tP1EO)  |
| 2.  | An advisory vote on the compensation of our named executive officers as disclosed in the attached Proxy Statement  | ![[MISSING IMAGE: tm212424d3_icon-boardforpn.jpg]](tm212424d3_icon-boardforpn.jpg)  | **FOR**  | [38](#tP2AV)  |
| 3.  | The ratification of the appointment of Deloitte & Touche LLP to serve as our independent registered public accounting firm for the fiscal year ending December 31, 2023  | ![[MISSING IMAGE: tm212424d3_icon-boardforpn.jpg]](tm212424d3_icon-boardforpn.jpg)  | **FOR**  | [79](#tP3RO)  |

---

We will also act on any other business that is properly raised.

 **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** <sub>1</sub>

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[**TABLE OF CONTENTS**](#TOC)

PROXY STATEMENT SUMMARY

### How to Vote
Our Annual Meeting will be conducted exclusively online via live webcast, allowing all of our stockholders the option to participate in the live, online meeting from any location convenient to them and providing stockholder access to our Board and management. For further information on the virtual meeting, please see the "Frequently Asked Questions about the Annual Meeting and Voting" section in this Proxy Statement.

---

| | | |
|:---|:---|:---|
| ![[MISSING IMAGE: tm212424d3_icon-phonepn.jpg]](tm212424d3_icon-phonepn.jpg)  | ![[MISSING IMAGE: tm212424d3_icon-internetpn.jpg]](tm212424d3_icon-internetpn.jpg)  | ![[MISSING IMAGE: tm212424d3_icon-mailpn.jpg]](tm212424d3_icon-mailpn.jpg)  |
| **BY TELEPHONE**  | **BY INTERNET**  | **BY MAIL**  |
|  Registered holders may call toll-free **1-800-PROXIES (1-800-776-9437)** in the United States or **1-718-921-8500** from foreign countries.  | Prior to the Annual Meeting, visit the website listed on your proxy card/voting instruction form to vote via the Internet. <br>During the Annual Meeting, visit our Annual Meeting website at https://web.lumiagm.com/224987645.  | Complete, sign and date the proxy card and mail it in the enclosed postage-paid envelope.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Have your proxy card available and follow the instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Voting over the internet or by telephone by no later than 11:59 p.m., Eastern time, on April 25, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Voting by mail must be received by us by April 25, 2023.

#### Beneficial Owners
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • If you hold your shares through a broker, bank or other nominee, that institution will instruct you as to how your shares may be voted by proxy, including whether telephone or Internet voting options are available.

---

| | |
|:---|:---|
| **2**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

---

------

[**TABLE OF CONTENTS**](#TOC)

PROXY STATEMENT SUMMARY

### PERFORMANCE HIGHLIGHTS

### 2022 Business Performance

---

| | |
|:---|:---|
| ![[MISSING IMAGE: tm212424d3_icon-speedpn.jpg]](tm212424d3_icon-speedpn.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; • As our economy rebounded from the impacts of the COVID-19 pandemic, we were able to grow loans and leases by $1.1 billion, or 9%, year-over-year, while continuing to maintain strong asset quality. <br>• We were able to thrive in a rising interest rate environment, as we increased our net interest margin by 35 basis points, to 2.78% in 2022 from 2.43% in 2021. <br>|

---

![[MISSING IMAGE: tb_businessperf-pn.jpg]](tb_businessperf-pn.jpg)

\*

Represents a non-GAAP measure. Please see "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2022 for an explanation and reconciliation.

### Capital Highlights

---

| | |
|:---|:---|
| ![[MISSING IMAGE: tm212424d3_icon-handmoneypn.jpg]](tm212424d3_icon-handmoneypn.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp; • We are committed to remaining well capitalized while returning excess capital to our stockholders. <br>• In January 2023, we announced that the Board of Directors adopted a stock repurchase program for up to $40 million during 2023.\* <br>|

---

---

| | | |
|:---|:---|:---|
| **11.82%**  | **$132.6M**  | **$9.5M**  |
| Common Equity Tier 1 capital ratio at <br> December 31, 2022  | In dividend payments; maintained <br> quarterly dividend at $0.26 per share  | Common stock repurchased <br> during 2022  |

---

\*

The timing and amount of share repurchases are influenced by various internal and external factors.

 **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** <sub>3</sub>

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[**TABLE OF CONTENTS**](#TOC)

PROXY STATEMENT SUMMARY

### OVERVIEW OF THE BOARD NOMINEES

### Director Nominees\*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | **Committees**  | **Committees**  | **Committees**  | **Committees**  |
| **Director Nominee and <br> Principal Occupation**  | **Director Nominee and <br> Principal Occupation**  | **Age**  | **Director <br> since<sup>(1)</sup>**  | **Independent**  | **Public <br> Boards**  | **Audit**  | **Compensation**  | **Corporate <br> Governance & <br> Nominating**  | **Risk**  |
| ![[MISSING IMAGE: ph_robertharrissm-4c.jpg]](ph_robertharrissm-4c.jpg)  | **Robert S. Harrison** <br> Chairman of the Board, President and Chief Executive Officer, First Hawaiian  | 62  | 2016 <br> ![[MISSING IMAGE: tm212424d3_icon-ledincdpn.gif]](tm212424d3_icon-ledincdpn.gif)  |  | 1  |  |  |  |  |
| ![[MISSING IMAGE: ph_mikefujimoto-4c.jpg]](ph_mikefujimoto-4c.jpg)  | **Michael K. Fujimoto** <br> Executive Chairman, Hawaii Planing Mill, Ltd. dba HPM Building Supply  | 70  | 2022  | ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.gif]](tm212424d3_icon-checkmarkpn.gif)  | 1  | ![[MISSING IMAGE: tm212424d3_icon-commmemberk.gif]](tm212424d3_icon-commmemberk.gif)![[MISSING IMAGE: tm212424d3_icon-auditcommk.gif]](tm212424d3_icon-auditcommk.gif)  |  |  | ![[MISSING IMAGE: tm212424d3_icon-commmemberk.gif]](tm212424d3_icon-commmemberk.gif)  |
| ![[MISSING IMAGE: ph_fayekurrensm-4c.jpg]](ph_fayekurrensm-4c.jpg)  | **Faye W. Kurren** <br> Retired President and Chief Executive Officer, Hawaii Dental Service  | 72  | 2018  | ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.gif]](tm212424d3_icon-checkmarkpn.gif)  | 1  | ![[MISSING IMAGE: tm212424d3_icon-commmemberk.gif]](tm212424d3_icon-commmemberk.gif)![[MISSING IMAGE: tm212424d3_icon-auditcommk.gif]](tm212424d3_icon-auditcommk.gif)  | ![[MISSING IMAGE: tm212424d3_icon-commmemberk.gif]](tm212424d3_icon-commmemberk.gif)  |  |  |
| ![[MISSING IMAGE: ph_jimmoffat-4c.jpg]](ph_jimmoffat-4c.jpg)  | **James S. Moffatt** <br> Retired Vice Chairman and Global CEO, Deloitte Consulting  | 64  | 2021  | ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.gif]](tm212424d3_icon-checkmarkpn.gif)  | 2  |  |  | ![[MISSING IMAGE: tm212424d3_icon-commmemberk.gif]](tm212424d3_icon-commmemberk.gif)  | ![[MISSING IMAGE: tm212424d3_icon-commmemberk.gif]](tm212424d3_icon-commmemberk.gif)  |
| ![[MISSING IMAGE: ph_markmugiishi-4c.jpg]](ph_markmugiishi-4c.jpg)  | **Mark M. Mugiishi** <br> President and Chief Executive Officer, Hawaii Medical Service Association  | 63  | 2022  | ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.gif]](tm212424d3_icon-checkmarkpn.gif)  | 1  |  |  |  | ![[MISSING IMAGE: tm212424d3_icon-commmemberk.gif]](tm212424d3_icon-commmemberk.gif)  |
| ![[MISSING IMAGE: ph_kellythompson-4c.jpg]](ph_kellythompson-4c.jpg)  | **Kelly A. Thompson** <br> Retired Senior Vice President, Chief Operating Officer, Samsclub.com, a Walmart, Inc. subsidiary  | 53  | 2021  | ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.gif]](tm212424d3_icon-checkmarkpn.gif)  | 2  |  | ![[MISSING IMAGE: tm212424d3_icon-commmemberk.gif]](tm212424d3_icon-commmemberk.gif)  |  | ![[MISSING IMAGE: tm212424d3_icon-commmemberk.gif]](tm212424d3_icon-commmemberk.gif)  |
| ![[MISSING IMAGE: ph_allenuyedasm-4c.jpg]](ph_allenuyedasm-4c.jpg)  | **Allen B. Uyeda** <br> Retired Chief Executive Officer, First Insurance Company of Hawaii, Ltd.  | 73  | 2016 <br> ![[MISSING IMAGE: tm212424d3_icon-ledindpn.gif]](tm212424d3_icon-ledindpn.gif)  | ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.gif]](tm212424d3_icon-checkmarkpn.gif)  | 1  |  | ![[MISSING IMAGE: tm212424d3_icon-commmemberk.gif]](tm212424d3_icon-commmemberk.gif)  | ![[MISSING IMAGE: tm212424d3_icon-commchairpn.gif]](tm212424d3_icon-commchairpn.gif)  |  |
| ![[MISSING IMAGE: ph_vanessawashington-4c.jpg]](ph_vanessawashington-4c.jpg)  | **Vanessa L. Washington** <br> Retired Senior Executive Vice President, General Counsel and Secretary, Bank of the West  | 63  | 2020  | ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.gif]](tm212424d3_icon-checkmarkpn.gif)  | 1  |  | ![[MISSING IMAGE: tm212424d3_icon-commchairpn.gif]](tm212424d3_icon-commchairpn.gif)  | ![[MISSING IMAGE: tm212424d3_icon-commmemberk.gif]](tm212424d3_icon-commmemberk.gif)  |  |
| ![[MISSING IMAGE: ph_scottwosm-4c.jpg]](ph_scottwosm-4c.jpg)  | **C. Scott Wo** <br> Owner/Executive Team, C.S. Wo & Sons, Ltd; Partner/Manager, Kunia Country Farms; and Adjunct Professor of Management, Columbia Business School in New York City  | 57  | 2018  | ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.gif]](tm212424d3_icon-checkmarkpn.gif)  | 1  | ![[MISSING IMAGE: tm212424d3_icon-commmemberk.gif]](tm212424d3_icon-commmemberk.gif)![[MISSING IMAGE: tm212424d3_icon-auditcommk.gif]](tm212424d3_icon-auditcommk.gif)  |  |  | ![[MISSING IMAGE: tm212424d3_icon-commchairpn.gif]](tm212424d3_icon-commchairpn.gif)  |
| &nbsp;&nbsp;&nbsp; Meetings in 2022 Board―8  | &nbsp;&nbsp;&nbsp; Meetings in 2022 Board―8  |  |  |  |  | 6  | 6  | 5  | 4  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ![[MISSING IMAGE: tm212424d3_icon-ledincdpn.jpg]](tm212424d3_icon-ledincdpn.jpg)  | Chairman of the Board  | ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg)  | Committee Chair  | ![[MISSING IMAGE: tm212424d3_icon-commmemberk.jpg]](tm212424d3_icon-commmemberk.jpg)  | Committee Member  | ![[MISSING IMAGE: tm212424d3_icon-ledindpn.jpg]](tm212424d3_icon-ledindpn.jpg)  | Lead Independent Director  | ![[MISSING IMAGE: tm212424d3_icon-auditcommk.jpg]](tm212424d3_icon-auditcommk.jpg)  | Audit Committee financial expert  |

---

\*

Current Director W. Allen Doane will conclude his service on our Board of Directors at the Annual Meeting and is not listed here.

(1) Refers to the period from the completion of our IPO in August 2016.

---

| | |
|:---|:---|
| **4**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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[**TABLE OF CONTENTS**](#TOC)

PROXY STATEMENT SUMMARY

### Snapshot of the Board\*

#### Board Diversity, Director Independence and Tenure (as of March 16, 2023)
![[MISSING IMAGE: pc_boardatt-pn.jpg]](pc_boardatt-pn.jpg)

\*\*

Refers to the period from the completion of our IPO in August 2016.

 **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** <sub>5</sub>

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[**TABLE OF CONTENTS**](#TOC)

PROXY STATEMENT SUMMARY

#### Board Diversity Matrix\*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Board Diversity Matrix (as of March 16, 2023)**  | **Board Diversity Matrix (as of March 16, 2023)**  | **Board Diversity Matrix (as of March 16, 2023)**  | **Board Diversity Matrix (as of March 16, 2023)**  |
| Total Number of Directors | 10  | 10  |  |  |
|  | Female  | Male  | Non-Binary  | Did Not Disclose Gender  |
| **Part I: Gender Identity**  |  |  |  |  |
| Directors | 3  | 7  | —  | —  |
| **Part II: Demographic Background**  |  |  |  |  |
| African American or Black | 1  | —  | —  | —  |
| Alaskan Native or Native American | —  | —  | —  | —  |
| Asian | 1  | 4  | —  | —  |
| Hispanic or Latinx | —  | —  | —  | —  |
| Native Hawaiian or Pacific Islander | —  | —  | —  | —  |
| White | 1  | 3  | —  | —  |
| Two or More Races or Ethnicities | —  | —  | —  | —  |
| LGBTQ+ | —  | —  | —  | —  |
| Did Not Disclose Demographic Background | —  | —  | —  | —  |

---

\*

The Board Diversity, Director Independence and Tenure graphs, and the Board Diversity Matrix, include all current directors, including Mr. Doane, who will not stand for re-election to the Board at the 2023 Annual Meeting in accordance with First Hawaiian's age limitation policy.

![[MISSING IMAGE: fc_board-pn.jpg]](fc_board-pn.jpg)

\*

Refers to the period from the completion of our IPO in August 2016.

---

| | |
|:---|:---|
| **6**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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[**TABLE OF CONTENTS**](#TOC)

PROXY STATEMENT SUMMARY

#### Board Expertise
The following section summarizes the specific skills, professional experience and background information of each director nominee that led the Board of Directors to conclude that each such person should serve on the Board of Directors. This matrix is intended to provide a summary of our director nominees' qualifications and is not a complete list of each director nominee's strengths or contributions to the Board of Directors. Additional details on each director nominee's experiences, qualifications, skills and attributes are set forth in their biographies.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Director Skills and Experience**  | **Director Skills and Experience**  | **MICHAEL K. FUJIMOTO**  | **ROBERT S. HARRISON**  | **FAYE W. KURREN**  | **JAMES S. MOFFATT**  | **MARK M. MUGIISHI**  | **KELLY A. THOMPSON**  | **ALLEN B. UYEDA**  | **VANESSA L. <br> WASHINGTON**  | **C. SCOTT WO**  | **# of 9 nominees**  | **% of 9 nominees**  |
| ![[MISSING IMAGE: tm212424d3_icon-audreppn.jpg]](tm212424d3_icon-audreppn.jpg)  | **Audit and financial reporting**  | ● | ● | ● | ● |  |  | ● |  | ● | **6**  | **67%**  |
| ![[MISSING IMAGE: tm212424d3_icon-corpbankpn.jpg]](tm212424d3_icon-corpbankpn.jpg)  | **Banking**  |  | ● |  |  |  |  |  | ● |  | **2**  | **22%**  |
| ![[MISSING IMAGE: tm212424d3_icon-finservpn.jpg]](tm212424d3_icon-finservpn.jpg)  | **Finance**  | ● | ● | ● | ● | ● |  | ● |  | ● | **7**  | **78%**  |
| ![[MISSING IMAGE: tm212424d3_icon-publiccompn.jpg]](tm212424d3_icon-publiccompn.jpg)  | **Public company**  |  | ● |  | ● |  |  |  | ● |  | **3**  | **33%**  |
| ![[MISSING IMAGE: tm212424d3_icon-commaffpn.jpg]](tm212424d3_icon-commaffpn.jpg)  | **Community affairs / engagement**  | ● | ● | ● | ● | ● | ● | ● | ● | ● | **9**  | **100%**  |
| ![[MISSING IMAGE: tm212424d3_icon-execleadpn.jpg]](tm212424d3_icon-execleadpn.jpg)  | **Executive leadership**  | ● | ● | ● | ● | ● | ● | ● | ● | ● | **9**  | **100%**  |
| ![[MISSING IMAGE: tm212424d3_icon-realestpn.jpg]](tm212424d3_icon-realestpn.jpg)  | **Real estate**  |  |  |  |  |  |  |  | ● |  | **1**  | **11%**  |
| ![[MISSING IMAGE: tm212424d3_icon-legalpn.jpg]](tm212424d3_icon-legalpn.jpg)  | **Legal and regulatory**  |  |  | ● |  |  |  |  | ● |  | **2**  | **22%**  |
| ![[MISSING IMAGE: tm212424d3_icon-globalpn.jpg]](tm212424d3_icon-globalpn.jpg)  | **Technology**  |  |  |  | ● |  | ● |  |  |  | **2**  | **22%**  |

---

 **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** <sub>7</sub>

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[**TABLE OF CONTENTS**](#TOC)

PROXY STATEMENT SUMMARY

### FIRST HAWAIIAN COMMITMENT TO ENVIRONMENTAL, SOCIAL AND GOVERNANCE MATTERS
We are committed to having sound corporate governance practices including environmental, social and governance ("ESG") oversight. Our Environmental, Social and Governance Report ("ESG Report"), Corporate Governance Guidelines and other applicable policies highlight our investment in the development, career advancement and health and safety of our employees, maintenance and support of our customer relationships, service and support of our communities and attention to environmental stewardship to keep our planet and environment sustainable. Our practices are important to how we manage our business and maintain our integrity in the marketplace. In setting our practices, we seek to balance our corporate and stockholder interests, while considering applicable market practices and trends.

Our Corporate Governance Guidelines set forth a framework for our Company with respect to specific corporate governance practices. The guidelines are reviewed at least annually by the Corporate Governance and Nominating Committee, as well as amended from time to time to continue evolving our ESG practices. With a focus on delivering long-term stockholder value, the backbone of our corporate governance program is to provide transparent disclosure to all stakeholders on an ongoing and consistent basis.

---

| | |
|:---|:---|
| **8**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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[**TABLE OF CONTENTS**](#TOC)

PROXY STATEMENT SUMMARY

Our Board of Directors (the "Board") is composed of skilled and diverse directors who follow established, robust corporate governance practices and policies. The Board believes strongly in the value of an independent board of directors and has established a Lead Independent Director role with broad responsibility. The following overview provides a snapshot of our corporate governance structure and processes, including key aspects of our Board operations.

---

| | | |
|:---|:---|:---|
| **Accountability to Stockholders**  | &nbsp;&nbsp; **Proportionate and Appropriate <br> Stockholder Voting Rights**  | &nbsp;&nbsp; **Regular and Proactive <br> Stockholder Engagement**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> All directors are elected annually <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Eligible stockholders may include their director nominees in our proxy materials <br> ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Majority voting standard for director elections <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Annual say-on-pay advisory vote <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Policy against pledging Company stock <br> ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Mandatory retirement age for directors <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> First Hawaiian has one outstanding class of voting stock. We believe in a "one share, one vote" standard <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> We do not have a "poison pill" <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> No supermajority voting requirements in Certificate of Incorporation or Bylaws  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Our investor relations team maintains an active, ongoing dialogue with investors and portfolio managers year-round on matters of business performance and results <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> We engage on governance, our strategic framework, compensation, human capital management and sustainability matters with our largest stockholders' governance teams <br>|

---

---

| | | |
|:---|:---|:---|
| **Independent Board Leadership <br> Structure**  | &nbsp;&nbsp; **Effective Board Policies <br> and Practices**  | &nbsp;&nbsp; **Management Incentives that are <br> Aligned with the Long-Term <br> Strategy of the Company**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> The Board considers the appropriateness of its leadership structure annually and discloses in the proxy statement why it believes the current structure is appropriate <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> All members of the Audit Committee, Compensation Committee and Corporate Governance and Nominating Committee are independent of the Company and its management <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Our Corporate Governance Guidelines call for the designation of an independent lead director when the Board chair is not independent <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Executive sessions of independent directors are held at the Board and committee levels <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Our Corporate Governance Guidelines require a majority of our directors to be independent (currently eight of nine director nominees are independent) <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Our Board is composed of accomplished professionals with experience, skills and knowledge relevant to our business, resulting in a high-functioning and engaged Board (a matrix of relevant skills is presented above on page 7) <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Each standing committee has a charter that is publicly available on our website and that meets applicable legal requirements and reflects good governance <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> The Company has a Code of Business Conduct and Ethics applicable to all employees and directors of the Company <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> We conduct annual reviews of director skill sets and experience together with annual board and committee performance reviews <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Our directors are encouraged to participate in educational programs relating to corporate governance and business-related issues, and the Company provides funding for these activities <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> We require robust stock ownership for directors (5x annual cash retainer), CEO (6x base salary) and other NEOs (2x base salary) <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> The Compensation Committee annually reviews and approves incentive program design, goals and objectives for alignment with compensation and business strategies <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Our compensation philosophy and practices are focused on using management incentive compensation programs to achieve the Company's short- and long-term goals, creating long-term stockholder value <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> We maintain a robust compensation clawback policy <br>|

---

 **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** <sub>9</sub>

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[**TABLE OF CONTENTS**](#TOC)

PROXY STATEMENT SUMMARY

### ESG Governance
As a trusted financial institution, we are committed to operating responsibly and sustainably. We made two notable improvements to our ESG governance during 2022. We established a management-level ESG Committee charged with overseeing the preparation of our annual ESG Report and identifying opportunities to better support our commitment to shared value. In addition, the Board of Directors amended the Charter of the Corporate Governance and Nominating Committee to give that Committee oversight responsibility with respect to ESG practices and initiatives. The Corporate Governance and Nominating Committee developed the following chart that depicts ESG oversight and governance throughout our organization:

---

| |
|:---|
| **Board of Directors Oversight**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Strategic Plan, including ESG-specific objectives <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Annual budget, including ESG-related investments and expenditures <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Corporate culture oversight <br>|

---

![[MISSING IMAGE: ic_arrow-pn.jpg]](ic_arrow-pn.jpg)

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| | | | |
|:---|:---|:---|:---|
| **Board-level Committees**  | **Board-level Committees**  | **Board-level Committees**  | **Board-level Committees**  |
| **Corporate Governance and Nominating Committee**  | &nbsp;&nbsp; **Risk Committee**  | &nbsp;&nbsp; **Compensation Committee**  | &nbsp;&nbsp; **Audit Committee**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversees: <br> • ESG oversight and practices <br>• Voluntary ESG disclosures <br>• Stakeholder engagement on governance matters <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oversees: <br> &nbsp;&nbsp;&nbsp;&nbsp; • Enterprise risk management program <br>&nbsp;&nbsp;&nbsp;&nbsp; • Organizational alignment within risk appetite framework, including ESG risks <br>&nbsp;&nbsp;&nbsp;&nbsp; • Information security <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oversees: <br> &nbsp;&nbsp;&nbsp;&nbsp; • Employee compensation and benefits <br>&nbsp;&nbsp;&nbsp;&nbsp; • Human resources practices and strategies <br>&nbsp;&nbsp;&nbsp;&nbsp; • Talent management and succession planning <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oversees: <br> &nbsp;&nbsp;&nbsp;&nbsp; • Functioning of Company's internal controls and disclosure <br>&nbsp;&nbsp;&nbsp;&nbsp; • Disclosure of material ESG matters <br>&nbsp;&nbsp;&nbsp;&nbsp; • Code of Conduct and Ethics <br>&nbsp;&nbsp;&nbsp;&nbsp; • Legal and Compliance matters <br>|

---

![[MISSING IMAGE: ic_arrow-pn.jpg]](ic_arrow-pn.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Management-level Committees Execution**  | **Management-level Committees Execution**  | **Management-level Committees Execution**  | **Management-level Committees Execution**  | **Management-level Committees Execution**  |
| **Executive Leadership Team**  | &nbsp;&nbsp; **ESG Committee**  | &nbsp;&nbsp; **Disclosure Committee**  | &nbsp;&nbsp; **Enterprise Risk Management Committee**  | &nbsp;&nbsp; **Asset/Liability Management Committee**  |
| &nbsp;&nbsp;&nbsp;&nbsp; • Evaluates ESG considerations within strategic planning <br>• Oversees ESG Committee <br>• Consists of senior management, including NEOs <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • Provides guidance and direction on internal initiatives <br>&nbsp;&nbsp;&nbsp;&nbsp; • Prepares annual ESG Report <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • Reviews ESG-related disclosures in SEC reporting <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • Monitors ESG-related updates to risk inventory <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews and manages enterprise risk appetite and control environment and recommends enhancements <br>&nbsp;&nbsp;&nbsp;&nbsp; • Supervises enterprise risk assessments, incorporating ESG risks <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • Monitors and manages risk appetite framework with respect to market risk <br>|

---

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| | |
|:---|:---|
| **10**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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[**TABLE OF CONTENTS**](#TOC)

PROXY STATEMENT SUMMARY

### Stakeholder Engagement
We believe that engaging with our stakeholders should be a long-term, ongoing and two-way communication process. We proactively seek out opportunities that allow us to exchange information with our stakeholders about our respective viewpoints, strategies and practices, including those related to environmental, social and governance initiatives. Key stakeholders include our stockholders, our customers, our employees, our regulators and other policy-makers and the communities we serve.

Beyond these engagements, First Hawaiian Inc. also actively participates in several industry groups, including groups and task forces established through organizations such as the American Bankers Association and the Mid-Size Bank Coalition of America. These groups allow us to share ideas and discuss developments that further inform our own internal approach to ESG. Further details regarding our stakeholder engagement efforts can be found in our ESG Report and elsewhere in this Proxy Statement.

### Awards and Recognitions
In 2022, we collected the following accolades:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; • Top Hawai'i Bank in *Forbes* <br>**Best Banks in America**  | &nbsp;&nbsp;&nbsp; • *Honolulu* magazine's <br>**Best Bank in Hawai'i**  |
| &nbsp;&nbsp;&nbsp; • Top Hawai'i Bank in *Forbes* <br>**Best Banks in the World**  | &nbsp;&nbsp;&nbsp; • Small Business Administration (SBA) <br>**Lender of the Year in Category 1**  |
| &nbsp;&nbsp;&nbsp; • SBA 504 Loan Program <br>**Lender of the Year in Category 1**  | &nbsp;&nbsp;&nbsp; • Small Business Administration (SBA) <br>**In Time of Need Award**  |
| &nbsp;&nbsp;&nbsp; • *Hawaii Business* magazine <br>**Hawai'i's Best Places to Work**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Hawaii Business* magazine <br>**Hawai'i's Best Places to Work <br> LGBTQ+ category winner** <br>|

---

### Corporate Governance
First Hawaiian Inc.'s Board and executive management work together to comply with laws and regulations, as well as to provide guidance for sound decision-making and accountability. Maintaining legal and regulatory compliance is, however, a minimum standard, and we seek to exceed this standard by keeping pace with the constantly evolving governance landscape. We maintain an environment of openness and strive to protect our culture by promoting our core values of caring, character and collaboration. We believe that by living these values, our customers, stockholders, employees and communities will continue giving us their trust and confidence.

The following documents are available at https://ir.fhb.com/corporate-governance/highlights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Certificate of Incorporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Bylaws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Corporate Governance Guidelines

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Audit Committee Charter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Compensation Committee Charter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Corporate Governance and Nominating Committee Charter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Risk Committee Charter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Code of Ethics for Senior Financial Officers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Code of Conduct and Ethics

 **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** <sub>11</sub>

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PROXY STATEMENT SUMMARY

Our ESG Report is available at: https://ir.fhb.com/corporate-responsibility, and our Proxy Statement, our 2022 Annual Report to Stockholders and our Annual Report on Form 10-K for the year ended December 31, 2022, are available at https://proxy.fhb.com.

### Code of Conduct and Ethics
At First Hawaiian, Inc. the relationships we have with our stakeholders are of utmost importance to us. Establishing good relationships with our stakeholders requires trust, respect and fair treatment.

Our Code of Conduct and Ethics (the "Code") forms the foundation of our ethical culture, describing how we as a company relate to others as we conduct business and how we work together as employees according to our core values. All employees, officers, and Directors of First Hawaiian, Inc. and its subsidiaries and affiliates are expected to comply with our Code of Conduct. The Code is fundamental to the success of the Company, as it promotes honest and ethical conduct, including fair dealing and the ethical handling of conflicts of interest; full, fair, accurate, timely and understandable disclosure; compliance with applicable laws, rules and regulations; the protection of the Company's legitimate business interests, including corporate opportunities, assets and confidential information; and the deterrence of wrongdoing.

The Code of Conduct and Ethics is available at Governance Highlights—First Hawaiian, Inc. (fhb.com). Any amendments or waivers with respect to the Code of Conduct and Ethics will be disclosed on our website.

### Corporate Governance Stockholder Engagement
First Hawaiian, Inc. is committed to constructive and meaningful communications with our stockholders and building ongoing relationships over time.

On an annual basis, we reach out to the holders of a substantial percentage of our outstanding stock and offer to engage on governance, compensation or any other areas of interest. The feedback we receive is summarized and reported to the Chief Executive Officer and the Corporate Governance and Nominating Committee, and the Board and the management team considers the points raised and, as appropriate, will take responsive actions with a view towards improvement of our practices and policies and enhancing long-term value for all our stakeholders.

### Corporate Social Responsibility
We seek to integrate sustainability considerations into our business strategies, products and services, thought leadership and operations. We offer financial solutions that provide positive long-term benefits for our customers, employees and other stakeholders.

Our people are our most important asset. To facilitate talent attraction and retention, we strive to support a diverse and inclusive workplace, with a strong culture and opportunities for our employees to grow and develop in their careers and to be supported by competitive compensation, benefits and health and wellness programs.

Supporting the island communities where we do business has always been a priority. First Hawaiian Bank, its Foundation and our employees contribute annually to more than 200 charities in the areas of civic and community support, education and financial literacy, health and human services and arts and culture ($3.91 million in donations in 2022). Professional development courses are a key component of our employee satisfaction and retention. Together with our award-winning online talent development program, we are able to achieve an inclusive and healthy work environment for our 2,000+ employees.

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| | |
|:---|:---|
| **12**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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[**TABLE OF CONTENTS**](#TOC)

PROXY STATEMENT SUMMARY

---

| | | |
|:---|:---|:---|
| ![[MISSING IMAGE: tm212424d3_icon-recyclepn.jpg]](tm212424d3_icon-recyclepn.jpg)  | ![[MISSING IMAGE: tm212424d3_icon-enviropn.jpg]](tm212424d3_icon-enviropn.jpg)  | ![[MISSING IMAGE: tm212424d3_icon-compcultpn.jpg]](tm212424d3_icon-compcultpn.jpg)  |
| **4000**  | **12.43%**  | **90+**  |
| Pounds of e-waste collected and properly disposed of | Reduced energy use with First Hawaiian Center LED lighting retrofit  | Professional development courses in our award-winning, online talent development program and an inclusive and healthy work environment for our 2,000+ employees  |

---

### Environmental Impact
Hawaii has the highest energy costs of any state due to the high price of shipping petroleum to the archipelago. In 2022, First Hawaiian continued to actively pursue sustainability goals of maintaining energy efficient facilities, reducing waste, advancing sustainable transportation and encouraging employees to participate in ongoing community-led sustainability initiatives.

Our direct environmental impact stems primarily from the operations of our branch offices in Hawaii, Guam and Saipan. We strive to manage these offices in an efficient and environmentally sustainable manner, and we continue to find new and innovative ways to reduce our carbon footprint. Our current initiatives focus on energy and greenhouse gas reductions, limiting paper waste, increasing recycling efforts, advising on sustainable transactions, conserving energy and encouraging employees to use environmentally friendly forms of transportation. Ensuring the implementation of sustainable practices ultimately serves the long-term interest of our stockholders, our customers, our employees and the communities in which we work and live.

Our bank's headquarters, the tallest building in downtown Honolulu, was built 27 years ago in 1996 to Energy Star standards. Since then, we have made energy-efficient upgrades to our facilities as well as key building systems at our First Hawaiian Bank headquarters and at our operations facility. At First Hawaiian Center, we have a building-wide initiative to upgrade all common areas with higher efficiency LED technology. In 2021, we expanded this effort from its focus on common areas at First Hawaiian Center to include the entire building. The project was completed in 2022.

These are just some of the many sustainability initiatives that we are proud to implement as we continue to develop a comprehensive strategy to reduce our carbon footprint as an organization.

 **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** <sub>13</sub>

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PROXY STATEMENT SUMMARY

### EXECUTIVE COMPENSATION HIGHLIGHTS
We believe the design and governance of our executive compensation program encourages executive performance consistent with the highest standards of risk management. The following table summarizes the notable features of our 2022 executive compensation program, which were designed to align with "best practice" compensation governance.

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| | |
|:---|:---|
| **Practices We Employ**  | &nbsp;&nbsp; **Practices We Avoid**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Substantial portion of pay in the form of variable, performance-based awards <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> 60% of long-term incentives in performance-based awards <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> 55% of CEO's 2022 compensation was performance-based <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Stock ownership guidelines for our executives and non-employee directors <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Engage with stockholders on governance and compensation <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Double-trigger vesting for executive change-in-control payments <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Clawback policy that applies to cash and equity compensation <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Independent compensation consultant and independent Board Compensation Committee <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Annual risk assessment of compensation policies and program design <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Annual evaluation of our peer group to ensure ongoing relevance of each peer member <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Strong risk and control policies and consideration of risk management factors in making compensation decisions <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: tm212424d3_icon-greyxk.jpg]](tm212424d3_icon-greyxk.jpg) <br> Hedging, speculative trading or pledging of shares of Company stock held by employees or directors is prohibited <br>![[MISSING IMAGE: tm212424d3_icon-greyxk.jpg]](tm212424d3_icon-greyxk.jpg) <br> No gross-up of severance payments or benefits for excise taxes <br>![[MISSING IMAGE: tm212424d3_icon-greyxk.jpg]](tm212424d3_icon-greyxk.jpg) <br> No dividends paid on unearned performance units or shares <br>![[MISSING IMAGE: tm212424d3_icon-greyxk.jpg]](tm212424d3_icon-greyxk.jpg) <br> No discounting, reloading or repricing of stock options without stockholder approval <br>![[MISSING IMAGE: tm212424d3_icon-greyxk.jpg]](tm212424d3_icon-greyxk.jpg) <br> No automatic share replenishment (evergreen) provisions in any share-based plans <br>![[MISSING IMAGE: tm212424d3_icon-greyxk.jpg]](tm212424d3_icon-greyxk.jpg) <br> No single-trigger vesting of equity-based awards held by executives upon change in control <br>![[MISSING IMAGE: tm212424d3_icon-greyxk.jpg]](tm212424d3_icon-greyxk.jpg) <br> No new benefit accruals under executive pensions <br>![[MISSING IMAGE: tm212424d3_icon-greyxk.jpg]](tm212424d3_icon-greyxk.jpg) <br> No multi-year compensation guarantees that could incentivize imprudent risk-taking <br>|

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|:---|:---|
| **14**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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CORPORATE

GOVERNANCE AND

BOARD MATTERS

### PROPOSAL 1 —ELECTION OF DIRECTORS

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| | |
|:---|:---|
| **Election of Directors**  | &nbsp;&nbsp;&nbsp; **<u>Proposal</u>** <br> • We are asking stockholders to elect the nine nominees named in this proxy statement to serve on our Board until the 2024 annual meeting of stockholders or until their successors have been duly elected and qualified. <br>**<u>Background</u>** <br> • All nine nominees currently serve on our Board <br>• Eight of the nine nominees are independent <br>• 33% of the nominees are women <br>• 67% of the nominees represent an ethnic minority <br>***The Board of Directors unanimously recommends that you vote "FOR" the election of each of the nominees for director.*** |

---

Our Board currently has ten members, consisting of our Chief Executive Officer and President (who also serves as Chairman of the Board) and nine other directors, all of whom are "independent" under the listing standards of NASDAQ. The terms of office of all ten directors expire at the Annual Meeting. Under First Hawaiian's age limitation policy, following his attainment of age 75 subsequent to the 2022 annual meeting of stockholders, Mr. W. Allen Doane will not stand for re-election to the Board at the 2023 Annual Meeting. In connection with the Annual Meeting, the size of our Board will be reduced to nine members.

At the Annual Meeting, you will be asked to elect nine individuals to serve on the Board that the Board has nominated for re-election, each to serve for a one-year term expiring at the next annual meeting of stockholders in 2024. Each director will hold office until his or her successor has been elected and qualified or until the director's earlier resignation or removal.

All of our directors are elected annually by the affirmative vote of a majority of votes cast.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A director who fails to receive a majority of FOR votes will be required to tender his or her resignation to our Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our Corporate Governance and Nominating Committee will then assess whether there is a significant reason for the director to remain on our Board and will make a recommendation to our Board regarding the resignation.

For detailed information on the vote required for the election of directors and the choices available for casting your vote, please see "*Frequently Asked Questions About the Annual Meeting and Voting*."

### Required Vote
With regard to the election of the director nominees, votes may be cast in favor or against. A majority of the votes cast is required for the election of directors in an uncontested election (which is the case for the election of directors at the 2023 Annual Meeting). A majority of the votes cast means that the number of votes cast "FOR" a director nominee must exceed the number of votes cast "AGAINST" that nominee.

 **The Board of Directors unanimously recommends that you vote FOR the election of each of the nominees named below.** 

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|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **15**  |

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CORPORATE GOVERNANCE AND BOARD MATTERS

DIRECTOR NOMINEES

The Corporate Governance and Nominating Committee of the Board seeks candidates for nomination to the Board who are qualified to be directors consistent with the Company's corporate governance guidelines, as described below under the section entitled "*Board of Directors, Committees and Governance—Corporate Governance Guidelines and Code of Conduct and Ethics*." In evaluating the suitability of individuals for Board membership, the Corporate Governance and Nominating Committee considers many factors. Those factors include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • whether the individual meets various independence requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the individual's general understanding of the varied disciplines relevant to the success of a publicly traded company in today's business environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • understanding of the Company's business and markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • professional expertise and educational background; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • other factors that promote diversity of views and experience.

The Corporate Governance and Nominating Committee evaluates each individual in the context of the Board as a whole, with the objective of recruiting and recommending a slate of directors that can best perpetuate the Company's success and represent stockholder interests through the exercise of sound judgment, based on its diversity of experience. In determining whether to recommend a director for re-nomination, the Corporate Governance and Nominating Committee also considers the director's attendance at, participation in and contributions to Board and committee activities.

The following table sets forth certain information regarding the director nominees standing for re-election at the Annual Meeting. Additional biographical information on each of the nominees is included below.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name**  | **Age<sup>(1)</sup>**  | **Tenure**  | **Independent<sup>(2)</sup>**  | **Position**  |
| Robert S. Harrison  | 62 | 2016 |  | Chairman of the Board, President and CEO  |
| Michael K. Fujimoto  | 70 | 2022 | ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg)  | Director  |
| Faye W. Kurren  | 72 | 2018 | ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg)  | Director  |
| James S. Moffatt  | 64 | 2021 | ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg)  | Director  |
| Mark M. Mugiishi  | 63 | 2022 | ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg)  | Director  |
| Kelly A. Thompson  | 53 | 2021 | ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg)  | Director  |
| Allen B. Uyeda  | 73 | 2016 | ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg)  | Lead Independent Director  |
| Vanessa L. Washington  | 63 | 2020 | ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg)  | Director  |
| C. Scott Wo  | 57 | 2018 | ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg)  | Director  |

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(1) As of March 16, 2023.

(2) "Independent" under NASDAQ listing standards.

In considering the nominees' individual experience, qualifications, attributes, skills and past Board participation, the Corporate Governance and Nominating Committee and the Board have concluded that when considered all together, the appropriate experience, qualifications, attributes, skills and participation are represented for the Board as a whole and for each of the Board's committees. There are no family relationships among any directors and executive officers. Each nominee has indicated a willingness to serve, and the Board has

no reason to believe that any of the nominees will not be available for election. However, if any of the nominees is not available for election, proxies may be voted for the election of other persons selected by the Board. Proxies cannot, however, be voted for a greater number of persons than the number of nominees named. Stockholders of the Company have no cumulative voting rights with respect to the election of directors.

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|:---|:---|
| **16**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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[**TABLE OF CONTENTS**](#TOC)

CORPORATE GOVERNANCE AND BOARD MATTERS

### DIRECTOR NOMINEE BIOGRAPHIES

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| &nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: ph_mikefujimotorule-4c.jpg]](ph_mikefujimotorule-4c.jpg) <br> **COMMITTEES** <br> • Audit <br> • Risk <br>![[MISSING IMAGE: fc_michaelfujimoto-pn.jpg]](fc_michaelfujimoto-pn.jpg)  | **Michael K. Fujimoto**  | **Age 70 <br> ![[MISSING IMAGE: ic_tickknock-bw.gif]](ic_tickknock-bw.gif) Independent Director since 2022**  |
| &nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: ph_mikefujimotorule-4c.jpg]](ph_mikefujimotorule-4c.jpg) <br> **COMMITTEES** <br> • Audit <br> • Risk <br>![[MISSING IMAGE: fc_michaelfujimoto-pn.jpg]](fc_michaelfujimoto-pn.jpg)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: ph_mikefujimotorule-4c.jpg]](ph_mikefujimotorule-4c.jpg) <br> **COMMITTEES** <br> • Audit <br> • Risk <br>![[MISSING IMAGE: fc_michaelfujimoto-pn.jpg]](fc_michaelfujimoto-pn.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **BACKGROUND** <br> **FIRST HAWAIIAN, INC.** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Member of the Board of Directors (2022 to present) <br>**FIRST HAWAIIAN BANK** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Member of the Board of Directors (1998 to present) <br>**HAWAII PLANING MILL, LTD. dba HPM BUILDING SUPPLY**, a building supply company headquartered in Keaau, Hawaii with locations throughout Hawaii <br> &nbsp;&nbsp;&nbsp;&nbsp; • Executive Chairman (2018 to present) <br>&nbsp;&nbsp;&nbsp;&nbsp; • President and Chief Executive Officer (1992 to 2018) <br>**OTHER ENGAGEMENTS** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Trustee, Parker Ranch Foundation Trust <br>&nbsp;&nbsp;&nbsp;&nbsp; • Chairman of the Board and Member of the Audit and Governance Committees, Parker Ranch Inc. <br>&nbsp;&nbsp;&nbsp;&nbsp; • Trustee and Chairman, HPM Building Supply Foundation <br>&nbsp;&nbsp;&nbsp;&nbsp; • Secretary of the Board of Directors, Kohala Institute <br>&nbsp;&nbsp;&nbsp;&nbsp; • Vice President of the Board, New Moon Foundation <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EDUCATION** <br> &nbsp;&nbsp;&nbsp;&nbsp; • M.B.A., University of California, Berkeley <br>&nbsp;&nbsp;&nbsp;&nbsp; • Bachelor of Arts and Masters of Arts in Economics, University of Massachusetts, Amherst <br>**QUALIFICATIONS** <br> &nbsp;&nbsp;&nbsp;&nbsp; • As the Executive Chairman and the former President and Chief Executive Officer of a multi-generational, locally owned business, Mr. Fujimoto brings to the First Hawaiian Board broad-based knowledge about Hawaii and its business environment, as well as extensive financial and managerial experience. <br>&nbsp;&nbsp;&nbsp;&nbsp; • Mr. Fujimoto's experience providing supplies to the building industry has provided him with significant contacts and expertise in the building industry, a key industry served by First Hawaiian. <br>&nbsp;&nbsp;&nbsp;&nbsp; • As a resident of the Big Island, Mr. Fujimoto provides the Board with insights into the views of the residents of the Hawaiian Islands other than Oahu, an important part of the Bank's market area. <br>|

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| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **17**  |

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[**TABLE OF CONTENTS**](#TOC)

CORPORATE GOVERNANCE AND BOARD MATTERS

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|  **Robert S. Harrison**  | **Age 62 <br> Chairman of the Board since 2016**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **BACKGROUND** <br> **FIRST HAWAIIAN, INC.** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Chairman and Chief Executive Officer (2016 to present) <br>&nbsp;&nbsp;&nbsp;&nbsp; • President (August 2019 to present) <br>**FIRST HAWAIIAN BANK** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Chairman and Chief Executive Officer (January 2012 to present) <br>&nbsp;&nbsp;&nbsp;&nbsp; • President (December 2009 to June 2015 and August 2019 to present) <br>&nbsp;&nbsp;&nbsp;&nbsp; • Chief Operating Officer (December 2009 to January 2012) <br>&nbsp;&nbsp;&nbsp;&nbsp; • Vice Chairman (2007 to 2009) <br>&nbsp;&nbsp;&nbsp;&nbsp; • Chief Risk Officer (2006 to 2009) <br>&nbsp;&nbsp;&nbsp;&nbsp; • Mr. Harrison joined First Hawaiian Bank's Retail Banking group in 1996 and has over 30 years of experience in the financial services industry in Hawaii and on the U.S. mainland <br>**BANCWEST CORPORATION ("BancWest")** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Vice Chairman (2010 to 2019) <br>**OTHER PUBLIC COMPANY DIRECTORSHIPS** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Alexander & Baldwin, Inc., a Hawaii publicly traded company with interests in, among other things, commercial real estate and real estate development (2012 to 2020) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OTHER ENGAGEMENTS** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Current Chairman, Hawaii Medical Service Association, the Blue Cross/Blue Shield affiliate in Hawaii <br>&nbsp;&nbsp;&nbsp;&nbsp; • Current member of the Board, Pacific Guardian Life Insurance Company, the largest domestic life and disability insurer in Hawaii <br>&nbsp;&nbsp;&nbsp;&nbsp; • Current member of the Board, Hawaii Community Foundation <br>&nbsp;&nbsp;&nbsp;&nbsp; • Current member of the Board, Hawaii Bankers Association <br>&nbsp;&nbsp;&nbsp;&nbsp; • Current member of the Executive Committee of the Board, Hawaii Business Roundtable <br>&nbsp;&nbsp;&nbsp;&nbsp; • Current member of the Board, Maryknoll Foundation <br>&nbsp;&nbsp;&nbsp;&nbsp; • Current Vice Chairman, Mid-Size Bank Coalition of America <br>**EDUCATION** <br> &nbsp;&nbsp;&nbsp;&nbsp; • M.B.A., Cornell University <br>&nbsp;&nbsp;&nbsp;&nbsp; • Bachelor's degree in Applied Mathematics, University of California, Los Angeles <br>**QUALIFICATIONS** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Mr. Harrison's qualifications to serve on the Board include his operating, management and leadership experience as First Hawaiian Bank's Chairman, President and Chief Executive Officer, as well as his prior experience as First Hawaiian Bank's Chief Operating Officer and as its Chief Risk Officer. <br>&nbsp;&nbsp;&nbsp;&nbsp; • Mr. Harrison has extensive knowledge of, and has made significant contributions to, the growth of First Hawaiian and First Hawaiian Bank. <br>&nbsp;&nbsp;&nbsp;&nbsp; • Mr. Harrison also brings to First Hawaiian's Board his expertise in the financial services industry generally and in Hawaii in particular. <br>|

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| **18**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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[**TABLE OF CONTENTS**](#TOC)

CORPORATE GOVERNANCE AND BOARD MATTERS

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: ph_fayekurren2-4c.jpg]](ph_fayekurren2-4c.jpg) <br> **COMMITTEES** <br> • Audit <br>• Compensation <br>![[MISSING IMAGE: tm2134876d1_fc-fayewatpn.jpg]](tm2134876d1_fc-fayewatpn.jpg)  | **Faye Watanabe Kurren**  | **Age 72 <br> ![[MISSING IMAGE: ic_tickknock-bw.gif]](ic_tickknock-bw.gif) Independent Director since 2018**  |
| &nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: ph_fayekurren2-4c.jpg]](ph_fayekurren2-4c.jpg) <br> **COMMITTEES** <br> • Audit <br>• Compensation <br>![[MISSING IMAGE: tm2134876d1_fc-fayewatpn.jpg]](tm2134876d1_fc-fayewatpn.jpg)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: ph_fayekurren2-4c.jpg]](ph_fayekurren2-4c.jpg) <br> **COMMITTEES** <br> • Audit <br>• Compensation <br>![[MISSING IMAGE: tm2134876d1_fc-fayewatpn.jpg]](tm2134876d1_fc-fayewatpn.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **BACKGROUND** <br> **FIRST HAWAIIAN, INC.** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Member of the Board of Directors (2018 to present) <br>**FIRST HAWAIIAN BANK** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Member of the Board of Directors (2005 to present) <br>&nbsp;&nbsp;&nbsp;&nbsp; • Currently serves on the Senior Trust Committee of the Board of Directors of the Bank <br>**HAWAII DENTAL SERVICE**, a Honolulu, Hawaii-based dental insurance company with the largest network of participating dentists in Hawaii <br> &nbsp;&nbsp;&nbsp;&nbsp; • President and Chief Executive Officer (2003 to 2014, upon retirement) <br>**TESORO HAWAII, LLC**, a former subsidiary of Marathon Petroleum (f/k/a Tesoro Corporation and Andeavor) <br> &nbsp;&nbsp;&nbsp;&nbsp; • President (1998 to 2003) <br>**OTHER ENGAGEMENTS** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Director, First Insurance Company of Hawaii <br>&nbsp;&nbsp;&nbsp;&nbsp; • Past Chairperson of the Hawaii State Commission on the Status of Women <br>&nbsp;&nbsp;&nbsp;&nbsp; • Past Chairperson, University of Hawaii Foundation <br>&nbsp;&nbsp;&nbsp;&nbsp; • Past Chairperson, Hawaii State Chapter of the American Red Cross <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EDUCATION** <br> &nbsp;&nbsp;&nbsp;&nbsp; • J.D., University of Hawaii <br>&nbsp;&nbsp;&nbsp;&nbsp; • Masters of Arts in Sociology, University of Chicago <br>&nbsp;&nbsp;&nbsp;&nbsp; • Bachelor of Arts in Sociology, Stanford University <br>**QUALIFICATIONS** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Ms. Kurren's experience as the president and chief executive officer of a major, local healthcare insurance company provides her with extensive experience in an important local industry and provides the Board with expertise in management and corporate governance matters. <br>&nbsp;&nbsp;&nbsp;&nbsp; • In addition, having served as the president of the subsidiary of a publicly traded company, Ms. Kurren possesses financial skills that qualify her as one of four audit committee financial experts serving on the Audit Committee. <br>|

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|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **19**  |

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[**TABLE OF CONTENTS**](#TOC)

CORPORATE GOVERNANCE AND BOARD MATTERS

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: ph_jimmoffatrul-4c.jpg]](ph_jimmoffatrul-4c.jpg) <br> **COMMITTEES** <br> • Risk <br>• Corporate <br> Governance and <br> Nominating <br>![[MISSING IMAGE: tm2134876d1_fc-jamespn.jpg]](tm2134876d1_fc-jamespn.jpg)  | **James S. Moffatt**  | **Age 64 <br> ![[MISSING IMAGE: ic_tickknock-bw.gif]](ic_tickknock-bw.gif) Independent Director since 2021**  |
| &nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: ph_jimmoffatrul-4c.jpg]](ph_jimmoffatrul-4c.jpg) <br> **COMMITTEES** <br> • Risk <br>• Corporate <br> Governance and <br> Nominating <br>![[MISSING IMAGE: tm2134876d1_fc-jamespn.jpg]](tm2134876d1_fc-jamespn.jpg)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: ph_jimmoffatrul-4c.jpg]](ph_jimmoffatrul-4c.jpg) <br> **COMMITTEES** <br> • Risk <br>• Corporate <br> Governance and <br> Nominating <br>![[MISSING IMAGE: tm2134876d1_fc-jamespn.jpg]](tm2134876d1_fc-jamespn.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **BACKGROUND** <br> **FIRST HAWAIIAN, INC.** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Member of the Board of Directors (2021 to present) <br>**FIRST HAWAIIAN BANK** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Member of the Board of Directors (2021 to present) <br>**DELOITTE CONSULTING**, a leading international consulting business <br> &nbsp;&nbsp;&nbsp;&nbsp; • Vice Chairman, global consulting business (2018) <br>&nbsp;&nbsp;&nbsp;&nbsp; • Chief Executive Officer, global consulting business (2015-2017) <br>&nbsp;&nbsp;&nbsp;&nbsp; • Chairman and Chief Executive Officer, US consulting business (2011-2015) <br>**OTHER ENGAGEMENTS** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Current director of Digital Transformation Opportunities Corp., a publicly traded blank check company formed for the purpose of effecting a merger, stock exchange, asset purchase or other transaction with one or more businesses <br>&nbsp;&nbsp;&nbsp;&nbsp; • Current director of Optiv, a cybersecurity solutions integrator <br>&nbsp;&nbsp;&nbsp;&nbsp; • Current director of Icertis, a contract lifecycle management company <br>&nbsp;&nbsp;&nbsp;&nbsp; • Current director of AmplifAI, a cloud-based software company leveraging artificial intelligence to improve sales and service <br>&nbsp;&nbsp;&nbsp;&nbsp; • Advisor to various private equity and venture capital investment firms and an advisor to, or on the advisory board of, a number of their portfolio companies <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EDUCATION** <br> &nbsp;&nbsp;&nbsp;&nbsp; • M.B.A., UCLA Anderson School of Management <br>&nbsp;&nbsp;&nbsp;&nbsp; • Bachelor's degree, University of California, San Diego <br>&nbsp;&nbsp;&nbsp;&nbsp; • Graduate of the Directors' Consortium at Stanford University Graduate School of Business <br>&nbsp;&nbsp;&nbsp;&nbsp; • Graduate of the Master Class of the National Association of Corporate Directors <br>**QUALIFICATIONS** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Mr. Moffatt's service at the most senior levels of a preeminent consulting business provides the First Hawaiian Board with significant leadership, operating and management experience. <br>&nbsp;&nbsp;&nbsp;&nbsp; • Having worked in business consulting for 30 years and currently serving as an advisor to or director of a variety of companies, Mr. Moffatt brings sophisticated business acumen to the Board. <br>&nbsp;&nbsp;&nbsp;&nbsp; • Mr. Moffatt also provides the Board with audit and finance skills. <br>|

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| **20**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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[**TABLE OF CONTENTS**](#TOC)

CORPORATE GOVERNANCE AND BOARD MATTERS

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: ph_markmugiishi-pn.jpg]](ph_markmugiishi-pn.jpg) <br> **COMMITTEES** <br> • Risk <br>![[MISSING IMAGE: fc_markmugiishi-pn.jpg]](fc_markmugiishi-pn.jpg)  | **Mark M. Mugiishi**  | **Age 63 <br> ![[MISSING IMAGE: ic_tickknock-bw.gif]](ic_tickknock-bw.gif) Independent Director since 2022**  |
| &nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: ph_markmugiishi-pn.jpg]](ph_markmugiishi-pn.jpg) <br> **COMMITTEES** <br> • Risk <br>![[MISSING IMAGE: fc_markmugiishi-pn.jpg]](fc_markmugiishi-pn.jpg)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: ph_markmugiishi-pn.jpg]](ph_markmugiishi-pn.jpg) <br> **COMMITTEES** <br> • Risk <br>![[MISSING IMAGE: fc_markmugiishi-pn.jpg]](fc_markmugiishi-pn.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **BACKGROUND** <br> **FIRST HAWAIIAN, INC.** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Member of the Board of Directors (2022 to present) <br>**FIRST HAWAIIAN BANK** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Member of the Board of Directors (2022 to present) <br>**HAWAII MEDICAL SERVICES ASSOCIATION** <br> &nbsp;&nbsp;&nbsp;&nbsp; • President and Chief Executive Officer (2020-present) <br>&nbsp;&nbsp;&nbsp;&nbsp; • Interim President and Chief Executive Officer (2019-2020) <br>&nbsp;&nbsp;&nbsp;&nbsp; • Executive Vice President and Chief Health Officer (2017-2019) <br>&nbsp;&nbsp;&nbsp;&nbsp; • Executive Vice President, Chief Medical Officer and Chief Health Officer (2015-2017) <br>**ENDOSCOPY INSTITUTE OF HAWAII** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Co-Founder <br>**EYE SURGERY CENTER OF HAWAII** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Co-Founder <br>**OTHER ENGAGEMENTS** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Medical Director, Hawaii Technology Accelerators <br>&nbsp;&nbsp;&nbsp;&nbsp; • General Surgeon for over 30 years <br>&nbsp;&nbsp;&nbsp;&nbsp; • Associate Chair, Department of Surgery and Director of Surgical Education, University of Hawaii Medical School <br>&nbsp;&nbsp;&nbsp;&nbsp; • Iolani School, Board Chair <br>&nbsp;&nbsp;&nbsp;&nbsp; • BlueCross BlueShield Association, Board member <br>&nbsp;&nbsp;&nbsp;&nbsp; • Western Conference BlueCross BlueShield, Board Chair <br>&nbsp;&nbsp;&nbsp;&nbsp; • Blood Bank of Hawaii, Board member <br>&nbsp;&nbsp;&nbsp;&nbsp; • Hawaii Cancer Consortium, Board member <br>&nbsp;&nbsp;&nbsp;&nbsp; • Hawaii Business Roundtable, Board member <br>&nbsp;&nbsp;&nbsp;&nbsp; • HMSA Foundation, Board member <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EDUCATION** <br> &nbsp;&nbsp;&nbsp;&nbsp; • M.D. degree, Northwestern University Feinberg School of Medicine <br>&nbsp;&nbsp;&nbsp;&nbsp; • Bachelor of Science, degree in Medicine, Northwestern University Honors program <br>**QUALIFICATIONS** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Dr. Mugiishi's experience as the president and chief executive officer of a major, local healthcare insurance company provides him with extensive experience in an important local business and in a regulated industry, provides him with a wealth of experience in management, business, and finance. <br>&nbsp;&nbsp;&nbsp;&nbsp; • Dr. Mugiishi's role as president and chief executive officer Blue Cross Blue Shield Association's Hawaii health insurance independent licensee gives him exposure to national issues that give him a broad perspective that he can bring to his role with First Hawaiian. <br>&nbsp;&nbsp;&nbsp;&nbsp; • As a lifelong Hawaii resident and prominent Hawaii healthcare practitioner, Dr. Mugiishi has developed extensive local contacts and knowledge of our core market area. <br>|

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| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **21**  |

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[**TABLE OF CONTENTS**](#TOC)

CORPORATE GOVERNANCE AND BOARD MATTERS

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: ph_kellythompsonrul-4c.jpg]](ph_kellythompsonrul-4c.jpg) <br> **COMMITTEES** <br> • Risk <br>• Compensation <br>![[MISSING IMAGE: tm2134876d1_fc-kellypn.jpg]](tm2134876d1_fc-kellypn.jpg)  | **Kelly A. Thompson**  | **Age 53 <br> ![[MISSING IMAGE: ic_tickknock-bw.gif]](ic_tickknock-bw.gif) Independent Director since 2021**  |
| &nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: ph_kellythompsonrul-4c.jpg]](ph_kellythompsonrul-4c.jpg) <br> **COMMITTEES** <br> • Risk <br>• Compensation <br>![[MISSING IMAGE: tm2134876d1_fc-kellypn.jpg]](tm2134876d1_fc-kellypn.jpg)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: ph_kellythompsonrul-4c.jpg]](ph_kellythompsonrul-4c.jpg) <br> **COMMITTEES** <br> • Risk <br>• Compensation <br>![[MISSING IMAGE: tm2134876d1_fc-kellypn.jpg]](tm2134876d1_fc-kellypn.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **BACKGROUND** <br> **FIRST HAWAIIAN, INC.** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Member of the Board of Directors (2021 to present) <br>**FIRST HAWAIIAN BANK** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Member of the Board of Directors (2021 to present) <br>**WALMART, INC.** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Senior Vice President and Chief Operating Officer of Samsclub.com, a Walmart, Inc. subsidiary, and member of Sam's Club Leadership Committee, responsible for e-commerce merchandising, business intelligence, marketing, supply chain and business operations (2017-2019) <br>&nbsp;&nbsp;&nbsp;&nbsp; • Senior Vice President, Global Category Development, global ecommerce (2015-2017) <br>&nbsp;&nbsp;&nbsp;&nbsp; • Increasing levels of responsibility concluding as Senior Vice President, Merchandising, Planning and Marketplace for Walmart.com (2007-2014) <br>**GAP, INC.** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Various merchandising leadership roles (1997-2007) <br>**OTHER ENGAGEMENTS** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Current Director of a.k.a. Brands Holding Corp., a publicly traded direct-to-consumer fashion brands company based in San Francisco, California <br>&nbsp;&nbsp;&nbsp;&nbsp; • Current Director of Bolt Threads, Inc., a San Francisco-based manufacturer and supplier of fabrics made from sustainable biomaterials <br>&nbsp;&nbsp;&nbsp;&nbsp; • Director of Turtle Beach Corporation, a publicly traded global gaming accessory company in White Plains, New York, from 2019 to 2022 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EDUCATION** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Bachelor of Science degree in Biology, University of California, San Diego <br>**QUALIFICATIONS** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Ms. Thompson's experience as the leader of the e-commerce division of SamsClub.com provides her with extensive knowledge and valuable experience with respect to the digital customer experience. <br>&nbsp;&nbsp;&nbsp;&nbsp; • Ms. Thompson also brings to the Board insights into online sales and marketing through her diverse retail experience with SamsClub.com, Walmart, Inc. and Gap, Inc. <br>&nbsp;&nbsp;&nbsp;&nbsp; • As the leader of a complex retail platform, Ms. Thompson provides the Board with substantial leadership and management skills. <br>|

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| **22**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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[**TABLE OF CONTENTS**](#TOC)

CORPORATE GOVERNANCE AND BOARD MATTERS

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: ph_allenuyeda2-4c.jpg]](ph_allenuyeda2-4c.jpg) <br> **LEAD INDEPENDENT DIRECTOR** <br> **COMMITTEES** <br> • Compensation <br>• Corporate Governance <br> <sup>and Nominating</sup> ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg) <br>![[MISSING IMAGE: tm2134876d1_fc-allenuyepn.jpg]](tm2134876d1_fc-allenuyepn.jpg)  | **Allen B. Uyeda**  | **Age 73 <br> ![[MISSING IMAGE: ic_tickknock-bw.gif]](ic_tickknock-bw.gif) Independent Director since 2016**  |
| &nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: ph_allenuyeda2-4c.jpg]](ph_allenuyeda2-4c.jpg) <br> **LEAD INDEPENDENT DIRECTOR** <br> **COMMITTEES** <br> • Compensation <br>• Corporate Governance <br> <sup>and Nominating</sup> ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg) <br>![[MISSING IMAGE: tm2134876d1_fc-allenuyepn.jpg]](tm2134876d1_fc-allenuyepn.jpg)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: ph_allenuyeda2-4c.jpg]](ph_allenuyeda2-4c.jpg) <br> **LEAD INDEPENDENT DIRECTOR** <br> **COMMITTEES** <br> • Compensation <br>• Corporate Governance <br> <sup>and Nominating</sup> ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg) <br>![[MISSING IMAGE: tm2134876d1_fc-allenuyepn.jpg]](tm2134876d1_fc-allenuyepn.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **BACKGROUND** <br> **FIRST HAWAIIAN, INC.** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Lead Independent Director <br>&nbsp;&nbsp;&nbsp;&nbsp; • Member of the Board of Directors (2016 to present) <br>**FIRST HAWAIIAN BANK** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Lead Independent Director <br>&nbsp;&nbsp;&nbsp;&nbsp; • Member of the Board of Directors (2001 to present) <br>**BANCWEST** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Member of the Board of Directors and Member of the Risk Committee (2012 to January 2019) <br>**FIRST INSURANCE COMPANY OF HAWAII**, a Honolulu-based property and casualty insurance company that, during the course of Mr. Uyeda's leadership, became a subsidiary of Tokio Marine Holdings, Inc., a multinational insurance holding company listed on the Tokyo Stock Exchange <br> &nbsp;&nbsp;&nbsp;&nbsp; • Chief Executive Officer (1995 to 2014) <br>**CONTINENTAL INSURANCE COMPANY**, prior to its acquisition by CNA Financial Corporation, a public unified holding company for insurance entities <br> &nbsp;&nbsp;&nbsp;&nbsp; • Vice President and Chief Financial Officer of the Agency and Brokerage Group <br>**INTERNATIONAL PAPER**, a public company with interests in paper-based packaging, paper and pulp industries <br> &nbsp;&nbsp;&nbsp;&nbsp; • Management and financial analyst experience <br>**JOHNSON CONTROLS, INC.**, a public company that provides batteries and builds efficiency services <br> &nbsp;&nbsp;&nbsp;&nbsp; • Project Management and engineering experience <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OTHER ENGAGEMENTS** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Current member of the Board, The Queen's Health Systems and The Queen's Medical Center <br>**EDUCATION** <br> &nbsp;&nbsp;&nbsp;&nbsp; • M.B.A., the Wharton School at the University of Pennsylvania <br>&nbsp;&nbsp;&nbsp;&nbsp; • Bachelor's degree in Electrical Engineering, Princeton University <br>&nbsp;&nbsp;&nbsp;&nbsp; • Holder of National Association of Corporate Directors Certification <br>**QUALIFICATIONS** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Mr. Uyeda brings to the First Hawaiian Board extensive knowledge of Hawaii and experience in supervising and performing company financial functions. <br>&nbsp;&nbsp;&nbsp;&nbsp; • Mr. Uyeda's experience serving as chief executive officer of a major local insurance company, combined with his risk management and leadership skills, knowledge of our market and sensitivity to the economy, bring valuable insight and critical skills to our Board. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: ph_allenuyeda2-4c.jpg]](ph_allenuyeda2-4c.jpg) <br> **LEAD INDEPENDENT DIRECTOR** <br> **COMMITTEES** <br> • Compensation <br>• Corporate Governance <br> <sup>and Nominating</sup> ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg) <br>![[MISSING IMAGE: tm2134876d1_fc-allenuyepn.jpg]](tm2134876d1_fc-allenuyepn.jpg)  |  |  |

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| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **23**  |

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[**TABLE OF CONTENTS**](#TOC)

CORPORATE GOVERNANCE AND BOARD MATTERS

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: ph_vanessawashington2-4c.jpg]](ph_vanessawashington2-4c.jpg) <br> **COMMITTEES** <br> • Compensation ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg) <br> • Corporate <br> Governance and <br> Nominating <br>![[MISSING IMAGE: tm2134876d1_fc-vaneswaspn.jpg]](tm2134876d1_fc-vaneswaspn.jpg)  | **Vanessa L. Washington**  | **Age 63** <br> **Director since 2020**  |
| &nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: ph_vanessawashington2-4c.jpg]](ph_vanessawashington2-4c.jpg) <br> **COMMITTEES** <br> • Compensation ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg) <br> • Corporate <br> Governance and <br> Nominating <br>![[MISSING IMAGE: tm2134876d1_fc-vaneswaspn.jpg]](tm2134876d1_fc-vaneswaspn.jpg)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: ph_vanessawashington2-4c.jpg]](ph_vanessawashington2-4c.jpg) <br> **COMMITTEES** <br> • Compensation ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg) <br> • Corporate <br> Governance and <br> Nominating <br>![[MISSING IMAGE: tm2134876d1_fc-vaneswaspn.jpg]](tm2134876d1_fc-vaneswaspn.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **BACKGROUND** <br> **FIRST HAWAIIAN, INC.** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Member of the Board of Directors (2020 to present) <br>**FIRST HAWAIIAN BANK** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Member of the Board of Directors (October 2020 to present) <br>**BANK OF THE WEST**, San Francisco, California <br> &nbsp;&nbsp;&nbsp;&nbsp; • Senior Executive Vice President, General Counsel and Corporate Secretary (2006 to October 2020, upon retirement). Served in various capacities, including executive responsible for Information and Physical Security, Compliance and Corporate Social Responsibility. <br>**CATELLUS DEVELOPMENT CORPORATION**, a publicly traded REIT, San Francisco, California <br> &nbsp;&nbsp;&nbsp;&nbsp; • General Counsel (2001 to 2005). Also responsible for Human Resources, Compliance and Environmental Groups <br>**CALIFORNIA FEDERAL BANK**, San Francisco, California <br> &nbsp;&nbsp;&nbsp;&nbsp; • Senior Vice President, Associate General Counsel and Secretary (1992 to 2001); responsible for corporate, securities and real estate legal services <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OTHER ENGAGEMENTS** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Current Director and Member of the Nominating & Governance and Compensation & Human Capital Committees of the Board of Directors of CSAA Insurance Exchange <br>&nbsp;&nbsp;&nbsp;&nbsp; • Current Director, Chair of the Audit Committee and a Member of the Executive and Compensation Committees of the Board of Directors, Habitat for Humanity of the Greater Bay Area <br>**EDUCATION** <br> &nbsp;&nbsp;&nbsp;&nbsp; • J.D., University of California Berkeley School of Law <br>&nbsp;&nbsp;&nbsp;&nbsp; • Bachelor's degree, University of North Carolina, Chapel Hill <br>**QUALIFICATIONS** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Ms. Washington's over 20 years of banking industry experience, including 16 years in a senior position with a major US banking subsidiary of one of the largest banking organizations in the world, as well as her service with two publicly traded corporations, provide her with valuable insights and perspective on a number of areas relevant to First Hawaiian. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: ph_vanessawashington2-4c.jpg]](ph_vanessawashington2-4c.jpg) <br> **COMMITTEES** <br> • Compensation ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg) <br> • Corporate <br> Governance and <br> Nominating <br>![[MISSING IMAGE: tm2134876d1_fc-vaneswaspn.jpg]](tm2134876d1_fc-vaneswaspn.jpg)  |  |  |

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| | |
|:---|:---|
| **24**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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[**TABLE OF CONTENTS**](#TOC)

CORPORATE GOVERNANCE AND BOARD MATTERS

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: ph_scottwo2-4c.jpg]](ph_scottwo2-4c.jpg) <br> **COMMITTEES** <br> • Audit <br>• Risk ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg) <br> ![[MISSING IMAGE: tm2134876d1_fc-scottwopn.jpg]](tm2134876d1_fc-scottwopn.jpg)  | C. Scott Wo  | **Age 57 <br> ![[MISSING IMAGE: ic_tickknock-bw.gif]](ic_tickknock-bw.gif) Independent Director since 2018**  |
| &nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: ph_scottwo2-4c.jpg]](ph_scottwo2-4c.jpg) <br> **COMMITTEES** <br> • Audit <br>• Risk ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg) <br> ![[MISSING IMAGE: tm2134876d1_fc-scottwopn.jpg]](tm2134876d1_fc-scottwopn.jpg)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: ph_scottwo2-4c.jpg]](ph_scottwo2-4c.jpg) <br> **COMMITTEES** <br> • Audit <br>• Risk ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg) <br> ![[MISSING IMAGE: tm2134876d1_fc-scottwopn.jpg]](tm2134876d1_fc-scottwopn.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **BACKGROUND** <br> **FIRST HAWAIIAN, INC.** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Member of the Board of Directors (2018 to present) <br>**FIRST HAWAIIAN BANK** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Member of the Board of Directors (2014 to present) <br>**C.S. WO & SONS, LTD.**, his family's home furnishings enterprise founded in 1909 <br> &nbsp;&nbsp;&nbsp;&nbsp; • Owner <br>**KUNIA COUNTRY FARMS**, one of the largest aquaponics farms in the State of Hawaii <br> &nbsp;&nbsp;&nbsp;&nbsp; • Partner/Manager <br>**COLUMBIA BUSINESS SCHOOL**, New York City <br> &nbsp;&nbsp;&nbsp;&nbsp; • Adjunct Professor of Management <br>**OTHER ENGAGEMENTS** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Chairman of the Board, University of Hawaii Foundation <br>&nbsp;&nbsp;&nbsp;&nbsp; • Board member, The Queen's Health System <br>&nbsp;&nbsp;&nbsp;&nbsp; • Current Finance Committee Chair, Takitani Foundation <br>&nbsp;&nbsp;&nbsp;&nbsp; • Current member of the Advisory Board, American Red Cross, Hawaii State Chapter <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EDUCATION** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Ph.D. in Finance, the Anderson School at UCLA <br>&nbsp;&nbsp;&nbsp;&nbsp; • M.B.A., Columbia Business School at Columbia University <br>&nbsp;&nbsp;&nbsp;&nbsp; • Bachelor of Science in Economics, the Wharton School at the University of Pennsylvania <br>**QUALIFICATIONS** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Dr. Wo brings entrepreneurial and business-building skills and experience to First Hawaiian through his experience as an owner of a large local furniture business. <br>&nbsp;&nbsp;&nbsp;&nbsp; • In addition, through his education and experience as an Adjunct Professor of Management at Columbia Business School, Dr. Wo has developed outstanding business, finance and accounting skills that he brings to his service on the Audit and Risk Committees. <br>|

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### BOARD OF DIRECTORS, COMMITTEES AND GOVERNANCE
Our Board provides oversight with respect to our overall performance, strategic direction and key corporate policies. It approves major initiatives, advises on key financial and business objectives and monitors progress with respect to these matters. Members of the Board are kept informed of our business by various reports and documents provided to them on a regular basis, including operating and financial reports and audit reports made at Board and committee meetings by our Chief Executive Officer, Chief Financial Officer, Chief Risk Officer and other officers.

The Board has four standing committees, the principal responsibilities of which are described below under the section entitled "—*Committees of Our Board of Directors*." Additionally, the directors meet in regularly scheduled executive sessions, without First Hawaiian management present, at each regularly scheduled meeting of the Board.

### Meetings
The Board met eight times in 2022. Each member of the Board attended more than 75% of the total number of meetings of the Board and the committees on which he or she served. We strongly encourage, but do not require, the members of our Board to attend annual meetings of our stockholders. All eight then-serving director nominees of the Board attended our 2022 annual meeting of stockholders.

### Director Independence
Our common stock is listed on NASDAQ and, as a result, we are subject to the corporate governance listing standards of the exchange. The NASDAQ corporate governance standards generally require a majority of independent directors on the board of

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|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **25**  |

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directors and fully independent audit, nominating

and compensation committees.

Our Board consists of 10 directors, nine of whom are independent. A director is independent if the Board affirmatively determines that he or she satisfies the independence standards set forth in the applicable rules of NASDAQ, has no material relationship with the Company that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director and is independent within the meaning of Rule 10A-3 of the Exchange Act of 1934, as amended (the "Exchange Act"). The Board has reviewed the independence of our current non-employee directors and has determined that each of W. Allen Doane, Michael K. Fujimoto, Faye W. Kurren, James S. Moffatt, Mark M. Mugiishi, Kelly A. Thompson, Allen B. Uyeda, Vanessa L. Washington and C. Scott Wo is an independent director. In determining the independence of its directors, the Board considered

transactions, relationships and arrangements between the Company and its directors, the details of which are not required to be disclosed in this Proxy Statement pursuant to Item 404(a) of Regulation S-K. In addition, in determining the independence of its directors, the Board considered that certain businesses in which Mr. Fujimoto has a material interest, particularly Hawaii Planing Mill, Ltd. dba HPM Building Supply, certain businesses in which Dr. Wo has a material interest, specifically C.S. Wo & Sons, Ltd. and Kunia Country Farms, and certain businesses in which Dr. Mugiishi has a material interest, specifically, Hawaii Medical Service Association, have loans that were made by the Bank in the ordinary course of business, on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable loans with persons not related to the lender, and that did not involve more than the normal risk of collectability or present other unfavorable features.

Board Leadership Structure and Qualifications

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| | |
|:---|:---|
| **Chief Executive Officer and President <br> and Chairman of the Board**  | **Chief Executive Officer and President <br> and Chairman of the Board**  |
| | **Robert S. Harrison**  |

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|:---|:---|
| **<br> Lead Independent Director**  | **<br> Lead Independent Director**  |
| | **Allen B. Uyeda**  |

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Director Nomination Process

We believe that our directors should have the highest professional and personal ethics and values, consistent with our long-standing values and standards. They should have broad experience at the policy-making level in business, government or banking. They should be committed to enhancing stockholder value and should have sufficient time to carry out their duties and to provide insight and practical wisdom based on experience. Their service on boards of other companies should be limited to a number that permits them, given their individual circumstances, to perform responsibly all director duties. Each director must represent the interests of all stockholders.

The Corporate Governance and Nominating Committee of our Board identifies potential director candidates and makes recommendations to the Board regarding individuals qualified to become Board members.

**Diversity is an important factor in our consideration of potential and incumbent directors**. Our Corporate Governance and Nominating Committee considers a number of demographics and other factors, including race, gender identity, ethnicity, sexual orientation, culture, nationality and work experiences, seeking to develop a board that, as a whole, reflects diverse viewpoints, backgrounds, skills, experiences, expertise and personal characteristics. Among other factors, our Corporate Governance and Nominating Committee considers in identifying and evaluating a potential director candidate is the extent to which the candidate would add to the diversity of our Board. Diversity is also considered as part of the annual Board evaluation.

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| **26**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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CORPORATE GOVERNANCE AND BOARD MATTERS

In recommending a nominee for election as a director (or to fill a Board vacancy), the Corporate Governance and Nominating Committee considers each individual's specific experience, background and education, including skills as described in the table on page 7, as well as the following Board-approved criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • professional background and expertise

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • judgment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • diversity of viewpoints, background, experience and personal characteristics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • skills, including financial literacy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • experience in the context of our needs and those of the Board

The corporate governance guidelines of our Board require that the Corporate Governance and Nominating Committee take into account director qualifications exceeding those required under relevant securities rules and listing standards, including a nominee's diversity characteristics and professional expertise.

The corporate governance guidelines of our Board provide that the Board may, in its sole discretion, designate one of the independent directors as its lead director to preside over meetings of the Board held in the absence of any director who is also an executive officer and to have such additional responsibilities and authority as the Board may direct from time to time.

Currently, Robert S. Harrison serves as our Chief Executive Officer and President and as the Chairman of our Board, and Allen B. Uyeda has been designated to serve as the lead independent director of our Board.

Our Chief Executive Officer is generally in charge of our business affairs, subject to the overall direction and supervision of the Board and its committees, and is the only member of our management team that serves on the Board. Our Board believes that combining the roles of Chairman of the Board and Chief Executive Officer and appointing a lead independent director is the most effective board leadership structure for us and that it provides an effective balance of strong leadership and independent oversight. Having one individual serve as both Chief Executive Officer and Chairman contributes to and enhances the Board's efficiency and effectiveness, as the Chief Executive Officer is generally in the best position to inform our independent directors about our operations, the competitive market and other challenges facing our business. Our Board believes that the Chief Executive Officer is in the best position to most effectively serve as the Chairman of the Board for many reasons as he is closest to many facets of our business and has frequent contact with our customers, employees, regulators and other stakeholders in our business. The Board believes that combining the roles of Chief Executive Officer and Chairman of the Board also promotes timely communication between management and the Board on critical matters, including strategy, business results and risks, because of Mr. Harrison's direct involvement in the strategic and day-to-day management of our business.

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| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **27**  |

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CORPORATE GOVERNANCE AND BOARD MATTERS

Committees of Our Board of Directors

The standing committees of our Board consist of an audit committee, a corporate governance and nominating committee, a compensation committee and a risk committee. The responsibilities of these committees are described below. Our Board may also establish various other committees to assist it in its responsibilities.

The following table summarizes the current membership of the Board and each of its committees:

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|:---|:---|:---|:---|:---|:---|
| | | **Committee Membership**  | **Committee Membership**  | **Committee Membership**  | **Committee Membership**  |
| **Name**  | **Independent<sup>(1)</sup>**  | **Audit**  | **Compensation**  | **Corporate <br> Governance and <br> Nominating**  | **Risk**  |
| W. Allen Doane<sup>(2)</sup>  | ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg)  | ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg)![[MISSING IMAGE: tm212424d3_icon-auditcommk.jpg]](tm212424d3_icon-auditcommk.jpg)  |  | ![[MISSING IMAGE: tm212424d3_icon-commmemberk.jpg]](tm212424d3_icon-commmemberk.jpg)  |  |
| Michael K. Fujimoto  | ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg)  | ![[MISSING IMAGE: tm212424d3_icon-commmemberk.jpg]](tm212424d3_icon-commmemberk.jpg)![[MISSING IMAGE: tm212424d3_icon-auditcommk.jpg]](tm212424d3_icon-auditcommk.jpg)  |  |  | ![[MISSING IMAGE: tm212424d3_icon-commmemberk.jpg]](tm212424d3_icon-commmemberk.jpg)  |
| Robert S. Harrison ![[MISSING IMAGE: tm212424d3_icon-ledincdpn.jpg]](tm212424d3_icon-ledincdpn.jpg) |  |  |  |  |  |
| Faye W. Kurren  | ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg)  | ![[MISSING IMAGE: tm212424d3_icon-commmemberk.jpg]](tm212424d3_icon-commmemberk.jpg)![[MISSING IMAGE: tm212424d3_icon-auditcommk.jpg]](tm212424d3_icon-auditcommk.jpg)  | ![[MISSING IMAGE: tm212424d3_icon-commmemberk.jpg]](tm212424d3_icon-commmemberk.jpg)  |  |  |
| James S. Moffatt  | ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg)  |  |  | ![[MISSING IMAGE: tm212424d3_icon-commmemberk.jpg]](tm212424d3_icon-commmemberk.jpg)  | ![[MISSING IMAGE: tm212424d3_icon-commmemberk.jpg]](tm212424d3_icon-commmemberk.jpg)  |
| Mark M. Mugiishi  | ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg)  |  |  |  | ![[MISSING IMAGE: tm212424d3_icon-commmemberk.jpg]](tm212424d3_icon-commmemberk.jpg)  |
| Kelly S. Thompson  | ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg)  |  | ![[MISSING IMAGE: tm212424d3_icon-commmemberk.jpg]](tm212424d3_icon-commmemberk.jpg)  |  | ![[MISSING IMAGE: tm212424d3_icon-commmemberk.jpg]](tm212424d3_icon-commmemberk.jpg)  |
| Allen B. Uyeda ![[MISSING IMAGE: tm212424d3_icon-ledindpn.jpg]](tm212424d3_icon-ledindpn.jpg) | ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg)  |  | ![[MISSING IMAGE: tm212424d3_icon-commmemberk.jpg]](tm212424d3_icon-commmemberk.jpg)  | ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg)  |  |
| Vanessa L. Washington  | ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg)  |  | ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg)  | ![[MISSING IMAGE: tm212424d3_icon-commmemberk.jpg]](tm212424d3_icon-commmemberk.jpg)  |  |
| C. Scott Wo  | ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg)  | ![[MISSING IMAGE: tm212424d3_icon-commmemberk.jpg]](tm212424d3_icon-commmemberk.jpg)![[MISSING IMAGE: tm212424d3_icon-auditcommk.jpg]](tm212424d3_icon-auditcommk.jpg)  |  |  | ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg)  |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ![[MISSING IMAGE: tm212424d3_icon-ledincdpn.jpg]](tm212424d3_icon-ledincdpn.jpg)  | Chairman of the Board  | ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg)  | Committee Chair  | ![[MISSING IMAGE: tm212424d3_icon-commmemberk.jpg]](tm212424d3_icon-commmemberk.jpg)  | Committee Member  | ![[MISSING IMAGE: tm212424d3_icon-ledindpn.jpg]](tm212424d3_icon-ledindpn.jpg)  | Lead Independent Director  | ![[MISSING IMAGE: tm212424d3_icon-auditcommk.jpg]](tm212424d3_icon-auditcommk.jpg)  | Audit Committee financial expert  |

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(1) "Independent" under NASDAQ listing standards.

(2) In accordance with our age limitation policy, Mr. Doane is not standing for reelection at the Annual Meeting.

Committee Charters and our other governance documents are available at:

ir.fhb.com/corporate-governance/highlights.

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|:---|:---|
| **28**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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[**TABLE OF CONTENTS**](#TOC)

CORPORATE GOVERNANCE AND BOARD MATTERS

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|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MEMBERS** <br> • W. Allen Doane ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg)<sup>(1)</sup> <br> • Michael K. Fujimoto <br>• Faye W. Kurren <br>• &nbsp;&nbsp;&nbsp;&nbsp; C. Scott Wo <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> All members of the Audit Committee are independent under NASDAQ listing standards. <br>![[MISSING IMAGE: tm212424d3_icon-auditcommk.jpg]](tm212424d3_icon-auditcommk.jpg) <br> All members of the Audit Committee are "audit committee financial experts." <br>**CHARTER** <br> The Audit Committee has adopted a written charter that specifies the scope of its duties and responsibilities, including those listed here. The charter is available on our website at www.fhb.com under the Investor Relations section.  | ![[MISSING IMAGE: tm212424d3_icon-audcommpn.gif]](tm212424d3_icon-audcommpn.gif)  | **Audit Committee**  | **Meetings in 2022: 6**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MEMBERS** <br> • W. Allen Doane ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg)<sup>(1)</sup> <br> • Michael K. Fujimoto <br>• Faye W. Kurren <br>• &nbsp;&nbsp;&nbsp;&nbsp; C. Scott Wo <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> All members of the Audit Committee are independent under NASDAQ listing standards. <br>![[MISSING IMAGE: tm212424d3_icon-auditcommk.jpg]](tm212424d3_icon-auditcommk.jpg) <br> All members of the Audit Committee are "audit committee financial experts." <br>**CHARTER** <br> The Audit Committee has adopted a written charter that specifies the scope of its duties and responsibilities, including those listed here. The charter is available on our website at www.fhb.com under the Investor Relations section.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OVERVIEW** <br> The Audit Committee assists the Board in fulfilling its responsibilities for general oversight of: <br> &nbsp;&nbsp;&nbsp;&nbsp; • the audits of our financial statements and financial reporting processes; <br>&nbsp;&nbsp;&nbsp;&nbsp; • our compliance with legal and regulatory requirements; <br>&nbsp;&nbsp;&nbsp;&nbsp; • the appointment, dismissal, compensation, qualifications and independence of our independent auditors; <br>&nbsp;&nbsp;&nbsp;&nbsp; • the performance of our internal audit function and independent auditors; <br>&nbsp;&nbsp;&nbsp;&nbsp; • our systems of disclosure controls and procedures, as well as our internal controls over financial reporting; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • our compliance with our ethical standards.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OVERVIEW** <br> The Audit Committee assists the Board in fulfilling its responsibilities for general oversight of: <br> &nbsp;&nbsp;&nbsp;&nbsp; • the audits of our financial statements and financial reporting processes; <br>&nbsp;&nbsp;&nbsp;&nbsp; • our compliance with legal and regulatory requirements; <br>&nbsp;&nbsp;&nbsp;&nbsp; • the appointment, dismissal, compensation, qualifications and independence of our independent auditors; <br>&nbsp;&nbsp;&nbsp;&nbsp; • the performance of our internal audit function and independent auditors; <br>&nbsp;&nbsp;&nbsp;&nbsp; • our systems of disclosure controls and procedures, as well as our internal controls over financial reporting; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • our compliance with our ethical standards.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OVERVIEW** <br> The Audit Committee assists the Board in fulfilling its responsibilities for general oversight of: <br> &nbsp;&nbsp;&nbsp;&nbsp; • the audits of our financial statements and financial reporting processes; <br>&nbsp;&nbsp;&nbsp;&nbsp; • our compliance with legal and regulatory requirements; <br>&nbsp;&nbsp;&nbsp;&nbsp; • the appointment, dismissal, compensation, qualifications and independence of our independent auditors; <br>&nbsp;&nbsp;&nbsp;&nbsp; • the performance of our internal audit function and independent auditors; <br>&nbsp;&nbsp;&nbsp;&nbsp; • our systems of disclosure controls and procedures, as well as our internal controls over financial reporting; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • our compliance with our ethical standards.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MEMBERS** <br> • W. Allen Doane ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg)<sup>(1)</sup> <br> • Michael K. Fujimoto <br>• Faye W. Kurren <br>• &nbsp;&nbsp;&nbsp;&nbsp; C. Scott Wo <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> All members of the Audit Committee are independent under NASDAQ listing standards. <br>![[MISSING IMAGE: tm212424d3_icon-auditcommk.jpg]](tm212424d3_icon-auditcommk.jpg) <br> All members of the Audit Committee are "audit committee financial experts." <br>**CHARTER** <br> The Audit Committee has adopted a written charter that specifies the scope of its duties and responsibilities, including those listed here. The charter is available on our website at www.fhb.com under the Investor Relations section.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **KEY RESPONSIBILITIES** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Appoints, oversees and determines the compensation of our independent auditors; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews and discusses our financial statements and the scope of our annual audit to be conducted by our independent auditors and approves all audit fees; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews and discusses our financial reporting activities, including our annual report, and the accounting standards and principles followed in connection with those activities; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Pre-approves audit and non-audit services provided by our independent auditors; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Meets with management and our independent auditors to review and discuss our financial statements and financial disclosure; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Establishes and oversees procedures for the treatment of complaints regarding accounting and auditing matters; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews the scope and staffing of our internal audit function and our disclosure and internal controls; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • Monitors our legal, ethical and regulatory compliance.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **KEY RESPONSIBILITIES** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Appoints, oversees and determines the compensation of our independent auditors; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews and discusses our financial statements and the scope of our annual audit to be conducted by our independent auditors and approves all audit fees; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews and discusses our financial reporting activities, including our annual report, and the accounting standards and principles followed in connection with those activities; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Pre-approves audit and non-audit services provided by our independent auditors; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Meets with management and our independent auditors to review and discuss our financial statements and financial disclosure; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Establishes and oversees procedures for the treatment of complaints regarding accounting and auditing matters; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews the scope and staffing of our internal audit function and our disclosure and internal controls; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • Monitors our legal, ethical and regulatory compliance.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **KEY RESPONSIBILITIES** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Appoints, oversees and determines the compensation of our independent auditors; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews and discusses our financial statements and the scope of our annual audit to be conducted by our independent auditors and approves all audit fees; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews and discusses our financial reporting activities, including our annual report, and the accounting standards and principles followed in connection with those activities; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Pre-approves audit and non-audit services provided by our independent auditors; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Meets with management and our independent auditors to review and discuss our financial statements and financial disclosure; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Establishes and oversees procedures for the treatment of complaints regarding accounting and auditing matters; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews the scope and staffing of our internal audit function and our disclosure and internal controls; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • Monitors our legal, ethical and regulatory compliance.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MEMBERS** <br> • W. Allen Doane ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg)<sup>(1)</sup> <br> • Michael K. Fujimoto <br>• Faye W. Kurren <br>• &nbsp;&nbsp;&nbsp;&nbsp; C. Scott Wo <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> All members of the Audit Committee are independent under NASDAQ listing standards. <br>![[MISSING IMAGE: tm212424d3_icon-auditcommk.jpg]](tm212424d3_icon-auditcommk.jpg) <br> All members of the Audit Committee are "audit committee financial experts." <br>**CHARTER** <br> The Audit Committee has adopted a written charter that specifies the scope of its duties and responsibilities, including those listed here. The charter is available on our website at www.fhb.com under the Investor Relations section.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **QUALIFICATIONS** <br> Pursuant to the Audit Committee's charter, the Audit Committee must: <br> &nbsp;&nbsp;&nbsp;&nbsp; • consist of at least three members, all of whom are required to be "independent" under the listing standards of NASDAQ and meet the requirements of Rule 10A-3 of the Exchange Act; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • include at least one "audit committee financial expert."  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **QUALIFICATIONS** <br> Pursuant to the Audit Committee's charter, the Audit Committee must: <br> &nbsp;&nbsp;&nbsp;&nbsp; • consist of at least three members, all of whom are required to be "independent" under the listing standards of NASDAQ and meet the requirements of Rule 10A-3 of the Exchange Act; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • include at least one "audit committee financial expert."  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **QUALIFICATIONS** <br> Pursuant to the Audit Committee's charter, the Audit Committee must: <br> &nbsp;&nbsp;&nbsp;&nbsp; • consist of at least three members, all of whom are required to be "independent" under the listing standards of NASDAQ and meet the requirements of Rule 10A-3 of the Exchange Act; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • include at least one "audit committee financial expert."  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MEMBERS** <br> • W. Allen Doane ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg)<sup>(1)</sup> <br> • Michael K. Fujimoto <br>• Faye W. Kurren <br>• &nbsp;&nbsp;&nbsp;&nbsp; C. Scott Wo <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> All members of the Audit Committee are independent under NASDAQ listing standards. <br>![[MISSING IMAGE: tm212424d3_icon-auditcommk.jpg]](tm212424d3_icon-auditcommk.jpg) <br> All members of the Audit Committee are "audit committee financial experts." <br>**CHARTER** <br> The Audit Committee has adopted a written charter that specifies the scope of its duties and responsibilities, including those listed here. The charter is available on our website at www.fhb.com under the Investor Relations section.  | **AUDIT COMMITTEE REPORT** <br> The Audit Committee Report is on pages 80-81 of this proxy statement.  | **AUDIT COMMITTEE REPORT** <br> The Audit Committee Report is on pages 80-81 of this proxy statement.  | **AUDIT COMMITTEE REPORT** <br> The Audit Committee Report is on pages 80-81 of this proxy statement.  |

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(1) In accordance with our age limitation policy, Mr. Doane will not stand for reelection at the Annual Meeting.

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| | |
|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **29**  |

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[**TABLE OF CONTENTS**](#TOC)

CORPORATE GOVERNANCE AND BOARD MATTERS

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MEMBERS** <br> • Vanessa L. Washington ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg) <br> • Faye W. Kurren <br>• Kelly A. Thompson <br>• Allen B. Uyeda <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> All members of the Compensation Committee are independent under NASDAQ listing standards. <br>**CHARTER** <br> The Compensation Committee has adopted a written charter that specifies the scope of its duties and responsibilities, including those listed here. The charter is available on our website at www.fhb.com under the Investor Relations section.  | ![[MISSING IMAGE: tm212424d3_icon-audcommpn.gif]](tm212424d3_icon-audcommpn.gif)  | **Compensation Committee**  | **Meetings in 2022: 6** <br> **Meetings to date in 2023: 3**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MEMBERS** <br> • Vanessa L. Washington ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg) <br> • Faye W. Kurren <br>• Kelly A. Thompson <br>• Allen B. Uyeda <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> All members of the Compensation Committee are independent under NASDAQ listing standards. <br>**CHARTER** <br> The Compensation Committee has adopted a written charter that specifies the scope of its duties and responsibilities, including those listed here. The charter is available on our website at www.fhb.com under the Investor Relations section.  | **OVERVIEW** <br> The Compensation Committee is responsible for discharging the responsibilities of our Board relating to compensation of our executives and directors.  | **OVERVIEW** <br> The Compensation Committee is responsible for discharging the responsibilities of our Board relating to compensation of our executives and directors.  | **OVERVIEW** <br> The Compensation Committee is responsible for discharging the responsibilities of our Board relating to compensation of our executives and directors.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MEMBERS** <br> • Vanessa L. Washington ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg) <br> • Faye W. Kurren <br>• Kelly A. Thompson <br>• Allen B. Uyeda <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> All members of the Compensation Committee are independent under NASDAQ listing standards. <br>**CHARTER** <br> The Compensation Committee has adopted a written charter that specifies the scope of its duties and responsibilities, including those listed here. The charter is available on our website at www.fhb.com under the Investor Relations section.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **KEY RESPONSIBILITIES** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Reviews and approves our compensation programs and incentive plans, including those for our executive officers; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews our overall compensation philosophy; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Prepares our Compensation Committee report, reviews and discusses with management our compensation discussion and analysis and recommends its inclusion in our annual proxy statement or report; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews and approves director compensation and recommends to the Board any changes thereto; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews our human resources strategies and programs <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews and approves corporate goals and objectives relevant to the compensation of our Chief Executive Officer; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • Oversees, in consultation with management, regulatory compliance with respect to compensation matters.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **KEY RESPONSIBILITIES** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Reviews and approves our compensation programs and incentive plans, including those for our executive officers; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews our overall compensation philosophy; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Prepares our Compensation Committee report, reviews and discusses with management our compensation discussion and analysis and recommends its inclusion in our annual proxy statement or report; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews and approves director compensation and recommends to the Board any changes thereto; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews our human resources strategies and programs <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews and approves corporate goals and objectives relevant to the compensation of our Chief Executive Officer; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • Oversees, in consultation with management, regulatory compliance with respect to compensation matters.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **KEY RESPONSIBILITIES** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Reviews and approves our compensation programs and incentive plans, including those for our executive officers; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews our overall compensation philosophy; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Prepares our Compensation Committee report, reviews and discusses with management our compensation discussion and analysis and recommends its inclusion in our annual proxy statement or report; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews and approves director compensation and recommends to the Board any changes thereto; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews our human resources strategies and programs <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews and approves corporate goals and objectives relevant to the compensation of our Chief Executive Officer; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • Oversees, in consultation with management, regulatory compliance with respect to compensation matters.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MEMBERS** <br> • Vanessa L. Washington ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg) <br> • Faye W. Kurren <br>• Kelly A. Thompson <br>• Allen B. Uyeda <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> All members of the Compensation Committee are independent under NASDAQ listing standards. <br>**CHARTER** <br> The Compensation Committee has adopted a written charter that specifies the scope of its duties and responsibilities, including those listed here. The charter is available on our website at www.fhb.com under the Investor Relations section.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **QUALIFICATIONS** <br> Pursuant to the Compensation Committee's charter and NASDAQ rules, the Compensation Committee must: <br> &nbsp;&nbsp;&nbsp;&nbsp; • consist of at least two members, and, <br>&nbsp;&nbsp;&nbsp;&nbsp; • except under exceptional and limited circumstances, must consist solely of independent directors.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **QUALIFICATIONS** <br> Pursuant to the Compensation Committee's charter and NASDAQ rules, the Compensation Committee must: <br> &nbsp;&nbsp;&nbsp;&nbsp; • consist of at least two members, and, <br>&nbsp;&nbsp;&nbsp;&nbsp; • except under exceptional and limited circumstances, must consist solely of independent directors.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **QUALIFICATIONS** <br> Pursuant to the Compensation Committee's charter and NASDAQ rules, the Compensation Committee must: <br> &nbsp;&nbsp;&nbsp;&nbsp; • consist of at least two members, and, <br>&nbsp;&nbsp;&nbsp;&nbsp; • except under exceptional and limited circumstances, must consist solely of independent directors.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MEMBERS** <br> • Vanessa L. Washington ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg) <br> • Faye W. Kurren <br>• Kelly A. Thompson <br>• Allen B. Uyeda <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> All members of the Compensation Committee are independent under NASDAQ listing standards. <br>**CHARTER** <br> The Compensation Committee has adopted a written charter that specifies the scope of its duties and responsibilities, including those listed here. The charter is available on our website at www.fhb.com under the Investor Relations section.  | **COMPENSATION COMMITTEE REPORT** <br> The Compensation Committee Report is on page 63 of this proxy statement.  | **COMPENSATION COMMITTEE REPORT** <br> The Compensation Committee Report is on page 63 of this proxy statement.  | **COMPENSATION COMMITTEE REPORT** <br> The Compensation Committee Report is on page 63 of this proxy statement.  |

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#### Outside Compensation Consultant Services
For 2022, the Compensation Committee retained the services of Pay Governance LLC as an independent outside compensation consultant ("Pay Governance") to perform a competitive assessment of First Hawaiian's executive and director compensation programs, as well as to provide guidance on the changing regulatory environment governing executive compensation. The Compensation Committee regularly reviews the services provided by Pay Governance and believes that Pay Governance is independent in providing executive compensation consulting services.

For more information about the role of Pay Governance as an independent outside compensation consultant, see "*Executive* 

*Compensation—Compensation Discussion and Analysis—Compensation Governance Process—Role of the Compensation Consultant and Independence."* 

Our Chief Executive Officer, in conjunction with members of the Compensation Committee and the Executive Vice President, Chief Human Resources Officer, develops recommendations regarding the appropriate mix and level of compensation for our NEOs (other than himself) while considering the objectives of our compensation philosophy and the range of compensation programs authorized by the Compensation Committee. The Chief Executive Officer meets with the Compensation Committee to discuss the compensation recommendations for the other NEOs. Our Chief Executive Officer does not participate in Compensation Committee discussions relating to his compensation.

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| | |
|:---|:---|
| **30**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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[**TABLE OF CONTENTS**](#TOC)

CORPORATE GOVERNANCE AND BOARD MATTERS

Compensation Committee Interlocks and Insider Participation

No member of our Compensation Committee is or has been one of our officers or employees, and none will have any relationships with us of the type that is required to be disclosed under Item 404 of Regulation S-K. None of our executive officers serves

or has served as a member of the Board, Compensation Committee or other Board committee performing equivalent functions of any entity that has one or more executive officers serving as one of our directors or on our Compensation Committee.

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| | |
|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **31**  |

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[**TABLE OF CONTENTS**](#TOC)

CORPORATE GOVERNANCE AND BOARD MATTERS

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MEMBERS** <br> • Allen B. Uyeda ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg) <br> • &nbsp;&nbsp;&nbsp;&nbsp; W. Allen Doane<sup>(1)</sup> <br>• James S. Moffatt <br>• Vanessa L. Washington <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> All members of the Corporate Governance and Nominating Committee are independent under NASDAQ listing standards. <br>**CHARTER** <br> The Corporate Governance and Nominating Committee has adopted a written charter that specifies the scope of its duties and responsibilities, including those listed here. The charter is available on our website at www.fhb.com under the Investor Relations section.  | ![[MISSING IMAGE: tm212424d3_icon-corpgovnpn.gif]](tm212424d3_icon-corpgovnpn.gif)  | **Corporate Governance <br> and Nominating Committee**  | <br> **Meetings in 2022: 5**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MEMBERS** <br> • Allen B. Uyeda ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg) <br> • &nbsp;&nbsp;&nbsp;&nbsp; W. Allen Doane<sup>(1)</sup> <br>• James S. Moffatt <br>• Vanessa L. Washington <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> All members of the Corporate Governance and Nominating Committee are independent under NASDAQ listing standards. <br>**CHARTER** <br> The Corporate Governance and Nominating Committee has adopted a written charter that specifies the scope of its duties and responsibilities, including those listed here. The charter is available on our website at www.fhb.com under the Investor Relations section.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OVERVIEW** <br> The Corporate Governance and Nominating Committee is responsible for: <br> &nbsp;&nbsp;&nbsp;&nbsp; • ensuring an effective and efficient system of corporate governance by clarifying the roles of our Board and its committees; <br>&nbsp;&nbsp;&nbsp;&nbsp; • identifying, evaluating and recommending to our Board candidates for directorships; <br>&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and making recommendations with respect to the size and composition of our Board, including in respect of the characteristics, skills, experience and diversity of our Board; <br>&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and overseeing our corporate governance guidelines and for making recommendations to our Board concerning governance matters; <br>&nbsp;&nbsp;&nbsp;&nbsp; • reviewing our oversight practices and initiatives with respect to environmental, social and governance matters; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • overseeing our engagement with stockholders concerning corporate governance matters and related governance disclosures.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OVERVIEW** <br> The Corporate Governance and Nominating Committee is responsible for: <br> &nbsp;&nbsp;&nbsp;&nbsp; • ensuring an effective and efficient system of corporate governance by clarifying the roles of our Board and its committees; <br>&nbsp;&nbsp;&nbsp;&nbsp; • identifying, evaluating and recommending to our Board candidates for directorships; <br>&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and making recommendations with respect to the size and composition of our Board, including in respect of the characteristics, skills, experience and diversity of our Board; <br>&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and overseeing our corporate governance guidelines and for making recommendations to our Board concerning governance matters; <br>&nbsp;&nbsp;&nbsp;&nbsp; • reviewing our oversight practices and initiatives with respect to environmental, social and governance matters; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • overseeing our engagement with stockholders concerning corporate governance matters and related governance disclosures.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OVERVIEW** <br> The Corporate Governance and Nominating Committee is responsible for: <br> &nbsp;&nbsp;&nbsp;&nbsp; • ensuring an effective and efficient system of corporate governance by clarifying the roles of our Board and its committees; <br>&nbsp;&nbsp;&nbsp;&nbsp; • identifying, evaluating and recommending to our Board candidates for directorships; <br>&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and making recommendations with respect to the size and composition of our Board, including in respect of the characteristics, skills, experience and diversity of our Board; <br>&nbsp;&nbsp;&nbsp;&nbsp; • reviewing and overseeing our corporate governance guidelines and for making recommendations to our Board concerning governance matters; <br>&nbsp;&nbsp;&nbsp;&nbsp; • reviewing our oversight practices and initiatives with respect to environmental, social and governance matters; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • overseeing our engagement with stockholders concerning corporate governance matters and related governance disclosures.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MEMBERS** <br> • Allen B. Uyeda ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg) <br> • &nbsp;&nbsp;&nbsp;&nbsp; W. Allen Doane<sup>(1)</sup> <br>• James S. Moffatt <br>• Vanessa L. Washington <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> All members of the Corporate Governance and Nominating Committee are independent under NASDAQ listing standards. <br>**CHARTER** <br> The Corporate Governance and Nominating Committee has adopted a written charter that specifies the scope of its duties and responsibilities, including those listed here. The charter is available on our website at www.fhb.com under the Investor Relations section.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **KEY RESPONSIBILITIES** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Identifies individuals qualified to be directors consistent with our corporate governance guidelines and evaluates and recommends director nominees for approval by our Board; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews Board committee assignments and makes recommendations to our Board concerning the structure and membership of Board committees; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Annually reviews our corporate governance guidelines and recommends any changes to our Board; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • Assists management with the preparation of the disclosure in our annual proxy statement regarding director independence and the operations of the Corporate Governance and Nominating Committee; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews our oversight practices and initiatives with respect to environmental, social and governance matters; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • Oversees our annual stockholder engagement in connection with corporate governance matters and related governance disclosures.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **KEY RESPONSIBILITIES** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Identifies individuals qualified to be directors consistent with our corporate governance guidelines and evaluates and recommends director nominees for approval by our Board; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews Board committee assignments and makes recommendations to our Board concerning the structure and membership of Board committees; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Annually reviews our corporate governance guidelines and recommends any changes to our Board; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • Assists management with the preparation of the disclosure in our annual proxy statement regarding director independence and the operations of the Corporate Governance and Nominating Committee; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews our oversight practices and initiatives with respect to environmental, social and governance matters; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • Oversees our annual stockholder engagement in connection with corporate governance matters and related governance disclosures.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **KEY RESPONSIBILITIES** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Identifies individuals qualified to be directors consistent with our corporate governance guidelines and evaluates and recommends director nominees for approval by our Board; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews Board committee assignments and makes recommendations to our Board concerning the structure and membership of Board committees; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Annually reviews our corporate governance guidelines and recommends any changes to our Board; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • Assists management with the preparation of the disclosure in our annual proxy statement regarding director independence and the operations of the Corporate Governance and Nominating Committee; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews our oversight practices and initiatives with respect to environmental, social and governance matters; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • Oversees our annual stockholder engagement in connection with corporate governance matters and related governance disclosures.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MEMBERS** <br> • Allen B. Uyeda ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg) <br> • &nbsp;&nbsp;&nbsp;&nbsp; W. Allen Doane<sup>(1)</sup> <br>• James S. Moffatt <br>• Vanessa L. Washington <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> All members of the Corporate Governance and Nominating Committee are independent under NASDAQ listing standards. <br>**CHARTER** <br> The Corporate Governance and Nominating Committee has adopted a written charter that specifies the scope of its duties and responsibilities, including those listed here. The charter is available on our website at www.fhb.com under the Investor Relations section.  | **QUALIFICATIONS** <br> Pursuant to the Corporate Governance and Nominating Committee's charter, the Corporate Governance and Nominating Committee must consist of at least three members, all of whom are independent under NASDAQ rules.  | **QUALIFICATIONS** <br> Pursuant to the Corporate Governance and Nominating Committee's charter, the Corporate Governance and Nominating Committee must consist of at least three members, all of whom are independent under NASDAQ rules.  | **QUALIFICATIONS** <br> Pursuant to the Corporate Governance and Nominating Committee's charter, the Corporate Governance and Nominating Committee must consist of at least three members, all of whom are independent under NASDAQ rules.  |

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(1) In accordance with our age limitation policy, Mr. Doane will not stand for reelection at the Annual Meeting.

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| | |
|:---|:---|
| **32**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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[**TABLE OF CONTENTS**](#TOC)

CORPORATE GOVERNANCE AND BOARD MATTERS

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MEMBERS** <br> • C. Scott Wo ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg) <br> • Michael K. Fujimoto <br>• James S. Moffatt <br>• Mark M. Mugiishi <br>• Kelly A. Thompson <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> All members of the Risk Committee are independent under NASDAQ listing standards. <br>**CHARTER** <br> The Risk Committee has adopted a written charter that specifies the scope of its duties and responsibilities, including those listed here. The charter is available on our website at www.fhb.com under the Investor Relations section.  | ![[MISSING IMAGE: tm212424d3_icon-riskcompn.gif]](tm212424d3_icon-riskcompn.gif)  | **Risk Committee**  | **Meetings in 2022: 4**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MEMBERS** <br> • C. Scott Wo ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg) <br> • Michael K. Fujimoto <br>• James S. Moffatt <br>• Mark M. Mugiishi <br>• Kelly A. Thompson <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> All members of the Risk Committee are independent under NASDAQ listing standards. <br>**CHARTER** <br> The Risk Committee has adopted a written charter that specifies the scope of its duties and responsibilities, including those listed here. The charter is available on our website at www.fhb.com under the Investor Relations section.  | **OVERVIEW** <br> The Risk Committee assists the Board in fulfilling its responsibilities for oversight of our enterprise-wide risk management framework, including reviewing our overall risk appetite, risk management strategy and policies and practices established by management to identify and manage the risks we face.  | **OVERVIEW** <br> The Risk Committee assists the Board in fulfilling its responsibilities for oversight of our enterprise-wide risk management framework, including reviewing our overall risk appetite, risk management strategy and policies and practices established by management to identify and manage the risks we face.  | **OVERVIEW** <br> The Risk Committee assists the Board in fulfilling its responsibilities for oversight of our enterprise-wide risk management framework, including reviewing our overall risk appetite, risk management strategy and policies and practices established by management to identify and manage the risks we face.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MEMBERS** <br> • C. Scott Wo ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg) <br> • Michael K. Fujimoto <br>• James S. Moffatt <br>• Mark M. Mugiishi <br>• Kelly A. Thompson <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> All members of the Risk Committee are independent under NASDAQ listing standards. <br>**CHARTER** <br> The Risk Committee has adopted a written charter that specifies the scope of its duties and responsibilities, including those listed here. The charter is available on our website at www.fhb.com under the Investor Relations section.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **KEY RESPONSIBILITIES** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Reviews and approves our risk management framework, including a clearly articulated risk appetite statement; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Oversees significant credit policies and reviews and approves major changes to them; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Oversees significant policies and practices governing the management of market risk; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Annually approves the acceptable level of liquidity risk that we may assume in connection with our operating strategies; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews consolidated reports on operational risk, including, to the extent available, key risk indicators; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Provides oversight responsibility and accountability for capital planning, and oversees and approves significant capital policies; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews and approves the policies and procedures for stress testing processes; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • Evaluates and discusses summary information about stress test results to ensure that the stress tests are consistent with our risk appetite and overall business strategy.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **KEY RESPONSIBILITIES** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Reviews and approves our risk management framework, including a clearly articulated risk appetite statement; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Oversees significant credit policies and reviews and approves major changes to them; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Oversees significant policies and practices governing the management of market risk; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Annually approves the acceptable level of liquidity risk that we may assume in connection with our operating strategies; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews consolidated reports on operational risk, including, to the extent available, key risk indicators; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Provides oversight responsibility and accountability for capital planning, and oversees and approves significant capital policies; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews and approves the policies and procedures for stress testing processes; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • Evaluates and discusses summary information about stress test results to ensure that the stress tests are consistent with our risk appetite and overall business strategy.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **KEY RESPONSIBILITIES** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Reviews and approves our risk management framework, including a clearly articulated risk appetite statement; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Oversees significant credit policies and reviews and approves major changes to them; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Oversees significant policies and practices governing the management of market risk; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Annually approves the acceptable level of liquidity risk that we may assume in connection with our operating strategies; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews consolidated reports on operational risk, including, to the extent available, key risk indicators; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Provides oversight responsibility and accountability for capital planning, and oversees and approves significant capital policies; <br>&nbsp;&nbsp;&nbsp;&nbsp; • Reviews and approves the policies and procedures for stress testing processes; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • Evaluates and discusses summary information about stress test results to ensure that the stress tests are consistent with our risk appetite and overall business strategy.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MEMBERS** <br> • C. Scott Wo ![[MISSING IMAGE: tm212424d3_icon-commchairpn.jpg]](tm212424d3_icon-commchairpn.jpg) <br> • Michael K. Fujimoto <br>• James S. Moffatt <br>• Mark M. Mugiishi <br>• Kelly A. Thompson <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> All members of the Risk Committee are independent under NASDAQ listing standards. <br>**CHARTER** <br> The Risk Committee has adopted a written charter that specifies the scope of its duties and responsibilities, including those listed here. The charter is available on our website at www.fhb.com under the Investor Relations section.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **QUALIFICATIONS** <br> Pursuant to the Risk Committee's charter, the Risk Committee must: <br> &nbsp;&nbsp;&nbsp;&nbsp; • consist of at least three members, a majority of whom must not currently be employees at the Company or the Bank.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **QUALIFICATIONS** <br> Pursuant to the Risk Committee's charter, the Risk Committee must: <br> &nbsp;&nbsp;&nbsp;&nbsp; • consist of at least three members, a majority of whom must not currently be employees at the Company or the Bank.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **QUALIFICATIONS** <br> Pursuant to the Risk Committee's charter, the Risk Committee must: <br> &nbsp;&nbsp;&nbsp;&nbsp; • consist of at least three members, a majority of whom must not currently be employees at the Company or the Bank.  |

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### Board Oversight of Risk Management
Our Board believes that effective risk management and control processes are critical to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our safety and soundness,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to predict and manage the challenges that we face, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ultimately, our long-term corporate success.

The role of our Board in our risk oversight is consistent with our leadership structure, with our

Chief Executive Officer and the other members of senior management having responsibility for assessing and managing our risk exposure, and our Board and its committees providing oversight in connection with those efforts. We believe this division of risk management responsibilities presents a consistent, systemic and effective approach for identifying, managing and mitigating risks throughout our operations.

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| | |
|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **33**  |

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[**TABLE OF CONTENTS**](#TOC)

CORPORATE GOVERNANCE AND BOARD MATTERS

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| |
|:---|
| **Board of Directors**  |
| Our Board is responsible for overseeing our risk management processes, with each of the committees of our Board assuming a different and important role in overseeing the management of the risks we face. Our Board exercises oversight directly and through its committees, as further described below.  |

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![[MISSING IMAGE: tm212424d3_fc-combracketpn.jpg]](tm212424d3_fc-combracketpn.jpg)

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| | |
|:---|:---|
| ![[MISSING IMAGE: tm212424d3_icon-audcommpnbg.jpg]](tm212424d3_icon-audcommpnbg.jpg)  | &nbsp;&nbsp; ![[MISSING IMAGE: tm212424d3_ic-compcommpnbg.jpg]](tm212424d3_ic-compcommpnbg.jpg)  |
| **Audit Committee**  | &nbsp;&nbsp; **Compensation Committee**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Audit Committee is responsible for overseeing: <br> &nbsp;&nbsp;&nbsp;&nbsp; • risks associated with financial matters (particularly financial reporting, accounting practices and policies, disclosure controls and procedures and internal control over financial reporting); <br>&nbsp;&nbsp;&nbsp;&nbsp; • the Company's compliance with legal and regulatory requirements; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • the performance of the Company's internal audit function. <br>| &nbsp;&nbsp; The Compensation Committee has primary responsibility for overseeing risks and exposures associated with our compensation policies, plans and practices regarding both executive compensation and the compensation structure generally. <br> Our Compensation Committee, in conjunction with our Chief Executive Officer, Chief Human Resources Officer and Chief Risk Officer and other members of our management as appropriate, as well as an independent compensation consulting firm, reviews our incentive compensation arrangements to ensure these arrangements are consistent with applicable laws and regulations, including safety and soundness requirements, and do not encourage imprudent or excessive risk-taking by our employees.  |
| ![[MISSING IMAGE: tm212424d3_ic-corpgovnpnbg.jpg]](tm212424d3_ic-corpgovnpnbg.jpg)  | ![[MISSING IMAGE: tm212424d3_icon-riskcompnbg.jpg]](tm212424d3_icon-riskcompnbg.jpg)  |
| **Corporate Governance <br> and Nominating Committee**  | &nbsp;&nbsp; **Risk Committee**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Corporate Governance and Nominating Committee oversees: <br> &nbsp;&nbsp;&nbsp;&nbsp; • risks associated with the independence of our Board. <br>&nbsp;&nbsp;&nbsp;&nbsp; • Board and committee composition and functioning <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Risk Committee of our Board: <br> &nbsp;&nbsp;&nbsp;&nbsp; • oversees our enterprise-wide risk management framework, which establishes our overall risk appetite and risk management strategy and enables our management to understand, manage and report on the risks we face; <br>&nbsp;&nbsp;&nbsp;&nbsp; • reviews and oversees policies and practices established by management to identify, assess, measure and manage key risks we face, including the risk appetite metrics developed by management and approved by our Board; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • reviews and receives regular briefings concerning the Company's information security and technology risks, including discussions of the Company's information security and cybersecurity risk management programs. <br>|

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![[MISSING IMAGE: tm212424d3_icon-uparrowpn.jpg]](tm212424d3_icon-uparrowpn.jpg)

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| |
|:---|
| **Senior Management**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our senior management is responsible for: <br> &nbsp;&nbsp;&nbsp;&nbsp; • implementing and reporting to our Board regarding our risk management processes, including by assessing and managing the risks we face, including strategic, operational, regulatory, investment and execution risks, on a day-to-day basis; and <br>&nbsp;&nbsp;&nbsp;&nbsp; • creating and recommending to our Board for approval appropriate risk appetite metrics reflecting the aggregate levels and types of risk we are willing to accept in connection with the operation of our business and pursuit of our business objectives. <br>|

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| | |
|:---|:---|
| **34**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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[**TABLE OF CONTENTS**](#TOC)

CORPORATE GOVERNANCE AND BOARD MATTERS

Corporate Governance Guidelines and Code of Conduct and Ethics

Our Board has adopted corporate governance guidelines, which are accessible through our corporate website at www.fhb.com under the Investor Relations section, which set forth a framework within which our Board, assisted by Board committees, will direct the Company's affairs. These guidelines address, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the composition and functions of our Board,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • director independence,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • compensation of directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • management succession and review, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Board committees and selection of new directors, including detailed procedures to

be followed in the event that one or more directors do not receive a majority of the votes cast "for" his or her election at the Annual Meeting.

Our Board has adopted a code of conduct and ethics applicable to our directors, officers and employees. A copy of that code is available on our corporate website at www.fhb.com under the Investor Relations section. We expect that any amendments to the code, or any waivers of its requirements, will be disclosed on our corporate website at www.fhb.com as required by applicable law or listing requirements.

Stockholder Communications with the Board of Directors

Stockholders and any interested parties may communicate with the Board by sending

correspondence addressed to the Board or one or more specific directors at the following address:

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| | |
|:---|:---|
| ![[MISSING IMAGE: tm212424d3_icon-mailpn.jpg]](tm212424d3_icon-mailpn.jpg)  | First Hawaiian, Inc. <br> c/o the Secretary <br> 999 Bishop Street <br> Honolulu, Hawaii 96813  |

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| | |
|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **35**  |

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[**TABLE OF CONTENTS**](#TOC)

CORPORATE GOVERNANCE AND BOARD MATTERS

2022 DIRECTOR COMPENSATION

The following table lists the individuals who received compensation in 2022 for their service as directors of First Hawaiian. Any FHI director who also serves on the board of directors of the Bank does not receive any director compensation for service on

the board of directors of the Bank except as specifically noted below. Any director who is an officer of the Company does not receive any director compensation.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name<sup>(1)</sup>**  | **Fees Earned or <br> Paid in Cash<sup>(2)</sup> <br> ($)**  | **Stock Awards<sup>(3)</sup> <br> ($)**  | **All Other <br> Compensation<sup>(4)</sup> <br> ($)**  | **Total <br> ($)**  |
| W. Allen Doane | $112000 | $69975 | $1468 | $183443 |
| Michael K. Fujimoto | 22500 | 36791 | 5968 | 65259 |
| Faye W. Kurren | 90167 | 69975 | 7468 | 167610 |
| James S. Moffatt | 88500 | 69975 | 1468 | 159943 |
| Mark M. Mugiishi | 6250 | 26601 | 1468 | 34319 |
| Kelly A. Thompson | 90000 | 69975 | 1468 | 161443 |
| Allen B. Uyeda | 151500 | 69975 | 1468 | 222943 |
| Vanessa L. Washington | 106833 | 69975 | 1468 | 178276 |
| C. Scott Wo | 112500 | 69975 | 1468 | 183943 |

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(1) Mr. Fujimoto was appointed as director on October 13, 2022, and Mr. Mugiishi was appointed as director on December 6, 2022. Compensation shown in the table above for Mr. Fujimoto and Mr. Mugiishi is pro rated based on the applicable period of service.

(2) The amounts in this column represent annual cash retainers, committee chair and committee membership fees.

(3) The amounts in this column represent the grant date fair value, as determined in accordance with FASB ASC Topic 718, of awards of restricted stock units granted in 2022 pursuant to the First Hawaiian, Inc. Amended & Restated 2016 Non-Employee Director Plan. Awards generally vest and settle on the earlier of one year after grant or the date of the next annual meeting of stockholders. Aggregate restricted stock unit awards outstanding as of December 31, 2022 are 2,500 for each of Directors Doane, Kurren, Moffatt, Thompson, Uyeda, Washington and Wo, 1,431 for Director Fujimoto and 1,092 for Director Mugiishi.

(4) For each of Directors Doane, Fujimoto, Kurren, Moffatt, Mugiishi, Thompson, Uyeda, Washington and Wo, "All Other Compensation" reflects a noncash gift provided to First Hawaiian Bank directors. Solely for Mr. Fujimoto and Ms. Kurren, "All Other Compensation" includes $4,500 and $6,000, respectively, in fees for attendance at Bank director committee meetings.

In making decisions concerning compensation for non-employee directors, the Compensation Committee considers the director compensation levels and practices of peer companies and whether compensation recommendations align with the interests of our stockholders. The Compensation Committee seeks to align total non-employee director compensation with the approximate median of peer group total director compensation. In 2022, the compensation consultant to the Compensation Committee analyzed the competitive position of our director compensation program

against the same peer group used for executive compensation purposes and examined how each element of our director compensation program compared to those for members of the peer group. Following its review of this analysis, the Compensation Committee established the director compensation program set forth below, which is unchanged from the director compensation program for 2021. The Compensation Committee intends to review its director compensation practices at least every third year.

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| | |
|:---|:---|
| **36**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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[**TABLE OF CONTENTS**](#TOC)

CORPORATE GOVERNANCE AND BOARD MATTERS

We provide the following compensation for non-employee members of FHI's Board:

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| | | | |
|:---|:---|:---|:---|
| **Non-Employee Director Service**  | **Annual Cash <br> Retainer <br> ($)**  | **Annual Equity <br> Compensation <br> Grant Value <br> ($)**  | **Attendance Fee <br> ($)**  |
| Board member | $65000 | $70000 | $— |
| Supplemental Cash Retainers: |  |  |  |
| &nbsp;&nbsp;&nbsp; Chair of the Audit Committee  | 24000 |  |  |
| &nbsp;&nbsp;&nbsp; Member of the Audit Committee  | 15000 |  |  |
| &nbsp;&nbsp;&nbsp; Chair of the Compensation and Risk Committees  | 20000 |  |  |
| &nbsp;&nbsp;&nbsp; Member of the Compensation and Risk Committees  | 10000 |  |  |
| &nbsp;&nbsp;&nbsp; Chair of the Corporate Governance and Nominating Committee  | 16000 |  |  |
| &nbsp;&nbsp;&nbsp; Member of the Corporate Governance and Nominating Committee  | 8000 |  |  |
| &nbsp;&nbsp;&nbsp; Lead Independent Director  | 35000 |  |  |
| &nbsp;&nbsp;&nbsp; Additional attendance fee:  |  |  |  |
| &nbsp;&nbsp;&nbsp; Attendance at any meeting of any other committee <br> that may be constituted from time to time, including a <br> committee of the Bank's board of directors  |  |  | 1500 |

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We also reimburse all directors for reasonable out-of-pocket expenses incurred in connection with the performance of their duties as directors.

Our Board adopted the First Hawaiian, Inc. 2016 Non-Employee Director Plan in 2016 and amended and restated such plan effective April 21, 2021. Equity awards granted to date under this plan have been in the form of restricted stock units that vest and settle in shares of our common stock within a period of time after the grant date, subject to continued service (or upon an earlier change in control). Awards were granted in 2022 to reflect service as a director for each director's term as director commencing upon election at the 2022 annual meeting of

stockholders and expiring at the Annual Meeting, except that Director Fujimoto, who joined the Board of Directors on October 13, 2022, and Director Mugiishi, who joined the Board of Directors on December 6, 2022, received pro rated awards reflecting the respective portions of the 2022-2023 term that they are expected to serve. For 2022, we granted 2,500 shares of our common stock underlying restricted stock units to each of Directors Doane, Kurren, Moffatt, Thompson, Uyeda, Washington and Wo and 1,431 and 1,092 shares of our common stock underlying restricted stock units to each of Directors Fujimoto and Mugiishi, respectively.

### Stock Ownership Guidelines for Non-Employee Directors
To ensure alignment of interests of our non-employee directors with those of our stockholders, we adopted stock ownership guidelines. All non-employee directors are currently in compliance or within their window for compliance with these guidelines. The guidelines are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Position**  | **Stock Ownership Requirement**  | **Stock Ownership Requirement**  | **Compliance Period**  |
| Non-employee directors  | ![[MISSING IMAGE: tm212424d3_icon-dotpn.jpg]](tm212424d3_icon-dotpn.jpg) ![[MISSING IMAGE: tm212424d3_icon-dotpn.jpg]](tm212424d3_icon-dotpn.jpg) ![[MISSING IMAGE: tm212424d3_icon-dotpn.jpg]](tm212424d3_icon-dotpn.jpg) ![[MISSING IMAGE: tm212424d3_icon-dotpn.jpg]](tm212424d3_icon-dotpn.jpg) ![[MISSING IMAGE: tm212424d3_icon-dotpn.jpg]](tm212424d3_icon-dotpn.jpg) | **5x annual cash retainer**  | The later of five years <br> from joining the <br> Board or October 20, 2026.  |

---

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|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **37**  |

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COMPENSATION

### PROPOSAL 2 —ADVISORY VOTE ON THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS

---

| | |
|:---|:---|
| **Advisory Vote on the Compensation of our Named Executive Officers**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Proposal</u>** <br> • We are asking stockholders to approve the compensation of the named executive officers, as discussed in this proxy statement pursuant to the compensation disclosure rules of the Securities and Exchange Commission. <br>***The Board of Directors unanimously recommends that you vote "FOR" the approval of the compensation paid to our named executive officers.*** |

---

As required by federal securities laws, we are providing our stockholders with the opportunity to vote on an advisory basis on the compensation of our named executive officers as disclosed in this Proxy Statement. This proposal, commonly known as a "say-on-pay" proposal, gives our stockholders the opportunity to endorse or not endorse our executive pay program and policies. The Compensation Committee, which is responsible for designing and administering our executive compensation program, values the opinions

expressed by stockholders and will consider, among other things, the outcome of the vote when making future compensation decisions for our executive officers.

As described in the "*Compensation Discussion and Analysis"* included in this Proxy Statement, our executive compensation program provides a mix of salary, incentives and benefits and is designed to support the Company's long-term success by achieving the following objectives:

---

| | | | |
|:---|:---|:---|:---|
| ![[MISSING IMAGE: tm212424d3_icon-speedpn.jpg]](tm212424d3_icon-speedpn.jpg)  | 1.  | **PERFORMANCE <br> FOCUS**  | Establishes appropriate, yet challenging, performance goals for our incentive plans and implements plans that motivate leadership to achieve consistent, long-term performance  |
|  | **2.**  | **RISK <br> MANAGEMENT**  | **Encourages sustainable performance over time and discourages excessive risk-taking**  |
| ![[MISSING IMAGE: tm212424d3_icon-balancepn.jpg]](tm212424d3_icon-balancepn.jpg)  | 3.  | **BALANCE**  | Utilizes incentive plan components that are quantitative and linked to stockholder return and financial results and are balanced by key individual performance objectives qualitatively evaluated by our Compensation Committee  |
| ![[MISSING IMAGE: tm212424d1_icon-peoplepn.jpg]](tm212424d1_icon-peoplepn.jpg)  | 4.  | **COMPETITIVE**  | Provides a competitive pay program that is forward-looking and that will attract and retain high-quality executives who can produce outstanding results for the Company  |
| ![[MISSING IMAGE: tm212424d3_icon-humancappn.jpg]](tm212424d3_icon-humancappn.jpg)  | 5.  | **STEWARDSHIP**  | Focuses on the performance of the Company as a whole, as well as individual goals, while promoting our culture and rewarding adherence to our risk framework  |

---

We urge stockholders to read the "*Compensation Discussion and Analysis*" and the related narrative and tabular compensation disclosure included in this Proxy Statement. The "*Compensation Discussion and Analysis*" provides detailed information regarding our executive compensation program and policies

and procedures, as well as the compensation of our named executive officers.

Our Board believes that our current executive compensation program appropriately links compensation realized by our executive officers to our performance and properly aligns the interests of our executives with those of our stockholders.

---

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|:---|:---|
| **38**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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Required Vote

Adoption of an advisory resolution approving the compensation of the named executive officers as disclosed in this Proxy Statement requires the affirmative vote of a majority of the shares of common stock represented at the Annual Meeting, in person or by proxy, and entitled to vote thereon. Abstentions will have the effect of voting against this proposal. Broker non-votes will have no effect on the outcome of this proposal.

Our Board recommends that stockholders vote in favor of the following resolution:

"Resolved, that our stockholders approve, on an advisory basis, the compensation of our Company's named executive officers, as disclosed pursuant to the compensation disclosure rules of the U.S. Securities and Exchange Commission, including the Compensation Discussion and Analysis, the compensation tables and the accompanying narrative discussion disclosed in this proxy statement."

 **Our Board recommends a vote FOR our executive compensation (an advisory, non-binding "say-on-pay" resolution).** 

<br> ---

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|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **39**  |

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### COMPENSATION DISCUSSION AND ANALYSIS
The Compensation Discussion and Analysis ("CD&A") describes the 2022 compensation program for our Named Executive Officers ("NEOs"). The CD&A provides an overview of our NEO pay programs and policies, the robust oversight provided by our Compensation Committee and the process by which the Committee, management, and the Company's independent advisors collaborate to support the Committee goals.

### NAMED EXECUTIVE OFFICERS
Our 2022 NEOs were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ROBERT S. <br> HARRISON**  | &nbsp;&nbsp; **CHRISTOPHER L. <br> DODS**  | &nbsp;&nbsp; **ALAN H. <br> ARIZUMI**  | &nbsp;&nbsp; **LANCE A. <br> MIZUMOTO**  | &nbsp;&nbsp; **RAVI MALLELA**  |
| Chairman, President and Chief Executive Officer | Vice Chairman and Chief Operating Officer  | Vice Chairman, Wealth Management Group  | Vice Chairman and Chief Lending Officer, Wholesale Banking Group <br> Vice Chairman, Interim Chief Financial Officer<sup>(1)</sup>, Finance Group and Chief Risk Officer, Risk Management Group  | Former Executive Vice President and Chief Financial Officer, Finance Group  |

---

(1) Mr. Mesick was appointed Interim Chief Financial Officer effective January 8, 2022, and he served in that role until January 2, 2023.

A brief biography of each person who serves as an executive officer of First Hawaiian, other than Mr. Harrison, is set forth beginning on page 82. For information about Mr. Harrison, please see his biography in the "Corporate Governance and Board Matters―Director Nominees" section on page 18 of this proxy statement.

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|:---|:---|
| **40**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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### 2022 Business Performance

---

| | |
|:---|:---|
| ![[MISSING IMAGE: tm212424d3_icon-speedpn.jpg]](tm212424d3_icon-speedpn.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • As our economy rebounded from the impacts of the COVID-19 pandemic, we were able to grow loans and leases by $1.1 billion, or 9%, year-over-year, while continuing to maintain strong asset quality. <br>• We were able to thrive in a rising interest rate environment, as we increased our net interest margin by 35 basis points, to 2.78% in 2022 from 2.43% in 2021. <br>|

---

![[MISSING IMAGE: tb_businessperf-pn.jpg]](tb_businessperf-pn.jpg)

\*

Represents a non-GAAP measure. Please see "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2022 for an explanation and reconciliation.

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|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **41**  |

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### Capital Highlights

---

| | |
|:---|:---|
| ![[MISSING IMAGE: tm212424d3_icon-handmoneypn.jpg]](tm212424d3_icon-handmoneypn.jpg)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We are committed to remaining well capitalized while returning excess capital to our stockholders. <br>• In January 2023, we announced that the Board of Directors adopted a stock repurchase program for up to $40 million during 2023.\* <br>|

---

---

| | | |
|:---|:---|:---|
| **11.82%**  | **$132.6M**  | **$9.5M**  |
| Common Equity Tier 1 capital ratio at December 31, 2022  | In dividend payments; maintained quarterly dividend at $0.26 per share  | Common stock repurchased <br> during 2022  |

---

\*

The timing and amount of share repurchases are influenced by various internal and external factors.

### 2022 Compensation Summary

---

| | |
|:---|:---|
| **Annual Bonus Plan**  | **Annual Bonus Plan**  |
| **2022 Metrics**  | &nbsp;&nbsp;&nbsp; • 50% Core Net Income <br>• 20% Relative Efficiency Ratio <br>• 30% Individual Performance <br>|
| **2022 Outcome**  | &nbsp;&nbsp;&nbsp; • Core Net Income Metric Payout Factor: 150% of target <br>• Relative Efficiency Ratio Metric Payout Factor: 87.5% of target <br>• Individual CEO Performance Payout Factor: 125% of target <br>• CEO Payout: 130% of target <br>|

---

---

| | |
|:---|:---|
| **Long-Term Incentive Plan**  | **Long-Term Incentive Plan**  |
| **2022 Vehicles**  | &nbsp;&nbsp;&nbsp; • 60% Performance Share Units <br>• 40% Restricted Stock Units <br>|
| **2022-2024 Performance Share Unit Metrics**  | &nbsp;&nbsp;&nbsp; • 70% Relative ROATE vs. Peer Group <br>• 30% Relative ROATA vs. Peer Group <br>• +/-25% Relative TSR modifier vs. KBW Index <br>|
| **2020-2022 Performance Share Award Outcome**  | &nbsp;&nbsp;&nbsp; **• NEO Payout Factor: 123.5% of target <br>**  |

---

For 2022, consistent with its approach for 2020 and 2021, the Committee chose not to exercise discretion on any incentive programs but rather elected to follow the formulas that had been established for awards at the time the awards were made.

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| **42**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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Our Compensation Philosophy

#### Philosophy
Our compensation program is aligned with short- and long-term Company performance and includes best practices designed to reflect sound corporate governance and support the following objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Attract and retain highly qualified and experienced executives

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Provide competitive total compensation opportunities, including benefits and perquisites

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Motivate our executives to achieve consistent, long-term performance by linking elements of pay to challenging Company performance goals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Link compensation goals to the creation of stockholder value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Avoid compensation programs that encourage excessive risk-taking

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Recognize and reward outstanding Company and individual performance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Ensure our stockholders clearly understand our rewards program

#### Using Executive Compensation Design to Achieve Corporate Strategic Goals
The Committee designed our executive compensation structure to incentivize the achievement of goals and performance targets that it believes align with, and promote achievement of, the Company's long-term strategic goals, which are highly correlated with stockholder value creation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Focus on serving customers in our core markets in Hawaii, Guam and Saipan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Employ a disciplined lending strategy, while maintaining asset quality

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Use our relationship strategy to drive growth in loans, deposits and non-interest income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Manage expenses responsibly

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Maintain strong capital and liquidity levels

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Allocate capital efficiently to drive profitability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Retain sufficient capital to fund growth while returning excess capital to stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Support long-term stockholder value creation through adherence to

environmental, social and governance principles

The Committee also takes into account, among other factors, the recommendation of its compensation consultant, the voting results on the say-on pay proposal at our most recent annual meeting of stockholders and the views expressed by investors during our annual stockholder outreach. For 2022, after considering investor feedback, as well as the recommendations of its compensation consultant and CEO and other factors, the Compensation Committee elected to increase the stock ownership requirement for our non-employee directors from 3x to 5x annual cash retainer to further align the directors' interests with those of stockholders. Consistent with investor feedback, which was generally supportive of our compensation programs with no specific criticisms raised, and given the greater than 98% approval received on our say-on-pay proposal at the 2021 annual meeting of stockholders, the Committee did not make any other changes for 2022.

With respect to the performance-based component of long-term equity compensation, the Committee set relative performance targets tied to core return on tangible equity (ROATE) (70%) and core return on average tangible assets (ROATA) (30%). In choosing these metrics, the Committee wanted to promote the thoughtful allocation of capital and also sought to incentivize the return of excess capital. Financial institutions with high ROATEs generally are deploying their capital in a manner to generate strong returns, while returning to stockholders capital that does not generate robust returns. ROATA is a measure of risk management. To generate a competitive ROATA, management must be thoughtful about the types of assets placed on the balance sheet, balancing risk weightings of assets with expected returns. The Committee elected to use core measures of ROATE and ROATA to reward steady, enduring performance and to ensure that the management team was not unduly rewarded or penalized for one-time events, which often are outside of their control. The Committee believes the use of core ROATE and core ROATA to reward long-term performance would incentivize management to seek strong returns while appropriately considering risk and disincentivizing

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|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **43**  |

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excessive leverage. Core ROATE and core ROATA are non-GAAP measures; please see Annex A for an explanation and reconciliation of these measures to GAAP.

In addition, the Committee elected to subject performance-based awards to a total shareholder return ("TSR") modifier, whereby LTIP awards will be increased or decreased by up to 25% based on First Hawaiian's total shareholder return relative to the total shareholder return of peer companies. The Committee felt that use of this measure would incentivize the management team to be mindful of how their decisions would be perceived by our investors and, therefore, would help to align management's compensation with investors' interests.

In addition to promoting achievement of the Company's long-term strategic goals, the Committee

also felt it was important that management be incentivized to achieve critical short-term priorities and, therefore, tied annual bonus payouts to the achievement of core net income, relative efficiency ratio and individual performance goals. Achievement of annual core net income targets demonstrates management's ability to manage the business on a day-to-day basis so as to achieve appropriate budget targets. Moreover, the Committee felt it important that management be mindful of efficiency as it makes spending and investment decisions. As a result, it prioritized these two objectives in setting annual bonus metrics. In addition, the Committee wanted to incentivize the CEO and the other NEOs to achieve individual performance goals set at the beginning of each year and, therefore, maintained an individual performance component in the annual bonus formula.

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| **44**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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### 2022 Compensation Framework
First Hawaiian's executive compensation program is designed to attract, retain, motivate and reward senior leaders and promote the long-term success of the Company. The Compensation Committee has primary responsibility over the compensation program for our executive officers, including our NEOs. In designing and administering the program for 2022, the Committee focused on the following principles:

---

| | | | |
|:---|:---|:---|:---|
| ![[MISSING IMAGE: tm212424d3_icon-speedpn.jpg]](tm212424d3_icon-speedpn.jpg)  | 1.  | **PERFORMANCE FOCUS**  | Establishes appropriate, yet challenging, performance goals for our incentive plans and implements plans that motivate leadership to achieve consistent, long-term performance  |
|  | **2.**  | **RISK <br> MANAGEMENT**  | **Encourages sustainable performance over time and discourages excessive risk-taking**  |
| ![[MISSING IMAGE: tm212424d3_icon-balancepn.jpg]](tm212424d3_icon-balancepn.jpg)  | 3.  | **BALANCE**  | Utilizes incentive plan components that are quantitative and linked to stockholder return and financial results and are balanced by key individual performance objectives qualitatively evaluated by our Compensation Committee  |
| ![[MISSING IMAGE: tm212424d1_icon-peoplepn.jpg]](tm212424d1_icon-peoplepn.jpg)  | 4.  | **COMPETITIVE**  | Provides a competitive pay program that is forward-looking and that will attract and retain high-quality executives who can produce outstanding results for the Company  |
| ![[MISSING IMAGE: tm212424d3_icon-humancappn.jpg]](tm212424d3_icon-humancappn.jpg)  | 5.  | **STEWARDSHIP**  | Focuses on the performance of the Company as a whole, as well as individual goals, while promoting our culture and rewarding adherence to our risk framework  |

---

### Compensation Governance Practices
In addition to our performance-sensitive direct compensation structure, the Company has strong compensation governance practices. Over the past several years, we have refined many of our governance practices as a result of feedback obtained through our ongoing engagement with stockholders.

We believe that our executive compensation program includes key features that drive performance and avoids features we do not believe serve the long-term interests of our shareholders, as follows:

---

| | |
|:---|:---|
| **![[MISSING IMAGE: tm212424d3_icon-wehavepn.gif]](tm212424d3_icon-wehavepn.gif) Practices We Employ**  | &nbsp;&nbsp; **![[MISSING IMAGE: tm212424d3_icon-donthavepn.gif]](tm212424d3_icon-donthavepn.gif) Practices We Avoid**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Substantial portion of pay in the form of variable, performance-based awards <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> 60% of long-term incentives in performance-based awards <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> 55% of CEO's 2022 compensation was performance-based <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Stock ownership guidelines for our executives and non-employee directors <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Engage with stockholders on governance and compensation <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Double-trigger vesting for executive change-in-control payments <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Clawback policy that applies to cash and equity compensation <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Independent compensation consultant and independent Board Compensation Committee <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Annual risk assessment of compensation policies and program design <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Annual evaluation of our peer group to ensure ongoing relevance of each peer member <br>![[MISSING IMAGE: tm212424d3_icon-checkmarkpn.jpg]](tm212424d3_icon-checkmarkpn.jpg) <br> Strong risk and control policies and consideration of risk management factors in making compensation decisions <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![[MISSING IMAGE: tm212424d3_icon-greyxk.jpg]](tm212424d3_icon-greyxk.jpg) <br> Hedging, speculative trading or pledging of shares of Company stock held by employees or directors is prohibited <br>![[MISSING IMAGE: tm212424d3_icon-greyxk.jpg]](tm212424d3_icon-greyxk.jpg) <br> No gross-up of severance payments or benefits for excise taxes <br>![[MISSING IMAGE: tm212424d3_icon-greyxk.jpg]](tm212424d3_icon-greyxk.jpg) <br> No dividends paid on unearned performance units or shares <br>![[MISSING IMAGE: tm212424d3_icon-greyxk.jpg]](tm212424d3_icon-greyxk.jpg) <br> No discounting, reloading or repricing of stock options without stockholder approval <br>![[MISSING IMAGE: tm212424d3_icon-greyxk.jpg]](tm212424d3_icon-greyxk.jpg) <br> No automatic share replenishment (evergreen) provisions in any share-based plans <br>![[MISSING IMAGE: tm212424d3_icon-greyxk.jpg]](tm212424d3_icon-greyxk.jpg) <br> No single-trigger vesting of equity-based awards held by executives upon change in control <br>![[MISSING IMAGE: tm212424d3_icon-greyxk.jpg]](tm212424d3_icon-greyxk.jpg) <br> No new benefit accruals under executive pensions <br>![[MISSING IMAGE: tm212424d3_icon-greyxk.jpg]](tm212424d3_icon-greyxk.jpg) <br> No multi-year compensation guarantees that could incentivize imprudent risk-taking <br>|

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| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **45**  |

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Compensation Governance Process

#### Role of the Compensation Committee
The Compensation Committee is responsible for discharging the responsibilities of our Board relating to compensation of our executives and directors and sets compensation levels for executives and directors. Among other things, the Compensation Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Reviews and approves our compensation programs, awards and other compensation structures for all executive officers, including for our NEOs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Reviews and approves our overall compensation philosophy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Reviews and approves the forms and amounts of compensation under our non-employee director compensation program and sets or recommends to the Board any changes thereto

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Reviews and approves corporate goals and objectives relevant to the compensation of our CEO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Reviews and discusses with the CEO and reports to the Board plans for executive officer development and corporate succession plans for the CEO and other executive officers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Oversees, in consultation with management, regulatory compliance with respect to compensation matters

The Compensation Committee annually reviews and approves the corporate goals relevant to the CEO's incentive compensation and additional individual performance goals. The Compensation Committee is responsible for approving the achievement of the incentive plan goals. In addition, the Compensation Committee considers the results of the CEO's performance evaluation conducted by the Board and makes recommendations to the Board regarding the CEO's compensation based on that evaluation. The Compensation Committee considers compensation market data from the compensation peer group when determining the types and amounts of compensation for the CEO. The Board is responsible for approving the CEO's compensation structure and amounts. Similar procedures are followed in determining the compensation for the rest of the NEOs, but the Compensation Committee takes into consideration recommendations made

by Mr. Harrison in setting the compensation for NEOs other than Mr. Harrison.

#### Role of the Chairman and Chief Executive Officer
Our Chairman and Chief Executive Officer develops recommendations regarding the appropriate level of compensation for our other NEOs and presents them to the Compensation Committee for recommendation to the full Board. He does not review or recommend compensation for himself.

When making such recommendations, our Chief Executive Officer considers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the objectives of our compensation philosophy,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • competitive market data, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the range of compensation programs authorized by the Compensation Committee.

#### Role of the Compensation Consultant and Independence
In 2022, the Compensation Committee retained the services of Pay Governance as a compensation consultant to provide independent counsel and advice on compensation matters. Pay Governance provided the following services to the Compensation Committee in 2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Reviewed the benchmarking approach, including recommending changes to the custom industry peer group

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Conducted a competitive market assessment of First Hawaiian's executive compensation levels and structure, including an examination of market trends and best practices in the banking industry

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Advised on the design and structure of the incentive compensation programs for executives, including with respect to total cash compensation, equity compensation, assessment of perquisites, retirement benefits and bonuses for NEOs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Administered the annual CEO performance evaluation on behalf of the Board of Directors

Pay Governance provides the Company with annual executive market assessments and periodic Board

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market assessments that include, but are not limited to, assessments of First Hawaiian's financial performance and compensation programs relative to its peers and a review of equity compensation and Board and committee compensation. The annual executive and director compensation assessments provided by Pay Governance provide the Compensation Committee with a broad array of information from which to assess the competitiveness of our compensation programs and serve as a foundation for compensation decisions.

Pay Governance also attends Compensation Committee meetings upon request. While the

Compensation Committee considers input from Pay Governance when making compensation decisions, the Compensation Committee's final decisions reflect many factors and considerations.

The Compensation Committee annually reviews the independence of its compensation consultant. The Compensation Committee considered First Hawaiian's relationship with Pay Governance, assessed the independence of Pay Governance pursuant to NASDAQ and Exchange Act rules, and concluded that there are no conflicts of interest that would preclude Pay Governance from independently representing the Compensation Committee.

Benchmarking Compensation

Competitive market data serves as a reference point in evaluating our executive compensation levels and practices. We use this data to understand how similarly situated companies in the banking industry deliver pay. However, we do not set the compensation of our executives to specifically target a precise percentile or range of compensation in the market. Rather, the market data is evaluated in conjunction with other factors, such as internal equity considerations, individual performance and experience in role, in setting target compensation levels for our NEOs.

The Compensation Committee approved the peer group in October 2021 and then reviewed a report

prepared by Pay Governance of the compensation provided by our peer group for purposes of making compensation decisions for 2022. We identified our 2022 peer group based on the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Banks of comparable size, with total assets, net income, and total deposits generally between 0.5x to 2.0x of First Hawaiian

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Banks of comparable financial leverage and performance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • In some cases, companies with comparable business model, operations and geographic locations

Based on this review, the Compensation Committee approved the removal of Synovus Financial Corp. due to its size, as compared with First Hawaiian, in light of its increase in assets. In addition, the Compensation Committee approved the addition of Pacific Premier Bancorp due to its strong financial alignment and West Coast focus.

---

| | |
|:---|:---|
| **– 1 removed**  | **+ 1 added**  |
| &nbsp;&nbsp;&nbsp;&nbsp; • Synovus Financial Corp. <br>| &nbsp;&nbsp;&nbsp;&nbsp; • Pacific Premier Bancorp <br>|

---

---

| | |
|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **47**  |

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The peer group used for benchmarking compensation for 2022 pay decisions consisted of the companies set forth in the table below:

#### 2022 COMPENSATION PEER GROUP

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • Bank of Hawaii Corporation <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • Pacific Premier Bancorp <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • BankUnited, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • PacWest Bancorp <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • Banner Corporation <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • Prosperity Bancshares, Inc. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • Cathay General Bancorp <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • Trustmark Corporation <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • Columbia Banking System <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • UMB Financial <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • Commerce Bancshares, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • Umpqua Holdings Corporation <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • East West Bancorp, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • United Bankshares, Inc. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • F.N.B. Corporation <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • Webster Financial Corporation <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • Great Western Bancorp, Inc. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • Western Alliance Bancorporation <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • Hope Bancorp <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • Wintrust Financial Corporation <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • International Bancshares Corporation <br>| |

---

#### FIRST HAWAIIAN PERCENTILE RANKING VS. COMPENSATION PEER GROUP
![[MISSING IMAGE: bc_peergroup-pn.jpg]](bc_peergroup-pn.jpg)

In addition to data from the custom peer group, the Compensation Committee also reviews data from proprietary industry survey sources to gain a broader

perspective on pay levels and practices for specific positions, particularly positions below the NEO level.

---

| | |
|:---|:---|
| **48**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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### 2022 CEO Compensation
The framework for the compensation of our CEO is based on a strong alignment with stockholder interests and a consistency with market practices. For 2022, First Hawaiian's CEO pay mix was aligned with the average pay mix across the peer group. For more information on our peer group, please see "—*Benchmarking Compensation*," above. The following graphs compare our CEO's target pay mix for 2022 to the average target pay mix for CEO's of our peer group.

#### TARGET PAY MIX
![[MISSING IMAGE: pc_targetpay-pn.jpg]](pc_targetpay-pn.jpg)

For 2022, the Compensation Committee and its independent compensation consultant, Pay Governance, discussed market trends and reviewed benchmarking reports as discussed above under "—Benchmarking Compensation." As part of this review, when setting Mr. Harrison's compensation based on his performance during 2021, the Compensation Committee considered the Company's performance results for fiscal year 2021, sustained historical performance results, external market references (including absolute and relative performance against peers) and internal compensation references. Mr. Harrison was not involved in setting his own compensation and was not present during the review of his performance or approval of his compensation.

The Compensation Committee set the CEO's base salary for 2022 at $1,007,760. A significant portion of the CEO's fiscal year 2022 bonus was based on a formula, with 50% of the bonus opportunity tied to the achievement of core net income goals and 20% tied to efficiency ratio relative to peers. The remaining 30% is based on achievement of individual goals. The CEO received a 2022 bonus award of $1,310,088 representing 130% of his target award. For 2022, the Compensation Committee maintained the target value of long-term equity awards for the CEO at $2,000,000. For further discussion of the

Compensation Committee's rationale for its decisions regarding the CEO's 2022 bonus and 2022 target long-term equity awards, see "—Key Components of Compensation."

In 2022, 75% of Mr. Harrison's target total direct compensation was variable and at-risk based on annual and long-term performance compared to 74% of average peer group CEOs. In addition, 50% of Mr. Harrison's target total direct compensation was based on long-term performance compared to 46% of average peer group CEOs. The material elements of total direct compensation are base salary, annual cash incentives and equity incentives.

### 2022 Stockholder Outreach
Every year we reach out to the holders of a large percentage of our outstanding stock to request engagement on matters of governance and executive compensation, as well as any other matters on which they would like to offer feedback. In 2022 we sought feedback from our stockholder community regarding all aspects of our corporate governance as well as the design of our compensation program, suggestions on how to improve the compensation program from a stockholder viewpoint and ideas on how to enhance

---

| | |
|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **49**  |

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the transparency of our disclosure regarding our compensation program and strategy going forward.

Our 2022 outreach efforts consisted of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We contacted the holders of 80% of our outstanding stock to request engagement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Two stockholders, who in aggregate held approximately 12% of our shares, accepted meetings with us.

Company Participants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Executive Vice President, General Counsel and Secretary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Head of Investor Relations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Lead Independent Director and Chair of the Compensation Committee participated in one of the meetings

Feedback Received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Stockholders generally were supportive of our overall compensation structure.

2023 Response:

After considering investor feedback, which was generally supportive of our compensation programs with no specific criticisms raised, as well as the recommendations of its compensation consultant and CEO and other factors, and given the greater than 99% approval received on our say-on-pay proposal at the 2022 annual meeting of stockholders, the Committee did not make any changes for 2023.

---

| | |
|:---|:---|
| **50**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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### Key Components of Compensation

#### 2022 PAY ELEMENTS
![[MISSING IMAGE: tb_keycomp-pn.jpg]](tb_keycomp-pn.jpg)

#### BASE SALARY
Base salaries for our NEOs are reviewed annually by our Compensation Committee following the completion of our fiscal year end. Occasionally, we may make adjustments to base salaries during the year in response to significant changes in an executive's responsibilities or events that would

impact the long-term retention of a key executive. Salaries are established at levels commensurate with each executive's role and responsibilities, experience level, performance and relevant market data for similar roles.

---

| | |
|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **51**  |

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After reviewing all relevant items, the Compensation Committee approved the following base salaries for 2022, effective March 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Named Executive Officer**  | **Base Salary 2021 <br> ($)**  | **Base Salary 2022 <br> ($)**  | **% Change <br> from 2021 Salary**  |
| Robert S. Harrison | $969000 | $1007760 | 4.0% |
| Christopher L. Dods | —(1) | 540000 |  |
| Alan H. Arizumi | 497350 | 522218 | 5.0 |
| Lance A. Mizumoto | 433500 | 455175 | 5.0 |
| Ralph M. Mesick | 425000 | 682000 | 60.0(2) |
| Ravi Mallela | 460000 | 460000 |  |

---

(1) Mr. Dods was not an NEO in 2021.

(2) Mr. Mesick was appointed Interim Chief Financial Officer effective January 8, 2022, and he served in that role until January 2, 2023. Mr. Mesick's base salary increase reflects his annual salary of $442,000 and monthly stipend of $20,000 while he served as Interim Chief Financial Officer. The additional stipend was determined by referencing peer group market pay levels for Chief Financial Officers and typical practices for interim roles.

#### Annual Bonus Plan
We make annual bonus awards under the First Hawaiian, Inc. Bonus Plan (the "Bonus Plan"). The following table sets forth information regarding each NEO's target bonus award and the actual award received for 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Named Executive <br> Officer**  | **2022 Target <br> Award**  | **2022 Target <br> Percent of Salary**  | **Actual Award <br> for 2022<sup>(1)</sup>**  | **Actual % <br> of Target**  |
| Robert S. Harrison | $1007760 | 100% | $1310088 | 130.0% |
| Christopher L. Dods | 405000 | 75 | 556875 | 137.5 |
| Alan H. Arizumi | 339442 | 65 | 466732 | 137.5 |
| Lance A. Mizumoto | 295864 | 65 | 371309 | 125.5 |
| Ralph M. Mesick | 443300 | 65 | 520878 | 117.5 |
| Ravi Mallela | 345000 | 75 |  |  |

---

(1) Mr. Mallela, former Executive Vice President and Chief Financial Officer, Finance Group, resigned from his position with First Hawaiian in January 2022 and, accordingly, did not receive a bonus for 2022.

Annual bonus awards are determined based on achievement of both Company and individual performance goals generally established during the first quarter of each year for the applicable performance period, but our Compensation Committee retains discretion to determine the final

award amount for each NEO. For 2022 annual bonus awards, the Compensation Committee established the following Company financial performance targets for all NEOs and individual performance goals for the CEO, as further described below:

---

| | |
|:---|:---|
| **52**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![[MISSING IMAGE: pc_perftarget-pn.jpg]](pc_perftarget-pn.jpg)

(1) Represents a non-GAAP measure. Please see Annex A for further explanation and a reconciliation.

The annual bonus plan uses Core Net Income as the primary performance metric (determines 50% of the annual bonus payout) to incentivize management to take actions that enhance core financial performance, rather than actions that

would generate one-time, unrepeatable income realization. The Core Net Income metrics used to determine the 2022 annual bonus awards are presented in the table below:

---

| | | |
|:---|:---|:---|
| **Performance Level**  | **FY2022 <br> Core Net Income <br> ($, in thousands)**  | **Payout Factor as % of <br> Target Award <br> Attributable to <br> Core Net Income<sup>(1)</sup>**  |
| Maximum (105% of Target) | $227887 | 150% |
| Target | $217035 | 100% |
| Threshold (95% of Target) | $206183 | 50% |
| Below Threshold | 206183 | 0% |

---

(1) Payouts for results between the stated performance levels are interpolated on a straight-line basis.

The Core Net Income target is an absolute metric and is set by the Committee early in the fiscal year based on our budget, which is approved annually by the Board of Directors at its December meeting. The Committee selected a Core Net Income target for 2022 of $217.0 million. This amount was below 2021 Core Net Income earned of $279.2 million, but above the 2021 Core Net Income target set by the Committee of $207.8 million.

In setting the Core Net Income target for 2022, the Committee noted that Core Net Income for 2021 included a negative provision for credit losses of $39.0 million, which had a substantial positive effect on 2021 Core Net Income. This substantial negative provision was unusual relative to historical periods

in that it reflected an economic recovery from the poor economic conditions that prevailed in 2020 as a result of the COVID-19 pandemic. When setting the 2022 Core Net Income target, the Committee anticipated that the 2022 provision for credit losses would be positive and more in line with historic trends for the Bank.

In addition, our budgeted 2022 income was approved by the Board of Directors in December 2021, at a time when interest rates were at historic lows. By design, we maintain a balance sheet that is "asset sensitive," which means that in times of rising interest rates we tend to generate higher net interest income, as rates on loans tend to increase more quickly than do rates on deposits

---

| | |
|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **53**  |

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and other funding sources. Conversely, in periods of falling interest rates like 2021, we generally would expect net interest income to decline as yields on loans and investment securities decline in line with interest rate declines and the level of deposits increases. In late 2021, interest rates generally were at or close to 0%, which meant we could not decrease deposit rates while loan and investment securities rates continued to decline. The rapid inflation that occurred later in 2022, and thus the related increase in net interest income that ultimately occurred in 2022, was not anticipated at the time the budget was approved in December 2021 or at the time the 2022 Core Net Income target was set in early 2022.

However, during 2022, the management team was able to capitalize on the rapidly rising interest rate environment, increasing net interest income from $530.6 million for 2021 to $613.5 million for 2022, which contributed to outperformance relative to our budget and our Core Net Income target.

In summary, the Committee approved the 2022 Core Net Income target at a level below the 2021 actual Core Net Income achieved after assuming positive credit loss provisions in light of the economic

recovery and the expectation that a continued low interest rate environment would reduce the profitability of the loan portfolio. In combination, both of these assumptions implied that a decrease in Core Net Income from 2021 levels was expected.

We selected relative efficiency ratio as a second financial performance metric for our 2022 annual bonus payments (determines 20% of the annual bonus payout) to ensure a competitive cost structure and effective returns on capital expenditures. The efficiency ratio goals used to determine 2022 annual bonus payouts are presented in the table below:

#### RELATIVE EFFICIENCY RATIO VS. COMPENSATION PEER GROUP

---

| | |
|:---|:---|
| **Performance**  | **Payout Factor as a <br> % of Target Award <br> Attributable to <br> Efficiency Ratio<sup>(1)</sup>**  |
| 75th percentile | 150% |
| Median | 100% |
| 30th percentile | 50% |
| <30th percentile | 0% |

---

(1) Payouts for results within the stated performance levels are interpolated on a straight-line basis.

For 2022, performance against the Company's financial performance metrics was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Performance Level**  | **2022 Results <br> ($ in thousands)**  | **% of Specific <br> Component Earned**  | **Payout Factor as a <br> % of Target Award**  |
| **Core Net Income <br> (50% weight)**  | &nbsp;&nbsp;&nbsp;&nbsp; • $267,702 <br>• 123% of target <br>| 150.0% | 75.0% |
| **Relative Efficiency Ratio <br> (20% weight)**  | &nbsp;&nbsp;&nbsp;&nbsp; • 57.76% <br>• 45th percentile of peer group <br>| 87.5% | 17.5% |

---

Our NEOs are also evaluated on their individual performance, which determines 30% of the annual bonus payouts. Individual performance is evaluated across the following areas key to our business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • execution on strategic priorities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • strategic planning and leadership

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • financial management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • stockholder/investor relations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • regulatory relations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • talent management and organization effectiveness

The Chief Executive Officer evaluates the performance of each of his direct reports (including each of Messrs. Dods, Arizumi, Mizumoto and Mesick) and makes a recommendation to the

Compensation Committee on the individual payout factor for each NEO (other than himself). For the CEO, the Compensation Committee reviews the results of an individual performance assessment that solicits feedback from each director regarding the CEO's performance within the six performance categories detailed above, as well as an overall qualitative performance assessment which may cover areas outside of the six categories.

For 2022 annual bonus payouts, each NEO's performance was assessed during the first quarter of 2023. The individual assessment considers the totality of the NEO's performance, rather than assigning weightings to each of the seven individual performance factor categories, and took the following into account when considering individual performance for 2022:

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| | |
|:---|:---|
| **54**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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---

| | |
|:---|:---|
| **Named Executive <br> Officer**  | **Individual Performance Highlights<sup>(1)</sup>**  |
| **Robert S. Harrison** <br> Chairman, President and Chief Executive Officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Continued strong financial results: <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Solid loan growth <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Strong capital and liquidity <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Overall excellent credit quality <br>• Continued significant progress on digital transformation initiatives including successful core conversion <br>• Achieved double digit increase in consumer digital adoption through focused branch initiatives <br>• Strong leadership in the development of a framework for the Company's strategic vision <br>• Strong focus on the Company's safety and soundness and regulatory compliance <br>• Continued focus on employee engagement, particularly in the area of culture and leadership development <br>• Strong focus on corporate brand resulting in various awards and recognitions for 2022, including one of America's Best Banks (*Forbes*), inclusion in the 2022 World's Best Banks (*Forbes*), twelfth consecutive year named one of Hawaii's Best Places to Work (*Hawaii Business* magazine) <br>• Exercised industry leadership to inform business strategy and create long-term value for stockholders: <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Member of the Executive Committee for the Mid-Size Bank Coalition of America <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Member of the Executive Committee of the Hawaii Business Roundtable <br>|
| **Christopher L. Dods** <br> Vice Chairman and Chief Operating Officer | &nbsp;&nbsp;&nbsp;&nbsp; • Successfully led an enterprise team to ensure technology and operational readiness for the Bank's successful core conversion <br>• Successfully led the enterprise-wide strategic planning process <br>• Developed a planning framework, process and governance structure to drive the implementation of the strategic plan <br>• Continued to develop and mature the data and analytics strategy and investment roadmap <br>• Successfully developed both emerging and advanced leaders aligned with the Company's succession plans <br>|
| **Alan H. Arizumi** <br> Vice Chairman, Wealth Management Group | &nbsp;&nbsp;&nbsp;&nbsp; • Outstanding financial performance, drove record revenues and exceeded budget targets amidst a challenging environment <br>• Implemented several key digital transformation and platform optimization initiatives resulting in significant expense reduction, increased productivity and improved efficiencies <br>• Continued execution of wealth management's strategic plan. Undertook numerous strategic and tactical initiatives across the wealth business lines, which significantly improved the business focus and financial results <br>• Drove enterprise-wide financial wellness client engagement strategy <br>• Excelled in employee engagement, leadership development, talent development, cultural transformation and management succession <br>|
| **Lance A. Mizumoto** <br> Vice Chairman and Chief Lending Officer | &nbsp;&nbsp;&nbsp;&nbsp; • Exceeded loan growth targets <br>• Led the development and rollout of a loan pricing and profitability platform, as well as a robust commercial loan pipeline tracking system <br>• Assumed leadership for Customer Segmentation, Pricing and Credit and Risk strategic initiatives <br>• Provided support and leadership development opportunities for employees, including executive coaching and the development of a new training program <br>|

---

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| | |
|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **55**  |

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---

| | |
|:---|:---|
| **Named Executive <br> Officer**  | **Individual Performance Highlights<sup>(1)</sup>**  |
| **Ralph M. Mesick** <br> Vice Chairman and Chief Risk Officer, Former Interim Chief Financial Officer | &nbsp;&nbsp;&nbsp;&nbsp; • Led the Finance and Risk teams in 2022, taking on dual role as Chief Risk Officer and Interim Chief Financial Officer <br>• Managed efforts to complete a number of critical initiatives supporting the core conversion, including new processes and controls related to enterprise balancing, data and reporting <br>• Maintained focus on oversight activities across all risk domains <br>• Actively supported line units and sponsored business development initiatives <br>• Continued to develop and retain key contributors to support future leadership and succession needs <br>|

---

(1) Mr. Mallela, former Executive Vice President and Chief Financial Officer, Finance Group, resigned from his position with First Hawaiian in January 2022 and, accordingly, did not receive a bonus for 2022.

#### Long-Term Equity Awards
Our NEOs and certain other employees receive grants of long-term, equity incentive compensation. These awards include equity-based awards under the First Hawaiian, Inc. Long Term Incentive Plan (the "LTIP") and awards that vest over a period of time. The Compensation Committee sets performance goals under the LTIP for overlapping three-year performance periods. In 2022, the Compensation Committee decided to grant LTIP awards in the form of performance share units. In addition, the Compensation Committee decided to grant restricted stock units under the Omnibus Plan. This approach was identical to the approach we utilized in 2021. For 2022, as was the case for 2021, 60% of equity awards consisted of performance share units and 40% consisted of restricted stock units.

#### Performance Share Units
The performance share units awarded for the 2022-2024 LTIP cycle (the "2022-2024 LTIP Awards") provide for cliff vesting following the end of a three-year performance period, and can be earned between 0-200% of target based on performance. Performance is measured solely on a relative basis using two core return metrics and a modifier as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 70% of earnout based on Return on Average Tangible Equity (ROATE) vs. Compensation Peer Group

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 30% of earnout based on Return on Average Tangible Assets (ROATA) vs. Compensation Peer Group

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • +/-25% modified based on the Company's TSR vs. KBW Regional Bank Index. Using the weightings presented above, ROATE, ROATA and TSR will be measured using the

same performance schedule with the following associated payout factors:

#### ROATE <sup>(1)</sup> AND ROATA <sup>(2)</sup> VS. COMPENSATION PEER GROUP

---

| | |
|:---|:---|
| **Performance**  | **% of Target Award<sup>(3)</sup>**  |
| 75th percentile or higher | 200% |
| Median | 100% |
| 30th percentile | 50% |
| <30th percentile | 0% |

---

(1) ROATE is defined as the ratio of core net income to average tangible stockholders' equity for FHI and reported net income to average tangible stockholders' equity for the peer group.

(2) ROATA is defined as the ratio of core net income to average tangible assets for FHI and reported net income to average total tangible assets for the peer group.

(3) Payouts for results within the stated performance levels are interpolated on a straight-line basis.

#### TSR VS. KBW REGIONAL BANK INDEX

---

| | |
|:---|:---|
| **Performance**  | **Modifier<sup>(1)</sup>**  |
| 75th percentile or higher | +25% |
| Median | 0 |
| 30th percentile or lower | -25% |

---

(1) Payouts for results within the stated performance levels are interpolated on a straight-line basis.

No LTIP awards will be earned at greater than 200% of target. Accordingly, if the resulting payout factor based on performance against the ROATE and ROATA metrics and the TSR modifier exceeds 200% of target, the payout will be reduced to 200% of target. Additionally, if First Hawaiian's absolute TSR over the three-year performance period is negative, there

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|:---|:---|
| **56**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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can be no upward adjustment using the TSR modifier. TSR will be calculated assuming the reinvestment of dividends and using a 30-day trading average to establish starting and ending share prices.

The Compensation Committee believes this approach appropriately measures long term performance, is well aligned with the interests of

stockholders and provides balance between financial results and TSR.

#### Restricted Stock Units
Additionally, for 2022 the Compensation Committee approved grants of restricted stock units to all NEOs that vest in equal annual installments over a three-year period.

#### 2022 NEO Long-Term Equity Awards
The following awards were granted in 2022 to the NEOs:

---

| | | | |
|:---|:---|:---|:---|
| **Named Executive Officer**  | **Number of Performance <br> Share Units**  | **Number of Restricted <br> Stock Units**  | **Total Grant Date Fair Value<sup>(1)</sup> <br> ($)**  |
| Robert S. Harrison | 42002 | 28001 | $1999986 |
| Christopher L. Dods | 13651 | 9100 | 649996 |
| Alan H. Arizumi | 5775 | 3850 | 274986 |
| Lance A. Mizumoto | 6825 | 4550 | 324984 |
| Ralph M. Mesick | 10500 | 7000 | 499975 |
| Ravi Mallela |  |  |  |

---

(1) The amounts in this column represent the grant date fair value, assuming target performance for the 2022-2024 LTIP Awards, as determined in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 718.

#### Results of 2020-2022 LTIP Performance Cycle
In 2020, the Performance Share Awards granted to the NEOs were based on two metrics plus a modifier, the achievement of which resulted in a payout of 123.5% of target shares awarded. The calculation of the 123.5% earnout is presented in the table below:

---

| | | | |
|:---|:---|:---|:---|
| **Performance Measure <br> (% weight)**  | **Actual <br> Results**  | **Award <br> Earned (%)**  | **Total <br> Shares <br> Earned**  |
| Return on Average Tangible <br> Stockholders' Equity <br> Relative to the Peer <br> Group (70%)  | ROATE: <br> 46.46% <br> Percentile <br> 86th  | 200% of Target  | Unmodified <br> Results: <br> 164.6%  |
| Return on Average Tangible Assets Relative to the Peer Group (30%) | ROATA: 3.15% <br> Percentile: <br> 43rd  | 82.1% of Target  | Unmodified <br> Results: <br> 164.6%  |
| Relative Total Shareholder Return (TSR) Modifier ≥75<sup>th</sup> Percentile: x125% <br> 50<sup>th</sup> Percentile: x100% <br> ≤30<sup>th</sup> Percentile: x75%  | FHI TSR: <br> 0.17% <br> Percentile: <br> 17th  | x75%  | Modified Results: <br> 123.5%  |

---

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| | |
|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **57**  |

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As a result of this performance, the NEOs earned the following Performance Share Awards for the 2020 to 2022 performance cycle:

---

| | |
|:---|:---|
| **Named Executive Officer**  | **Number of Performance <br> Share Awards Earned**  |
| Robert S. Harrison | 47573 |
| Christopher L. Dods | 4852 |
| Alan H. Arizumi | 6541 |
| Lance A. Mizumoto | 7731 |
| Ralph M. Mesick | 11893 |
| Ravi Mallela | 25808(1) |

---

(1) Mr. Mallela's award was forfeited in connection with his resignation in January 2022.

### Employment Agreements and Offer Letters

#### Employment Agreement with Mr. Harrison
We previously entered into an employment agreement with Mr. Harrison, which became effective on January 1, 2012. The agreement was for an initial term of two years with automatic one-year extensions at the end of each year unless notice of termination is provided. During the initial term of the agreement, Mr. Harrison served as President and Chief Executive Officer, reporting to the board of directors of First Hawaiian Bank and the Chief Executive Officer of BancWest. Mr. Harrison has since been named Chairman and President and he continues to serve as Chief Executive Officer of First Hawaiian.

Material terms of the employment agreement include an annual base salary, participation in the Bonus Plan and annual equity awards, including performance-and time-vesting equity, as may be established by the Committee.

 *Mr. Harrison's employment agreement also includes severance benefits, which have since been replaced by his participation in the First Hawaiian, Inc. Amended and Restated (the "Executive Severance Plan") as described under "Executive Compensation—Executive Compensation Tables—Potential Payments upon Termination or Change in Control" below.* 

The employment agreement also contains:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

a confidentiality provision that applies during the term of employment and for one year following any termination of employment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

a non-competition provision that applies during the term of employment and for one

year following any termination of employment that results in severance benefits, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

an employee non-solicitation provision that applies during the term of employment and for one year following any termination of employment.

#### Offer Letter with Mr. Mallela
On July 25, 2018, we entered into an offer letter with Mr. Mallela. Pursuant to the letter agreement, Mr. Mallela was an "at will" employee and served as Executive Vice President, Chief Financial Officer and Treasurer of the Company and the Bank.

Material terms of the offer letter (after reflecting updates to compensation amounts through termination of employment in January 2022) included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an annual base salary set at $460,000 for 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • participation in the Bonus Plan with an annual bonus equal to 75% of Mr. Mallela's annual base salary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • participation in the LTIP, with awards to be determined by the Compensation Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • participation in the Executive CIC Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an auto allowance of $7,200 per year; and

Effective January 7, 2022, Mr. Mallela resigned from his positions with the Company and the Bank. In connection with his resignation, Mr. Mallela did not receive any severance and forfeited his outstanding

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unvested equity awards. In addition, Mr. Mallela did not earn a bonus for 2021 or 2022.

### Other Benefits and Retirement Plans

#### First Hawaiian, Inc. 401(k) Savings Plan
Effective January 6, 2017, we adopted the First Hawaiian, Inc. 401(k) Savings Plan (the "401(k) Plan"), a tax-qualified defined contribution savings plan for all eligible employees of First Hawaiian, including each of our NEOs. Under the 401(k) Plan, eligible employees may contribute up to 75% of their pay (subject to Internal Revenue Service ("IRS") limitations) to the 401(k) Plan commencing upon their date of hire. Contributions are withheld by payroll deductions on a pre-tax basis. After participants have completed one year and 1,000 hours of service, First Hawaiian will match 100% of the first 5% of the pay that an employee contributes on a pre-tax basis to the 401(k) Plan up to the IRS allowable maximum. Participants are 100% vested in the employer matching contributions. All NEOs are eligible for such First Hawaiian matching contributions.

#### First Hawaiian, Inc. Future Plan
Effective May 16, 2016, we adopted the First Hawaiian, Inc. Future Plan (the "Future Plan"). The Future Plan is a money purchase plan that is designed to help eligible employees build long-term savings through First Hawaiian contributions toward retirement. Under the Future Plan, First Hawaiian contributes an amount equal to 2.5% of an eligible employee's base salary and any incentive compensation payments, excluding LTIP awards, subject to applicable IRS limits. Employees may direct how contributions will be invested. Contributions are made each calendar quarter to a Future Plan account that is held in the name of each participant. Employees vest ratably in the plan, over five years of service with First Hawaiian, or upon death, disability (as defined in the Future Plan) or attainment of age 65. All NEOs participate in the Future Plan.

#### Other Retirement and Deferred Compensation Arrangements
In connection with the IPO, we adopted the First Hawaiian, Inc. Deferred Compensation Plan (2016

Restatement) (the "First Hawaiian, Inc. DCP") effective December 13, 2016 for First Hawaiian participants. We also maintain the First Hawaiian Bank Deferred Compensation Plan (the "First Hawaiian Bank DCP") and the First Hawaiian, Inc. Supplemental Executive Retirement Plan (the "SERP"). On March 11, 2019, the Board approved an amendment to the SERP to freeze the SERP effective July 1, 2019.

Under the First Hawaiian, Inc. DCP, the Compensation Committee of our Board may designate employees for retirement contributions and participants may defer portions of their base salary or cash-based incentive award. Messrs. Harrison, Dods, Arizumi, Mesick and Mizumoto participate in the First Hawaiian, Inc. DCP. Mr. Arizumi received a retirement contribution under the First Hawaiian, Inc. DCP for 2022. Under the First Hawaiian Bank DCP, participating employees may defer a portion of their base salary or incentive compensation. Each participant's account is increased or decreased by the interest credited or debited to such account as though the balance of that account had been invested in the applicable investment funds or indices chosen by the participating employee. Under the First Hawaiian Bank DCP, the Compensation Committee may also, in its discretion, designate employees on whose behalf First Hawaiian Bank may make executive retirement contributions. For 2022, Messrs. Harrison, Dods, Mizumoto and Mesick received an executive retirement contribution under the First Hawaiian Bank DCP equal to 7.5% of base salary and any incentive compensation payments, excluding LTIP awards. Such retirement contributions vest over five years of service with First Hawaiian Bank with automatic vesting upon attainment of age 65, disability or death prior to termination of employment. Executive retirement contributions are paid in either a lump sum or annual installments, as elected by the executive.

Effective July 1, 2019, the SERP was frozen and all accruals of benefits, including service accruals, ceased. The SERP is a non-qualified plan under which participating executives generally receive a benefit equal to a percentage of the average annual rate of compensation earned during the 60 consecutive calendar months out of the last 120 calendar months of employment or, following the SERP freeze date, ending prior to July 1, 2019, that results in the highest average, subject to reduction in the case of early retirement. Mr. Harrison is the only NEO that participates in the SERP, which is frozen to new participants, and he will receive a

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| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **59**  |

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benefit equal to a percentage of the highest consecutive 12 months of compensation earned during his 60 months of service prior to July 1, 2019, subject to reduction in the case of early retirement. The target percentage is 60% multiplied by a fraction based on credited years of service as of July 1, 2019 under the SERP. The benefit is also reduced by Company contributions to benefits received pursuant to other retirement plans, including, among others, the 401(k) Plan, the Future Plan, and 50% of an executive's monthly primary social security benefit, determined as if the executive was age 65. SERP participants may elect to receive benefits in a monthly annuity, monthly installments or a lump sum, subject to certain restrictions.

Under the First Hawaiian, Inc. DCP, within thirty days after a "change in control of FHI," any amounts credited to accounts of participants in each respective plan that have not previously been contributed to a trust are required to be contributed to a trust. Similarly, within thirty days after a "change in control of the Company" any amounts credited to accounts of participants in each respective plan who are employees of First Hawaiian Bank that have not previously been contributed to a trust are required to be contributed.

"**Change in control of the Company**," as used in the First Hawaiian, Inc. DCP, generally means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

any person, other than an affiliate or trustee or other fiduciary holding shares under an employee benefit plan, becomes the beneficial owner, directly or indirectly, of more than 50% of the combined voting power of First Hawaiian, Inc.,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

a merger or consolidation of First Hawaiian, Inc., as a result of which either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A)

any person, other than an affiliate, becomes the beneficial owner of more than 50% of the voting power of First Hawaiian, Inc., or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (B)

the shares of First Hawaiian, Inc. outstanding immediately prior to such

transaction do not represent a majority of the voting power of all voting securities of such entity outstanding immediately after such transaction, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

the sale of all or substantially all of the assets of First Hawaiian, Inc. and its subsidiaries.

"**Change in control of a Bank Subsidiary**," as used in the First Hawaiian, Inc. DCP, generally means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

any person, other than an affiliate or trustee or other fiduciary holding shares under an employee benefit plan, becomes the beneficial owner, directly or indirectly, of more than 50% of the combined voting power of First Hawaiian Bank,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

a merger or consolidation of First Hawaiian Bank, as a result of which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A)

any person, other than an affiliate, becomes the beneficial owner of more than 50% of the voting power of First Hawaiian Bank, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (B)

the shares of First Hawaiian Bank outstanding immediately prior to such transaction do not represent a majority of the voting power of all voting securities of such entity outstanding immediately after such transaction, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

the sale of all or substantially all of the assets of First Hawaiian Bank and its subsidiaries.

#### Insurance Plans
Our NEOs participate in a variety of insurance plans, including a group variable universal life insurance policy, an individual disability insurance policy and a group life insurance plan. Company-paid premiums under those policies are disclosed in the Summary Compensation Table below.

Compensation Risk Management and Governance Policies

#### Stock Ownership Guidelines
We maintain robust stock ownership guidelines to ensure the interests of our executives and non-employee directors align with those of our

stockholders, which were revised for senior management in February 2019 and again in February 2021 and for our non-employee directors in October 2021. Covered persons have five years from the most recent applicable amendment of the

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revised guidelines, or the date the policy or amendment becomes applicable to them, to attain the required ownership levels. All directors and

officers subject to this policy are currently in compliance or within their window for compliance with this policy.

The revised guidelines are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Position**  | **Stock Ownership Requirement**  | **Stock Ownership Requirement**  | **Compliance Period**  |
| CEO  | ![[MISSING IMAGE: tm212424d3_icon-dotpn.jpg]](tm212424d3_icon-dotpn.jpg)![[MISSING IMAGE: tm212424d3_icon-dotpn.jpg]](tm212424d3_icon-dotpn.jpg)![[MISSING IMAGE: tm212424d3_icon-dotpn.jpg]](tm212424d3_icon-dotpn.jpg)![[MISSING IMAGE: tm212424d3_icon-dotpn.jpg]](tm212424d3_icon-dotpn.jpg)![[MISSING IMAGE: tm212424d3_icon-dotpn.jpg]](tm212424d3_icon-dotpn.jpg)![[MISSING IMAGE: tm212424d3_icon-dotpn.jpg]](tm212424d3_icon-dotpn.jpg) | **6x base salary**  | Five years from February 27, 2019 (or appointment if later)<sup>(1)(2)</sup>  |
| President (if other than the CEO)  | ![[MISSING IMAGE: tm212424d3_icon-dotpn.jpg]](tm212424d3_icon-dotpn.jpg)![[MISSING IMAGE: tm212424d3_icon-dotpn.jpg]](tm212424d3_icon-dotpn.jpg)![[MISSING IMAGE: tm212424d3_icon-dotpn.jpg]](tm212424d3_icon-dotpn.jpg) | **3x base salary**  | Five years from appointment  |
| Other Named Executive Officers  | ![[MISSING IMAGE: tm212424d3_icon-dotpn.jpg]](tm212424d3_icon-dotpn.jpg)![[MISSING IMAGE: tm212424d3_icon-dotpn.jpg]](tm212424d3_icon-dotpn.jpg) | **2x base salary**  | Five years from February 27, 2019<sup>(1)</sup>  |
| Non-Employee Directors  | ![[MISSING IMAGE: tm212424d3_icon-dotpn.jpg]](tm212424d3_icon-dotpn.jpg)![[MISSING IMAGE: tm212424d3_icon-dotpn.jpg]](tm212424d3_icon-dotpn.jpg)![[MISSING IMAGE: tm212424d3_icon-dotpn.jpg]](tm212424d3_icon-dotpn.jpg)![[MISSING IMAGE: tm212424d3_icon-dotpn.jpg]](tm212424d3_icon-dotpn.jpg)![[MISSING IMAGE: tm212424d3_icon-dotpn.jpg]](tm212424d3_icon-dotpn.jpg) | &nbsp;&nbsp;&nbsp;&nbsp; **5x** <br>annual cash retainer <br>| Five years from October 20, 2021 (or appointment if later)<sup>(3)</sup>  |

---

(1) On February 27, 2019, the Board revised the stock ownership guidelines to increase the stock ownership requirements for the CEO and the other NEOs and provided for a five-year compliance period.

(2) On February 24, 2021, the Board revised the stock ownership guidelines to increase the stock ownership requirement for the CEO from 5x to 6x base salary. At such time, the Board determined to maintain the February 27, 2024 compliance deadline for the CEO to achieve the 5x ownership level and provided until February 27, 2026, which is five years following the 2021 revision, for the CEO to achieve the 6x ownership level.

(3) On October 20, 2021, the Board revised the stock ownership guidelines to increase the stock ownership requirement for non-employee directors from 3x to 5x the annual cash retainer and provided for a five-year compliance period.

Shares that count toward satisfaction of the guidelines for officers include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • shares owned outright,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • deferred shares or deferred stock units,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • shares purchased through the Employee Stock Purchase Plan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • shares held in retirement accounts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • unvested restricted stock or restricted stock units, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • earned but unvested performance shares or performance share units.

Shares that count toward satisfaction of the guidelines for non-employee directors include shares for which the non-employee director has or shares voting power (which includes the power to vote or direct the voting) and/or investment power (which includes the power to dispose or direct the disposition of such shares).

All participants are currently within their window for compliance with these guidelines.

#### Clawback Policy
We maintain a clawback policy that covers all cash and equity incentive compensation. The policy provides for a three-year lookback and, subject to the Compensation Committee's discretion, First

Hawaiian may recover all or part of cash, equity-based or other incentive compensation that has been paid or will be paid due to financial restatement, inaccurate calculation of incentive compensation, individuals operating outside First Hawaiian's risk policies and employees committing ethical misconduct. The Company intends to review its clawback policy regarding accounting restatements in light of the SEC's adoption of new rules to implement Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

#### Prohibition on Share Pledging, Hedging and Short Selling
The Company has established a policy applicable to our directors, officers and employees, as well as their immediate family members and household members, that prohibits pledging Company stock as collateral for a loan. This includes the use of a traditional margin account with a broker dealer unless the Company stock is treated as non-marginable by the broker dealer. In addition, those persons are prohibited from engaging in short-term or speculative transactions in Company stock, including hedging or monetization transactions, short sales with respect to our securities or through the use of financial instruments such as prepaid variable forwards, equity swaps, collars and exchange funds.

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| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **61**  |

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Deductibility of Executive Compensation

When compensation matters are reviewed by the Compensation Committee, the Committee considers the anticipated tax and accounting treatment of various payments and benefits.

Section 162(m) of the Internal Revenue Code generally limits the tax deductibility of compensation in excess of $1 million per year paid by a public company to its "covered employees." While we have considered the implications of Section 162(m) and

the limits of deductibility on compensation in excess of $1 million in the design of our compensation program, and will continue to evaluate the changes to Section 162(m), we consider it important to retain the flexibility to design a compensation program that is in the best long-term interests of First Hawaiian and our stockholders, even if certain payments thereunder are not deductible under Section 162(m).

Assessing Risk in Our Compensation Programs

The Compensation Committee has evaluated our compensation policies and practices in place in 2022 and has concluded that none of the Company's incentive plans were likely to motivate behavior that would result in a material adverse impact to the Company. The potential risks identified through the Committee's risk assessment process were determined to be effectively mitigated through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • established risk controls,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • leadership oversight, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the culture of proactive risk management.

In addition, the Company's management engaged a third-party consulting firm to review the Company's

incentive plans for their potential to introduce problematic risk to the organization. The consulting firm undertook an in-depth review of incentive programs in 2021 and concluded that, overall, the Company's incentive programs and plans currently were not likely to introduce problematic risk to the Bank. Further, the Company's management engaged the same consulting firm to update the review for 2022 with a focus on new plans or changes to existing plans. The consulting firm reached the same conclusions as in 2021. Following a review of these findings, the Compensation Committee concluded that the Company's incentive plans were well designed and are working effectively to motivate performance and mitigate risk.

Change in CEO Pension Value in the Summary Compensation Table

Mr. Harrison is a participant in our SERP, which is a legacy plan that was frozen as of July 1, 2019, with associated tax reimbursements discontinued. As such, no future contributions will be made, nor benefits accrued, including service credit.

However, the value of Mr. Harrison's compensation related to his SERP account as set forth in our Summary Compensation Table may change year-over-year. Specifically, the Summary Compensation Table reflects the change in net present value of Mr. Harrison's SERP benefits year-over-year, which is driven by changes in market-based discount rates and actuarial assumptions. For example, the "Change in Pension Value and Nonqualified Deferred Compensation Earnings" column of the Summary Compensation Table shows a

significant increase in the value of Mr. Harrison's SERP from 2019 to 2020, and no increase in the value of Mr. Harrison's SERP from 2020 to 2021 or from 2021 to 2022. In 2021 and 2022, the annual change in pension value was negative for Mr. Harrison. However, SEC rules do not provide for inclusion of negative pension amounts in the Summary Compensation Table.

In each case, these changes reflect the change in the actuarial estimate of his potential future pension benefits, which is driven in large part by benchmark interest rates.

Mr. Harrison received no direct compensation related to his SERP account in 2020, 2021 or 2022, and no SERP benefits will be paid to Mr. Harrison until after his retirement from First Hawaiian.

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| **62**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name**  | **Year**  | **Reported Total <br> from Summary <br> Compensation <br> Table ($)**  | **Reported Adjustment <br> for Positive and <br> Negative Change in <br> Pension Value ($)**  | **Reported Total <br> Adjusted to Exclude <br> the Pension Value <br> ($)**  |
| Robert S. Harrison | 2022 | $4551135 | $— | $4551135 |
|  | 2021 | 4427813 |  | 4427813 |
|  | 2020 | 5651505 | 1874412 | 3777093 |

---

### COMPENSATION COMMITTEE REPORT
The Compensation Committee has reviewed the CD&A as required by Item 402(b) of Regulation S-K and discussed it with the Company's management team. Based on such review and discussions with management, the Compensation Committee has recommended to the Board that the CD&A be included in this Proxy Statement.

#### SUBMITTED BY THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS
Vanessa L. Washington, Chair

Faye W. Kurren

Kelly A. Thompson

Allen B. Uyeda

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| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **63**  |

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### EXECUTIVE COMPENSATION TABLES

### Summary Compensation Table
The following table presents information with respect to our NEOs for the fiscal years ended December 31, 2022, 2021 and 2020.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and <br> Principal Position**  | **Year**  | **Salary**  | **Bonus<sup>(1)</sup>**  | **Stock <br> Awards<sup>(2)</sup>**  | **Change in <br> Pension Value <br> and <br> Nonqualified <br> Deferred <br> Compensation <br> Earnings<sup>(3)</sup>**  | **All Other <br> Compensation<sup>(4)</sup>**  | **Total**  |
|  **Robert S. Harrison** <br> Chairman, President and Chief <br> Executive Officer  | 2022 | $1001300 | $1310088 | $1999986 | $— | $239761 | $4551135 |
|  **Robert S. Harrison** <br> Chairman, President and Chief <br> Executive Officer  | 2021 | 969000 | 1282568 | 1999976 |  | 176269 | 4427813 |
|  **Robert S. Harrison** <br> Chairman, President and Chief <br> Executive Officer  | 2020 | 965833 | 566477 | 1999984 | 1874412 | 244799 | 5651505 |
|  **Christopher L. Dods** <br> Vice Chairman and Chief Operating <br> Officer  | 2022 | 525000 | 556875 | 649996 |  | 119223 | 1851094 |
|  **Alan H. Arizumi** <br> Vice Chairman, Wealth <br> Management Group  | 2022 | 518073 | 466732 | 274986 |  | 135250 | 1395041 |
|  **Alan H. Arizumi** <br> Vice Chairman, Wealth <br> Management Group  | 2021 | 497350 | 439657 | 274987 |  | 113451 | 1325445 |
|  **Alan H. Arizumi** <br> Vice Chairman, Wealth <br> Management Group  | 2020 | 496125 | 198686 | 274994 |  | 123626 | 1093431 |
|  **Lance A. Mizumoto** <br> Vice Chairman and Chief Lending <br> Officer, Wholesale Banking Group  | 2022 | 451563 | 371309 | 324984 |  | 127309 | 1275165 |
|  **Lance A. Mizumoto** <br> Vice Chairman and Chief Lending <br> Officer, Wholesale Banking Group  | 2021 | 433500 | 402938 | 324984 |  | 106877 | 1268299 |
|  **Lance A. Mizumoto** <br> Vice Chairman and Chief Lending <br> Officer, Wholesale Banking Group  | 2020 | 432083 | 164726 | 324993 |  | 113318 | 1035120 |
|  **Ralph M. Mesick** <br> Vice Chairman and Chief Risk <br> Officer, Risk Management Group, <br> Former Interim Chief Financial <br> Officer<sup>(5)</sup>  | 2022 | 679167 | 520878 | 499975 |  | 118770 | 1818790 |
|  **Ralph M. Mesick** <br> Vice Chairman and Chief Risk <br> Officer, Risk Management Group, <br> Former Interim Chief Financial <br> Officer<sup>(5)</sup>  | 2021 | 425000 | 370175 | 499975 |  | 81769 | 1376919 |
|  **Ralph M. Mesick** <br> Vice Chairman and Chief Risk <br> Officer, Risk Management Group, <br> Former Interim Chief Financial <br> Officer<sup>(5)</sup>  | 2020 | 425000 | 153208 | 499990 |  | 87171 | 1165369 |
|  **Ravi Mallela** <br> Former EVP and Chief Financial <br> Officer<sup>(6)</sup>  | 2022 | 14888 |  |  |  | 6190 | 21078 |
|  **Ravi Mallela** <br> Former EVP and Chief Financial <br> Officer<sup>(6)</sup>  | 2021 | 460000 |  | 669982 |  | 87841 | 1217823 |
|  **Ravi Mallela** <br> Former EVP and Chief Financial <br> Officer<sup>(6)</sup>  | 2020 | 458333 | 205137 | 669976 |  | 100101 | 1433547 |

---

(1) The amounts in this column represent annual incentive cash awards earned under the Bonus Plan.

(2) The amounts in this column for fiscal years 2022, 2021 and 2020 represent the grant date fair value, as determined in accordance with FASB ASC Topic 718, of (i) during fiscal year 2022, performance share units granted pursuant to the LTIP for the 2022-2024 cycle (the "2022-2024 LTIP Awards") and restricted stock units granted pursuant to the Omnibus Plan, (ii) during fiscal year 2021, performance share units granted pursuant to the LTIP for the 2021-2023 cycle (the "2021-2023 LTIP Awards") and restricted stock units granted pursuant to the Omnibus Plan, and (iii) during fiscal year 2020, performance share awards granted pursuant to the LTIP for the 2020-2022 cycle (the "2020-2022 LTIP Awards") and restricted stock awards granted pursuant to the Omnibus Plan. For further information regarding grant date fair value calculations, see Note 20 to the Consolidated Financial Statements included in First Hawaiian's Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The LTIP Award amounts for each year reported are based on assumed performance achievement at 100%, which is the target level of performance share units or performance share award amounts that may be earned. The amounts for the 2022-2024 LTIP Awards based on assumed performance achievement of 200%, the highest level of performance share unit awards that may be earned, are $2,399,994, $780,018, $329,983, $389,980, $599,970 and $0 for each of Messrs. Harrison, Dods, Arizumi, Mizumoto, Mesick and Mallela, respectively. The amounts for the 2021-2023 LTIP Awards based on assumed performance achievement of 200%, the highest level of performance share unit awards that may be earned, are $2,399,959, $367,116, $433,584, $667,089 and $0 for each of Messrs. Harrison, Arizumi, Mizumoto, Mesick and Mallela, respectively. The amounts for the 2020-2022 LTIP Awards based on assumed performance achievement of 200%, the highest level of performance share award amounts that may be earned, are $2,000,010, $275,020, $325,019, $499,990 and $0 for each of Messrs. Harrison, Arizumi, Mizumoto, Mesick and Mallela, respectively.

(3) The amounts in this column reflect the actuarial increase in the present value of benefits under the SERP. Mr. Harrison is the only NEO who participates in the SERP, and none of our NEOs received above-market earnings on their

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non-qualified deferred compensation accounts. The change in pension value represents the present value of future retirement benefits and does not represent any cash benefit to Mr. Harrison. The SERP was frozen and all accruals of benefits, including service accruals, ceased effective July 1, 2019. Therefore, any subsequent changes in the actuarial present value of an NEO's accumulated benefit under the SERP would likely be attributable, primarily, to variations in the discount rate or modifications to actuarial assumptions. Mr. Harrison was not paid any compensation in respect of the SERP in 2022, 2021 or 2020, and will not be paid any amounts until his retirement or termination of employment with First Hawaiian. See "*Compensation Discussion and Analysis—Other Benefits and Retirement Plans*" and "—*Change in CEO Pension Value in the Summary Compensation Table*" for more information.

(4) The items comprising "All Other Compensation" for 2022 are:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name**  | **Perquisites and Other <br> Personal Benefits<sup>(a)</sup> <br> ($)**  | **Contributions to Defined <br> Contribution Plans<sup>(b)</sup> <br> ($)**  | **Insurance <br> Premiums<sup>(c)</sup> <br> ($)**  | **Total <br> ($)**  |
| Robert S. Harrison | $33028 | $194165 | $12568 | $239761 |
| Christopher L. Dods | 24420 | 88794 | 6007 | 119223 |
| Alan H. Arizumi | 26908 | 94705 | 13637 | 135250 |
| Lance A. Mizumoto | 25910 | 86963 | 14436 | 127309 |
| Ralph M. Mesick | 12592 | 93159 | 13019 | 118770 |
| Ravi Mallela | 4118 | 1365 | 707 | 6190 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

"Perquisites and Other Personal Benefits" include: for Mr. Harrison, Company provided parking, automobile allowance and related expenses, club dues and fees, and meals; for Mr. Dods, Company provided parking, automobile allowance and related expenses, club dues and fees, and meals; for Mr. Arizumi, Company provided parking, automobile allowance and related expenses, club dues and fees, and meals; for Mr. Mizumoto, Company provided parking, automobile allowance and related expenses, club dues and fees, and meals; for Mr. Mesick, Company provided parking, automobile allowance and related expenses and meals; and for Mr. Mallela, Company provided parking, automobile allowance and related expenses, and meals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

Reflects Company contributions for Mr. Harrison under the 401(k) Plan ($15,250), the Future Plan ($7,625) and the First Hawaiian Bank DCP ($171,290); for Mr. Dods under the 401(k) Plan ($15,250), the Future Plan ($7,625) and the First Hawaiian, Inc. DCP ($65,919); for Mr. Arizumi under the 401(k) Plan ($15,250), the Future Plan ($7,625) and the First Hawaiian, Inc. DCP ($71,830); for Mr. Mizumoto under the 401(k) Plan ($15,250), the Future Plan ($7,625) and the First Hawaiian Bank DCP ($64,088); for Mr. Mesick under the 401(k) Plan ($6,833), the Future Plan ($7,625) and the First Hawaiian Bank DCP ($78,701); and for Mr. Mallela under the 401(k) Plan ($431), the Future Plan ($216) and the First Hawaiian Bank DCP ($719) and, as discussed under "—*Compensation Discussion and Analysis—Other Benefits and Retirement Plans*" above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

Reflects insurance premiums paid for the benefit of the NEOs, including: for Messrs. Harrison, Dods, Arizumi, Mizumoto, Mesick and Mallela in a group variable universal life insurance policy, an individual disability insurance policy and a group life insurance plan.

(5) Mr. Mesick was appointed Interim Chief Financial Officer effective January 8, 2022, and he served in that role until January 2, 2023. Mr. Mesick's salary for fiscal year 2022 includes a monthly stipend of $20,000 to compensate for his additional Interim Chief Financial Officer responsibilities.

(6) Mr. Mallela resigned effective January 7, 2022.

---

| | |
|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **65**  |

---

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EXECUTIVE COMPENSATION

### 2022 Grants of Plan-Based Awards
The following table sets forth plan-based awards granted in 2022.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| |  | | **Estimated Future Payouts Under <br> Equity Incentive Plan Awards<sup>(1)</sup>**  | **Estimated Future Payouts Under <br> Equity Incentive Plan Awards<sup>(1)</sup>**  | **Estimated Future Payouts Under <br> Equity Incentive Plan Awards<sup>(1)</sup>**  | **All Other <br> Stock Awards**  | **All Other <br> Stock Awards**  |
| **Name**  | **Grant Date**  | **Grant Date**  | **Threshold <br> (#)**  | **Target <br> (#)**  | **Maximum <br> (#)**  | **Number of <br> Shares of <br> Stock or <br> Units<sup>(2)</sup> <br> (#)**  | **Grant Date <br> Fair Value of <br> Stock <br> Awards<sup>(3)</sup>**  |
| Robert S. Harrison  |  | 2/23/22 | 21001 | 42002 | 84004 |  | $1199997 |
| Robert S. Harrison  |  | 2/23/22 |  |  |  | 28001 | 799989 |
| Christopher L. Dods  |  | 2/23/22 | 6826 | 13651 | 27302 |  | 390009 |
| Christopher L. Dods  |  | 2/23/22 |  |  |  | 9100 | 259987 |
| Alan H. Arizumi  |  | 2/23/22 | 2888 | 5775 | 11550 |  | 164991 |
| Alan H. Arizumi  |  | 2/23/22 |  |  |  | 3850 | 109995 |
| Lance A. Mizumoto  |  | 2/23/22 | 3413 | 6825 | 13650 |  | 194990 |
| Lance A. Mizumoto  |  | 2/23/22 |  |  |  | 4550 | 129994 |
| Ralph M. Mesick  |  | 2/23/22 | 5250 | 10500 | 21000 |  | 299985 |
| Ralph M. Mesick  |  | 2/23/22 |  |  |  | 7000 | 199990 |
| Ravi Mallela  |  | 2/23/22 |  |  |  |  |  |
| Ravi Mallela  |  | 2/23/22 |  |  |  |  |  |

---

(1) Represents the 2022-2024 LTIP Awards under the LTIP, which cliff vest within 60 days following December 31, 2024, the end of the three-year performance period, subject to continued employment through the vesting date.

(2) Represents restricted stock units granted under the Omnibus Plan that vest in three equal annual installments on each of February 23, 2023, February 23, 2024 and February 23, 2025 subject to continued employment through the applicable vesting date.

(3) The amounts in this column represent the grant date fair value, as determined in accordance with FASB ASC Topic 718.

---

| | |
|:---|:---|
| **66**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

---

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EXECUTIVE COMPENSATION

### Outstanding Equity Awards at 2022 Fiscal Year End
As of December 31, 2022, our NEOs held outstanding equity-based awards of First Hawaiian common stock as listed in the table below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Stock Awards**  | **Stock Awards**  | **Stock Awards**  | **Stock Awards**  |
| **Name**  | **Number of <br> Shares or <br> Units <br> of Stock That Have <br> Not Vested (#)**  | **Market <br> Value of <br> Shares or <br> Units <br> of Stock That <br> Have Not <br> Vested ($)<sup>(1)</sup>**  | **Equity Incentive <br> Plan Awards: <br> Number of <br> Unearned <br> Shares, Units <br> or Other <br> Rights that <br> Have <br> Not Vested (#)**  | **Equity Incentive <br> Plan Awards: <br> Market Value of <br> Unearned <br> Shares, <br> Units or Other <br> Rights That <br> Have Not <br> Vested ($)<sup>(1)</sup>**  |
| Robert S. Harrison | 12840(2) | $334354 |  | $— |
|  | 47573(3) | 1238801 |  |  |
|  | 18190(4) | 473668 |  |  |
|  |  |  | 40927(5) | 1065739 |
|  | 28001(6) | 729146 |  |  |
|  |  |  | 42002(7) | 1093732 |
| Christopher L. Dods | 1311(2) | 34138 |  |  |
|  | 4852(3) | 126346 |  |  |
|  | 2358(4) | 61402 |  |  |
|  |  |  | 5302(5) | 138064 |
|  | 9100(6) | 236964 |  |  |
|  |  |  | 13651(7) | 355472 |
|  | 2839(8) | 73928 |  |  |
| Alan H. Arizumi | 1766(2) | 45987 |  |  |
|  | 6541(3) | 107328 |  |  |
|  | 2782(4) | 72443 |  |  |
|  |  |  | 6256(5) | 162906 |
|  | 3850(6) | 100254 |  |  |
|  |  |  | 5775(7) | 150381 |
| Lance A. Mizumoto | 2087(2) | 54345 |  |  |
|  | 7731(3) | 201315 |  |  |
|  | 3287(4) | 85593 |  |  |
|  |  |  | 7394(5) | 192540 |
|  | 4550(6) | 118482 |  |  |
|  |  |  | 6825(7) | 177723 |
| Ralph M. Mesick | 3210(2) | 83588 |  |  |
|  | 11893(3) | 309694 |  |  |
|  | 5056(4) | 131658 |  |  |
|  |  |  | 11376(5) | 296231 |
|  | 7000 | 182280 |  |  |
|  |  |  | 10500(7) | 273420 |
| Ravi Mallela<sup>(9)</sup> |  |  |  |  |

---

(1) Based on the closing sale price of First Hawaiian common stock on NASDAQ of $26.04 per share on December 30, 2022.

(2) Represents restricted share awards that vest on February 26, 2023, subject to continued employment through the applicable vesting dates.

(3) Represents the 2020-2022 LTIP Awards at earned performance, which cliff vest within 60 days following December 31, 2022, the end of the three-year performance period, subject to continued employment through the vesting date.

---

| | |
|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **67**  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4) Represents restricted stock units that vest on each of February 12, 2023 and February 12, 2024 (February 24, 2023 and February 24, 2024 for Mr. Harrison), subject to continued employment through the applicable vesting date.

(5) Represents the 2021-2023 LTIP Awards at 100% performance, which cliff vest within 60 days following December 31, 2023, the end of the three-year performance period, subject to continued employment through the vesting date.

(6) Represents restricted stock units that vest in three equal annual installments on each of February 23, 2023, February 23, 2024 and February 23, 2025, subject to continued employment through the applicable vesting date.

(7) Represents the 2022-2024 LTIP Awards at 100% performance, which cliff vest within 60 days following December 31, 2024, the end of the three-year performance period, subject to continued employment through the vesting date.

(8) Represents restricted stock units granted in connection with the commencement of Mr. Dods's employment as Vice Chairman and Chief Operating Officer on May 1, 2021, that vest in equal annual installments on May 1, 2023 and 2024, subject to continued employment through the vesting date.

(9) Mr. Mallela forfeited all outstanding awards upon his resignation effective January 7, 2022.

### 2022 Stock Vested

### Stock Awards
The following table sets forth information with respect to our NEOs regarding the value of stock awards that vested in 2022.

---

| | | |
|:---|:---|:---|
| | **Stock Award**  | **Stock Award**  |
| **Name**  | **Number of Shares <br> Acquired on <br> Vesting (#)<sup>(1)</sup>**  | **Value <br> Realized on <br> Vesting ($)<sup>(2)</sup>**  |
| Robert S. Harrison | 94580 | 2702976 |
| Christopher L. Dods | 10262 | 287866 |
| Alan H. Arizumi | 11329 | 325302 |
| Lance A. Mizumoto | 14625 | 419744 |
| Ralph M. Mesick | 13003 | 374623 |
| Ravi Mallela |  |  |

---

(1) Amounts include (i) performance share unit awards granted pursuant to the LTIP for the 2019-2021 performance cycle (the "2019-2021 LTIP Awards") that vested at 163.1% performance on February 21, 2022, (ii) the portion of restricted share awards awarded on April 24, 2019 that vested on April 24, 2022, (iii) the portion of restricted share awards awarded on February 26, 2020 that vested on February 26, 2022 and (iv) the portion of restricted stock units awarded on February 12, 2021 (February 24, 2021 for Mr. Harrison) that vested on February 12, 2022 (February 24, 2022 for Mr. Harrison).

(2) Based, in each case, on the closing sale price of First Hawaiian common stock on NASDAQ on the applicable vesting date.

### 2022 Pension Benefits
The following table provides information as of December 31, 2022 with respect to each defined benefit or other pension plan that provides for pension benefits in which our NEOs participate. For 2022, Mr. Harrison was the only NEO who participated in the SERP. Effective July 1, 2019, the SERP was frozen, and all accruals of benefits, including pay and service accruals, ceased. For more information, see "—*Compensation Discussion and Analysis—Other Benefits and Retirement Plans*." In 2021 and 2022, the annual change in pension value was negative for Mr. Harrison. However, SEC regulations do not allow for inclusion of negative pension amounts in the Summary Compensation Table. See "*Compensation Discussion and Analysis—Change in CEO Pension Value in the Summary Compensation Table*" for more information.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name**  | **Plan Name**  | **Number of Years <br> Credited <br> Service (#)**  | **Present Value <br> of Accumulated <br> Benefit ($)<sup>(1)</sup>**  | **Payments During <br> Last Fiscal <br> Year ($)**  |
| Robert S. Harrison | SERP | 27 | $12078535 | $— |

---

(1) As of December 31, 2022.

---

| | |
|:---|:---|
| **68**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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EXECUTIVE COMPENSATION

### 2022 Nonqualified Deferred Compensation
The following table provides information with respect to each defined contribution or other plan that provides for nonqualified deferred compensation in which our NEOs participate. For 2022, Messrs. Harrison, Dods, Arizumi, and Mizumoto participated in the First Hawaiian, Inc. DCP. Mr. Arizumi received a retirement contribution under the First Hawaiian, Inc. DCP, and Messrs. Harrison, Dods, Mizumoto and Mesick participated in and received executive retirement contributions under the First Hawaiian Bank DCP. For more information, see "*Compensation Discussion and Analysis—Other Benefits and Retirement Plans*."

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name**  | **Executive <br> Contributions <br> in Fiscal Year <br> 2022**  | **Registrant <br> Contributions <br> in Fiscal Year <br> 2022<sup>(1)</sup>**  | **Aggregate <br> Earnings (loss) <br> in Fiscal Year <br> 2022**  | **Aggregate <br> Withdrawals/<br>Distributions**  | **Aggregate <br> Balance at End <br> of Fiscal Year <br> 2022<sup>(2)</sup>**  |
| Robert S. Harrison | $— | $167265 | $34469 | $— | $2169636 |
| Christopher L. Dods |  | 64370 | (113067) |  | 386991 |
| Alan H. Arizumi |  | 70142 | 123261 |  | 2936290 |
| Lance A. Mizumoto | 170900 | 62581 | (9449) |  | 818964 |
| Ralph M. Mesick |  | 76851 | (43561) |  | 334313 |
| Ravi Mallela | 958 | 664 | (30738) | 16296 | 175342 |

---

(1) Amounts reported as contributions for the registrant are reported as "All Other Compensation" in the Summary Compensation Table for 2022.

(2) Amounts reported here were not previously reported in the Summary Compensation Table.

### Potential Payments upon Termination or Change in Control

#### Executive Severance Plan
The First Hawaiian Bank board of directors has adopted the Executive Severance Plan (the "Executive Severance Plan") to advance the interests of First Hawaiian Bank by ensuring the continued employment, dedication and focused attention of its executive officers, notwithstanding the possibility, threat or occurrence of a change in control. Executive officers of First Hawaiian, Inc. become eligible to participate in the Executive Severance Plan upon designation by the Compensation Committee of the First Hawaiian, Inc. board of directors. Each of our NEOs participate in the Executive Severance Plan.

Mr. Harrison's participation in the Severance Plan replaces the severance benefits he would otherwise be entitled to pursuant to his employment agreement. The following description and level of severance benefits applies to our NEOs as of December 31, 2022.

Under the Severance Plan, if within two years after a "change in control" (x) an executive's employment is involuntarily terminated without "cause" or (y) an executive terminates employment for "good reason," subject to the effectiveness of a release of claims, such executive is entitled to (i) cash

severance of an amount equal to two times the executive's highest annual base salary earned at any time during the three complete fiscal years immediately preceding the executive's date of termination or, if shorter, during the executive's entire period of employment with First Hawaiian, Inc. and its subsidiaries; (ii) an amount equal to two times the average of the executive's actual payment amounts under the applicable bonus plan for each of the two completed fiscal years immediately preceding the fiscal year in which the executive's date of termination occurs; (iii) continuing health benefits for one year; and (iv) outplacement benefits.

Under the Severance Plan, if outside of the two years after a "change in control," including during any period prior to a "change in control," (x) an executive is involuntarily terminated by First Hawaiian, Inc. without "cause" or (y) an executive terminates employment with First Hawaiian, Inc. for "good reason," subject to the effectiveness of a release of claims, such executive will be entitled to (i) cash severance of an amount equal to one times the executive's highest annual base salary earned at any time during the three complete fiscal years immediately preceding the executive's separation from service or, if shorter, during the executive's

---

| | |
|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **69**  |

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entire period of employment with First Hawaiian, Inc. and its subsidiaries; and (ii) an amount equal to one times the average of the executive's actual payment amounts under the applicable bonus plan for each of the two completed fiscal years immediately preceding the fiscal year in which the executive's separation from service occurs.

For purposes of the Severance Plan, "cause" generally means the executive's (i) willful failure to perform his or her duties, which is not remedied within fifteen business days following written notice; (ii) gross negligence in the performance of duties; (iii) conviction of, or plea of guilty or no contest to, any felony or any other crime involving the personal enrichment of the executive at First Hawaiian, Inc.'s expense; (iv) willful engagement in conduct that is demonstrably and materially injurious to First Hawaiian, Inc.; (v) material violation of any federal or state banking law or regulation; (vi) material violation of any provision of First Hawaiian, Inc.'s code of conduct and ethics (including any successor thereto) or other established code of conduct to which the executive is subject; and (vii) willful violation of confidentiality, non-disparagement, noncompetition, and employee and customer non-solicitation covenants.

"Good reason" generally means an executive (i) has incurred a material reduction in base salary, authority, duties or responsibilities; or (ii) has been provided notice that his principal place of work will be relocated to a different Hawaiian Island or to a place more than 50 miles from the executive's base of employment.

"Change in control" generally means the occurrence of any of the following events:

i

the incumbent directors cease to constitute at least a majority of the board, provided that any person becoming a director whose election or nomination was approved by a vote of at least two-thirds of the incumbent directors will be deemed an incumbent director;

ii

any person (other than First Hawaiian, Inc., any employee benefit plan sponsored or maintained by First Hawaiian, Inc. or certain underwriters) is or becomes a beneficial owner of securities representing 50% or more of the combined voting power of First Hawaiian's then outstanding securities eligible to vote for the election of the board ("Company Voting Securities"); provided,

however, that there will not be deemed to be a change in control by virtue of the ownership, or acquisition, of Company Voting Securities pursuant to a Non-Qualifying Transaction (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iii.

a merger, consolidation, statutory share exchange or similar form of corporate transaction involving First Hawaiian (a "Business Combination"), unless immediately following such Business Combination: (A) more than 50% of the total voting power of the surviving entity or ultimate parent corporation is represented by Company Voting Securities that were outstanding immediately prior to such Business Combination, and such voting power remains in substantially the same proportion, (B) no person is or becomes the beneficial owner, directly or indirectly, of 50% or more of the total voting power of the outstanding voting securities eligible to elect directors of the parent or surviving entity and (C) at least 50% of the directors of the parent or surviving entity following the Business Combination were incumbent directors at the time of the board's approval of the Business Combination (any Business Combination which satisfies all of the criteria specified in (A), (B) and (C) will be deemed to be a "Non-Qualifying Transaction");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iv.

a sale of all or substantially all of First Hawaiian's assets (other than to an affiliate); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; v.

First Hawaiian's stockholders approve a plan of complete liquidation or dissolution of First Hawaiian.

Notwithstanding the foregoing, a change in control will not be deemed to occur solely because any person acquires beneficial ownership of more than 50% of the Company Voting Securities as a result of the acquisition of Company Voting Securities by First Hawaiian, Inc. which reduces the number of Company Voting Securities outstanding; provided that if after such acquisition by First Hawaiian, Inc. such person becomes the beneficial owner of additional Company Voting Securities that increases the percentage of outstanding Company Voting Securities beneficially owned by such person, a change in control will then occur.

---

| | |
|:---|:---|
| **70**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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Participants in the Severance Plan are subject to restrictive covenants, including (i) noncompetition and non-solicitation requirements, (ii) a confidentiality provision and (iii) a non-disparagement provision, each of which applies during employment and for one year following any termination of employment.

#### Outstanding Equity Awards
In the event of termination without cause or for good reason within two years following a change in control, outstanding performance share units granted under the LTIP will be earned based on the greater of target and actual performance, and outstanding restricted stock units granted under

the Omnibus Plan will vest in full. For outstanding performance share units granted under the LTIP, in the event of retirement, death or disability, a pro rated portion of such performance share units will vest at target performance, except that in the event of retirement, the 2022-2024 LTIP Awards will vest on the planned vesting date at actual performance in a prorated amount based on the period of employment prior to retirement relative to the three-year performance period. For outstanding restricted stock units under the Omnibus Plan, in the event of retirement, death or disability, such restricted stock units will immediately vest in full, except that in the event of retirement, such awards will vest on a pro rated basis based on the portion of the vesting period served.

---

| | |
|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **71**  |

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EXECUTIVE COMPENSATION

### Potential Payments upon Termination or Change in Control
The following table and footnotes describe certain potential payments that each NEO would receive upon certain terminations of employment, assuming that the termination event was effective as of December 31, 2022 and the value of our common stock of $26.04, the closing price of our common stock on December 30, 2022, the last trading day in 2022. For information regarding benefits that would be payable with respect to the SERP, First Hawaiian, Inc. DCP and First Hawaiian Bank DCP, see the "*2022 Pension Benefits*" and "*2022 Nonqualified Deferred Compensation*" tables on pages 68 and 69.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Named Executive Officer**  | **Cash <br> Severance<sup>(2)</sup>**  | **Health and <br> Welfare Benefits**  | **Stock <br> Awards<sup>(3)</sup>**  | **Outplacement <br> Benefits**  | **Total**  |
| Robert S. Harrison |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Termination in Connection with a <br> Change in Control<sup>(1)</sup>  | $4595256 | $49594 | $7094910(4) | $20000 | $11759760 |
| &nbsp;&nbsp;&nbsp; Termination without Cause or for <br> Good Reason  | 2297628 |  |  |  | 2297628 |
| &nbsp;&nbsp;&nbsp; Retirement  |  |  | 3965795 |  | 3965795 |
| &nbsp;&nbsp;&nbsp; Death or Disability  |  |  | 3851038 |  | 3851038 |
| Christopher L. Dods |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Termination in Connection with a <br> Change in Control<sup>(1)</sup>  | 2163750 | 49413 | 1074254(4) | 20000 | 3307417 |
| &nbsp;&nbsp;&nbsp; Termination without Cause or for <br> Good Reason  | 1081875 |  |  |  | 1081875 |
| &nbsp;&nbsp;&nbsp; Retirement  |  |  | 317242 |  | 317242 |
| &nbsp;&nbsp;&nbsp; Death or Disability  |  |  | 481801 |  | 481801 |
| Alan H. Arizumi |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Termination in Connection with a <br> Change in Control<sup>(1)</sup>  | 1942536 | 16357 | 1015551(4) | 20000 | 2994444 |
| &nbsp;&nbsp;&nbsp; Termination without Cause or for <br> Good Reason  | 971268 |  |  |  | 971268 |
| &nbsp;&nbsp;&nbsp; Retirement  |  |  | 563177 |  | 563177 |
| &nbsp;&nbsp;&nbsp; Death or Disability  |  |  | 547708 |  | 547708 |
| Lance A. Mizumoto |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Termination in Connection with a <br> Change in Control<sup>(1)</sup>  | 1677374 | 36136 | 1200236(4) | 20000 | 2933746 |
| &nbsp;&nbsp;&nbsp; Termination without Cause or for <br> Good Reason  | 838687 |  |  |  | 838687 |
| &nbsp;&nbsp;&nbsp; Retirement  |  |  | 665595 |  | 665595 |
| &nbsp;&nbsp;&nbsp; Death or Disability  |  |  | 647311 |  | 647311 |
| Ralph M. Mesick |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Termination in Connection with a <br> Change in Control<sup>(1)</sup>  | 2249478 | 36136 | 1846522(4) | 20000 | 4152136 |
| &nbsp;&nbsp;&nbsp; Termination without Cause or for <br> Good Reason  | 1124739 |  |  |  | 1124739 |
| &nbsp;&nbsp;&nbsp; Retirement  |  |  | 1023990 |  | 1023990 |
| &nbsp;&nbsp;&nbsp; Death or Disability  |  |  | 995848 |  | 995848 |
| Ravi Mallela<sup>(5)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Resignation  |  |  |  |  |  |

---

(1) The severance amount included here assumes that there has been a "Change in Control" of the Company (as defined in the Executive Severance Plan) on December 31, 2022, the NEO has experienced a "CIC Qualifying Termination"

---

| | |
|:---|:---|
| **72**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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(as defined in the Executive Severance Plan), and the NEO agrees to be bound by, and complies with, the applicable restrictive covenants for twelve (12) months following termination.

(2) For purposes of calculating the severance amount in accordance with the terms of the Severance Plan, includes the largest annual base salary during the preceding three fiscal years and the average of the actual paid bonus amounts under the Bonus Plan for each of the preceding two fiscal years.

(3) Represents accelerated vesting of otherwise unvested performance share units and performance shares granted under the LTIP and accelerated vesting of otherwise unvested restricted stock units and restricted share awards granted under the Omnibus Plan.

(4) The amounts included assume maximum performance for all unearned performance share units or performance shares, which, upon a termination of employment without cause or for good reason (each as defined in the Omnibus Plan) during the two-year period following a change in control, are deemed earned at the greater of target and actual performance as of the date of a change in control with respect to all open performance periods, and represent earned performance under the 2020-2022 LTIP Awards, the performance conditions of which were satisfied by the NEOs as of December 31, 2022. Assuming target performance for all unearned performance share units or performance shares (other than the 2020-2022 LTIP Awards) and earned performance for the 2020-2022 LTIP Awards, the amount to be received by each NEO upon a termination of employment without cause or for good reason during the two-year period following a change in control in respect of stock awards would be: for Mr. Harrison, $4,935,439, for Mr. Dods, $592,436, for Mr. Arizumi, $658,283, for Mr. Mizumoto, $798,985, and for Mr. Mesick, $1,276,871.

(5) Mr. Mallela resigned from his position with First Hawaiian effective January 7, 2022. Accordingly, the amounts reported for Mr. Mallela reflect the amounts actually received in connection with his resignation. In connection with his resignation, Mr. Mallela did not receive any severance and forfeited his outstanding unvested equity awards.

### Pay Ratio Disclosure
The following table sets forth the ratio of the annual total compensation of our Chief Executive Officer, Robert S. Harrison, to the annual total compensation of the median employee.

---

| | |
|:---|:---|
|  | **2022 Annual Total <br> Compensation <br> ($)**  |
| Mr. Harrison, our Chief Executive <br> Officer | $4551135 |
| Our median employee | $55984 |
| **Pay ratio estimate**  | **81:1**  |

---

In identifying our median employee, we examined our active employee population (including full-time, part-time and peak employees), excluding our Chief Executive Officer, as of December 31, 2022, the last day of our fiscal year. Our median employee was determined by reviewing payroll records for

our employee population, as reported to the IRS on Form W2. We did not make any fulltime equivalent adjustments to part-time and peak-time employees.

The pay ratio identified above is a reasonable estimate calculated in a manner consistent with SEC rules based on our employment and payroll records. The SEC rules governing pay ratio disclosures allow companies to apply numerous methodologies, exclusions and reasonable assumptions, adjustments and estimates to reflect their compensation practices. Thus, pay ratios that are reported by other companies, including our peers, may not be directly comparable to ours because other companies may have different employment and compensation practices, and may utilize different assumptions, methodologies, exclusions and estimates in calculating the pay ratio.

### Pay Versus Performance Disclosure
In accordance with rules adopted by the Securities and Exchange Commission pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we provide the following disclosure regarding executive compensation for our CEO and Non-CEO NEOs and Company performance for the fiscal years listed below. The Compensation Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown. More information on the Company's compensation program and decisions for the 2022 performance year can be found in the "*Compensation Discussion and Analysis"* included in this Proxy Statement.

---

| | |
|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **73**  |

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EXECUTIVE COMPENSATION

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Summary Compensation Table Total for CEO<sup>(1)</sup> ($)  | Compensation Actually Paid to CEO<sup>(1)(2)</sup> ($)  | Average Summary Compensation Table Total for Non-CEO NEOs<sup>(1)</sup> ($)  | Average Compensation Actually Paid to Non-CEO NEOs<sup>(1)(2)</sup> ($)  | Value of Initial Fixed $100 Investment based on:<sup>(3)</sup>  | Value of Initial Fixed $100 Investment based on:<sup>(3)</sup>  | Net Income ($ Millions)<sup>(4)</sup>  | Core Return on Average Tangible Stockholders' Equity (%)<sup>(5)</sup>  |
| Year  | Summary Compensation Table Total for CEO<sup>(1)</sup> ($)  | Compensation Actually Paid to CEO<sup>(1)(2)</sup> ($)  | Average Summary Compensation Table Total for Non-CEO NEOs<sup>(1)</sup> ($)  | Average Compensation Actually Paid to Non-CEO NEOs<sup>(1)(2)</sup> ($)  | TSR ($)  | Peer Group TSR ($)  | Net Income ($ Millions)<sup>(4)</sup>  | Core Return on Average Tangible Stockholders' Equity (%)<sup>(5)</sup>  |
| (a) | (b)  | (c)  | (d)  | (e)  | (f)  | (g)  | (h)  | (i)  |
| 2022  | 4551135 | 5768293 | 1272234 | 1029347 | 102.79 | 116.10 | 266 | 20.2 |
| 2021  | 4427813 | 4769225 | 1354207 | 1430129 | 103.73 | 124.74 | 266 | 16.3 |
| 2020  | 5651505 | 2819314 | 1181879 | 922849 | 86.21 | 91.29 | 186 | 11.1 |

---

(1) Robert S. Harrison was our CEO for each year presented. The individuals comprising the Non-CEO NEOs for each year presented are listed below.

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| | | |
|:---|:---|:---|
| 2020  | 2021  | 2022  |
| Alan H. Arizumi  | Alan H. Arizumi  | Alan H. Arizumi  |
| Ravi Mallela  | Ravi Mallela  | Christopher L. Dods  |
| Ralph M. Mesick  | Ralph M. Mesick  | Ravi Mallela  |
| Lance A. Mizumoto  | Lance A. Mizumoto  | Ralph M. Mesick  |
|  | Mitchell E. Nishimoto  | Lance A. Mizumoto  |

---

(2) Compensation Actually Paid reflects the Summary Compensation Table Total with certain exclusions and inclusions of certain amounts for the CEO and the Non-CEO NEOs in accordance with Item 402(v) of Regulation S-K as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column reflect the aggregate grant date fair value of all equity awards reported in the Stock Awards column set forth in the Summary Compensation Table. Amounts in the Exclusion of Change in Pension Value column reflect the amounts attributable to the Change in Pension Value reported in the Summary Compensation Table. Amounts in the Inclusion of Pension Service Cost are based on the service cost for services rendered during the listed year.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Year  | Summary Compensation Table Total for CEO ($)  | Exclusion of Change in Pension Value for CEO ($)  | Exclusion of Stock Awards for CEO ($)  | Inclusion of Pension Service Cost for CEO ($)  | Inclusion of Equity Values for CEO ($)  | Compensation Actually Paid to CEO ($)  |
| 2022 | 4551135 |  | (1999986) |  | 3217144 | 5768293 |
| 2021 | 4427813 |  | (1999976) |  | 2341388 | 4769225 |
| 2020 | 5651505 | (1874412) | (1999984) |  | 1042205 | 2819314 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Year  | Average Summary Compensation Table Total for Non-CEO NEOs ($)  | Average Exclusion of Change in Pension Value for Non-CEO NEOs ($)  | Average Exclusion of Stock Awards for Non-CEO NEOs ($)  | Average Inclusion of Pension Service Cost for Non-CEO NEOs ($)  | Average Inclusion of Equity Values for Non-CEO NEOs ($)  | Average Compensation Actually Paid to Non-CEO NEOs ($)  |
| 2022 | 1272234 |  | (349988) |  | 107101 | 1029347 |
| 2021 | 1354207 |  | (391985) |  | 467907 | 1430129 |
| 2020 | 1181879 |  | (442488) |  | 183458 | 922849 |

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74 FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT

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EXECUTIVE COMPENSATION

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Year  | Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for CEO ($)  | Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for CEO ($)  | Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for CEO ($)  | Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for CEO ($)  | Total – Inclusion of Equity Values for CEO ($)  |
| 2022 | 2316288 | 737481 | 163375 |  | 3217144 |
| 2021 | 1846760 | 360544 | 134084 |  | 2341388 |
| 2020 | 1947850 | (627344) | (278301) |  | 1042205 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Year  | Average Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for Non-CEO NEOs ($)  | Average Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for Non-CEO NEOs ($)  | Average Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for Non-CEO NEOs ($)  | Average Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for Non-CEO NEOs ($)  | Total – Average Inclusion of Equity Values for Non-CEO NEOs ($)  |
| 2022 | 405340 | 103608 | 16590 | (418437) | 107101 |
| 2021 | 389490 | 66030 | 41829 | (29442) | 467907 |
| 2020 | 430942 | (177191) | (70293) |  | 183458 |

---

(3) The Peer Group TSR set forth in this table utilizes the KBW Regional Banking Index ("KRX"), which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended December 31, 2022. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the KRX, respectively. Historical stock performance is not necessarily indicative of future stock performance.

(4) The dollar amounts reported represent the amount of net income reflected in the Company's audited financial statements for the applicable year. Result is rounded to the nearest million dollars.

(5) We determined Core Return on Average Tangible Stockholders' Equity to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our CEO and Non-CEO NEOs in 2022, as required pursuant to Item 402(v) of Regulation S-K. This performance measure may not have been the most important financial performance measure for years 2021 and 2020 and we may determine a different financial performance measure to be the most important financial performance measure in future years. Core Return on Average Tangible Stockholders' Equity is a non-GAAP financial measure. We compute our Core Return on Average Tangible Stockholders' Equity as the ratio of core net income to average tangible stockholders' equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total common equity. Please see Annex A for further explanation and a reconciliation.

FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT 75

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EXECUTIVE COMPENSATION

### Description of Relationship Between CEO and Non-CEO NEO Compensation Actually Paid and Company Total Shareholder Return ("TSR")
The following chart sets forth the relationship between Compensation Actually Paid to our CEO, the average of Compensation Actually Paid to our Non-CEO NEOs, and the Company's cumulative TSR over the three most recently completed fiscal years.

![[MISSING IMAGE: bc_tsr-pn.jpg]](bc_tsr-pn.jpg)

### Description of Relationship Between CEO and Non-CEO NEO Compensation Actually Paid and Net Income
The following chart sets forth the relationship between Compensation Actually Paid to our CEO, the average of Compensation Actually Paid to our Non-CEO NEOs, and our net income during the three most recently completed fiscal years.

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| | |
|:---|:---|
| **76**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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EXECUTIVE COMPENSATION

![[MISSING IMAGE: bc_netincome-pn.jpg]](bc_netincome-pn.jpg)

### Description of Relationship Between CEO and Non-CEO NEO Compensation Actually Paid and Core Return on Average Tangible Stockholders' Equity
The following chart sets forth the relationship between Compensation Actually Paid to our CEO, the average of Compensation Actually Paid to our Non-CEO NEOs, and our Core Return on Average Tangible Stockholders' Equity during the three most recently completed fiscal years. Core Return on Average Tangible Stockholders' Equity is a non-GAAP financial measure. Please see Annex A for further explanation and a reconciliation.

![[MISSING IMAGE: bc_corereturn-pn.jpg]](bc_corereturn-pn.jpg)

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| | |
|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **77**  |

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EXECUTIVE COMPENSATION

### Description of Relationship Between Company TSR and Peer Group TSR
The following chart compares our cumulative TSR over the three most recently completed fiscal years to that of the KBW Regional Banking Index over the same period.

![[MISSING IMAGE: lc_banking-pn.jpg]](lc_banking-pn.jpg)

### Tabular List of Most Important Financial Performance Measures
The following table presents the financial performance measures that the Company considers to have been the most important in linking Compensation Actually Paid to our CEO and other NEOs for 2022 to Company performance. The measures in this table are not ranked.

Core Return on Average Tangible Stockholders' Equity

Core Return on Average Tangible Assets

Core Net Income

Efficiency Ratio

Total Shareholder Return

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| | |
|:---|:---|
| **78**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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AUDIT MATTERS

### PROPOSAL 3 —RATIFICATION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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| | |
|:---|:---|
| **Ratification of the Appointment of Deloitte & Touche LLP**  | &nbsp;&nbsp;&nbsp; **<u>Proposal</u>** <br> • We are asking stockholders to ratify the Audit Committee's appointment of Deloitte & Touche LLP as our independent registered public accountants for the year ending December 31, 2023. <br>***The Board of Directors unanimously recommends that you vote "FOR" the ratification of the appointment of Deloitte & Touche LLP to serve as our independent registered public accounting firm for fiscal year 2023.*** |

---

Deloitte & Touche LLP, independent registered public accounting firm, served as the independent registered public accounting firm for the Company for the fiscal year ended December 31, 2022, and the Audit Committee has appointed Deloitte & Touche LLP as auditors for the Company for the fiscal year ending December 31, 2023. The Board and the Audit Committee recommend that stockholders ratify the appointment of Deloitte & Touche LLP as independent auditors for the Company for the fiscal year ending December 31, 2023. The Company's organizational documents do

not require that stockholders ratify the selection of Deloitte & Touche LLP as the Company's independent registered public accounting firm. However, the Board believes such ratification is a matter of good corporate practice. If stockholders do not ratify the appointment, the Audit Committee will reconsider its selection but may still retain Deloitte & Touche LLP. One or more representatives of Deloitte & Touche LLP are expected to be present at the Annual Meeting and afforded an opportunity to make a statement, if they desire to do so, and to be available to respond to questions from stockholders.

Required Vote

Ratification of the appointment of Deloitte & Touche LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2023 requires the affirmative

vote of a majority of the shares of common stock represented at the Annual Meeting, in person or by proxy, and entitled to vote thereon. Abstentions will have the effect of voting against this proposal.

 **The Board of Directors and the Audit Committee unanimously recommend that you vote <br> FOR the ratification of the appointment of Deloitte & Touche LLP to serve as the Company's independent registered public accounting firm for fiscal year 2023.** 

<br> ---

| | |
|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **79**  |

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AUDIT MATTERS

AUDIT COMMITTEE REPORT

The Audit Committee of the Board, which consists entirely of directors who meet the independence requirements of applicable SEC regulations and the NASDAQ listing standards for audit committee members, has furnished the following report:

#### Report of the Audit Committee
The Company's management is responsible for the Company's internal controls and financial reporting process. The Company's independent registered public accounting firm is responsible for performing an independent audit of the Company's consolidated financial statements and issuing an opinion on the conformity of those financial statements with accounting principles generally accepted in the U.S. ("GAAP"). The Audit Committee oversees the Company's internal controls and financial reporting process on behalf of the Board of Directors and in accordance with the Audit Committee Charter.

In this context, the Audit Committee has met and held discussions with management and the independent registered public accounting firm. Management represented to the Audit Committee that the Company's consolidated financial statements were prepared in accordance with GAAP and the Audit Committee has reviewed and discussed the consolidated financial statements with management and the independent registered public accounting firm. The Audit Committee discussed with the independent registered public accounting firm the matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board and the Securities and Exchange Commission.

In addition, the Audit Committee has received the written disclosures and the letter from the independent registered public accounting firm required by the applicable requirements of the Public Company Accounting Oversight Board regarding the independent registered public accounting firm's communications with the Audit

Committee concerning independence and has discussed with the independent registered public accounting firm the firm's independence from the Company and its management. In concluding that the registered public accounting firm is independent, the Audit Committee considered, among other factors, whether the non-audit services provided by the firm were compatible with its independence.

The Audit Committee discussed with the Company's independent registered public accounting firm the overall scope and plans for their audit. The Audit Committee meets with the independent registered public accounting firm, with and without management present, to discuss the results of their examination, their evaluation of the Company's internal controls, and the overall quality of the Company's financial reporting.

In performing all of these functions, the Audit Committee acts only in an oversight capacity. In its oversight role, the Audit Committee relies on the work and assurances of the Company's management, which has the primary responsibility for financial statements and reports, and of the independent registered public accounting firm who, in its report, expresses an opinion on the conformity of the Company's financial statements to GAAP. The Audit Committee's oversight does not provide it with an independent basis to determine that management has maintained appropriate accounting and financial reporting principles or policies, or appropriate internal controls and procedures designed to assure compliance with accounting standards and applicable laws and regulations. Furthermore, the Audit Committee's considerations and discussions with management and the independent registered public accounting firm do not assure that the Company's financial statements are presented in accordance with GAAP, that the audit of the Company's financial statements has been carried out in accordance with auditing standards generally accepted in the U.S. or that the Company's independent registered public accounting firm is "independent."

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|:---|:---|
| **80**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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AUDIT MATTERS

In reliance on the reviews and discussions referred to above, the Audit Committee recommended to the Board of Directors, and the Board has approved, that the audited consolidated financial statements be included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31,

2022 for filing with the SEC. The Audit Committee also has approved, subject to stockholder ratification, the selection of the Company's independent registered public accounting firm for the fiscal year ending December 31, 2023.

Audit Committee Members

W. Allen Doane (Chair) Michael K. Fujimoto Faye W. Kurren C. Scott Wo

### PRINCIPAL ACCOUNTANT FEES
The following table presents fees for professional audit services rendered by Deloitte & Touche LLP for the audit of the Company's annual consolidated financial statements at and for the fiscal years ended December 31, 2022 and 2021 and fees billed for other services rendered by Deloitte & Touche LLP during those periods.

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| | | |
|:---|:---|:---|
|  | **2022**  | **2021**  |
| Audit Fees<sup>(1)</sup> | $2273000 | $2084000 |
| Audit Related Fees |  |  |
| Tax Fees |  |  |
| All Other Fees |  |  |
| **Total**  | $**2273000** | $**2084000** |

---

(1) Consists of fees for professional services rendered for the audit of our consolidated financial statements, including the audit of internal controls over financial reporting, and reviews of our quarterly financial statements, including registration statements and offerings, or for services provided in connection with statutory and regulatory filings.

### PREAPPROVAL POLICIES AND PROCEDURES
The Audit Committee Charter requires the preapproval of all fees and services to be provided by the Company's independent auditors. These services may include audit services, audit-related services, tax services and other services. The Audit

Committee has sole authority, without action by the Board, for the review and approval of such services and fees. In 2022 and 2021, all such fees and services were preapproved by the Audit Committee in accordance with these procedures.

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| | |
|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **81**  |

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BIOGRAPHIES OF EXECUTIVE OFFICERS

A brief biography of each person who serves as an executive officer of First Hawaiian at March 16, 2023, other than Mr. Harrison, is set forth below. For information about Mr. Harrison, please see his biography in the "Corporate Governance and Board Matters―Director Nominees" section on page 18 of this proxy statement.

---

| | | |
|:---|:---|:---|
| **![[MISSING IMAGE: ph_aarizumi-4c.jpg]](ph_aarizumi-4c.jpg) <br> Vice Chairman, <br> Wealth <br> Management <br> Group**  | **Alan H. Arizumi**  | **Age 63**  |
| **![[MISSING IMAGE: ph_aarizumi-4c.jpg]](ph_aarizumi-4c.jpg) <br> Vice Chairman, <br> Wealth <br> Management <br> Group**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **BACKGROUND** <br> **FIRST HAWAIIAN, INC. AND FIRST HAWAIIAN BANK** <br> &nbsp;&nbsp;&nbsp;&nbsp; • As Vice Chairman, Wealth Management Group (2013 to present) <br>&nbsp;&nbsp;&nbsp;&nbsp; • Responsible for overseeing all areas of the Wealth Management Group, which include: <br>– <br>Personal Trust <br>– <br>Private Banking <br>– <br>Wealth Advisory <br>– <br>Institutional Advisory Services <br>– <br>Investment Services <br>– <br>Wealth Management Service Center <br>– <br>Trust Compliance <br>– <br>Bishop Street Capital Management Corporation <br>&nbsp;&nbsp;&nbsp;&nbsp; • Serves on the Bank's Senior Management Committee (December 2009 to present) <br>&nbsp;&nbsp;&nbsp;&nbsp; • Oversaw Consumer Banking Group (2014 to 2017) <br>&nbsp;&nbsp;&nbsp;&nbsp; • Chairman and Chief Executive Officer of Bishop Street Capital Management Corporation, a subsidiary of the Bank (2013 to 2017) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; • Executive Vice President of the Bank's Business, Dealer and Card Services Group (2010 to 2013) <br>&nbsp;&nbsp;&nbsp;&nbsp; • Executive Vice President and Chief Risk Officer of the Bank's Risk Management Group (2009 to 2010) <br>**OTHER ENGAGEMENTS** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Member of the Board and Treasurer, Hawaii Community Foundation <br>&nbsp;&nbsp;&nbsp;&nbsp; • Member of the Board, Hawaii Youth Symphony <br>&nbsp;&nbsp;&nbsp;&nbsp; • Member of the Board, Kuakini Medical Center <br>&nbsp;&nbsp;&nbsp;&nbsp; • Member of the McKinley High School Foundation. <br>&nbsp;&nbsp;&nbsp;&nbsp; • Member of the Board, KCAA Preschools of Hawaii <br>&nbsp;&nbsp;&nbsp;&nbsp; • Special Advisor to the Oahu Economic Development Board <br>**EDUCATION** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Bachelor's degree in Business Administration, University of Hawaii <br>&nbsp;&nbsp;&nbsp;&nbsp; • Graduate of the Pacific Coast Banking School <br>|

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| | |
|:---|:---|
| **82**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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BIOGRAPHIES OF EXECUTIVE OFFICERS

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| | | |
|:---|:---|:---|
| **![[MISSING IMAGE: ph_neillchar-4c.jpg]](ph_neillchar-4c.jpg) <br> Vice Chairman, <br> Retail Banking <br> Group**  | **Neill A. Char**  | **Age 51**  |
| **![[MISSING IMAGE: ph_neillchar-4c.jpg]](ph_neillchar-4c.jpg) <br> Vice Chairman, <br> Retail Banking <br> Group**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **BACKGROUND** <br> **FIRST HAWAIIAN, INC. AND FIRST HAWAIIAN BANK** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Vice Chairman, Retail Banking Group <br>&nbsp;&nbsp;&nbsp;&nbsp; • Responsible for all areas of the Retail Banking Group, including: <br>– <br>Branch network in Hawaii, Guam and Saipan <br>– <br>Middle market commercial banking and real estate in Hawaii, Guam and Saipan <br>– <br>Commercial Income Property Division <br>&nbsp;&nbsp;&nbsp;&nbsp; • Serves as a member of the Bank's Senior Management Committee <br>&nbsp;&nbsp;&nbsp;&nbsp; • Served in executive leadership positions in the areas of Commercial Banking, Private Banking and the Wealth Advisory Division of the Wealth Management Group (2009-2020) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OTHER ENGAGEMENTS** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Director and 2nd Vice Chair for the Hawaii Foodbank <br>&nbsp;&nbsp;&nbsp;&nbsp; • Director of the Rehabilitation Hospital of the Pacific <br>&nbsp;&nbsp;&nbsp;&nbsp; • Director of the Oahu Economic Development Board <br>&nbsp;&nbsp;&nbsp;&nbsp; • Board Member and Treasurer of the Jean Charlot Foundation <br>**EDUCATION** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Bachelor's degree in Finance, University of Hawaii at Manoa <br>&nbsp;&nbsp;&nbsp;&nbsp; • Honors Graduate; Pacific Coast Banking School <br>&nbsp;&nbsp;&nbsp;&nbsp; • Chartered Retirement Planning Counselor <br>&nbsp;&nbsp;&nbsp;&nbsp; • Life Insurance license (State of Hawaii) <br>|

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| | | |
|:---|:---|:---|
| **![[MISSING IMAGE: ph_chrisdods-4c.jpg]](ph_chrisdods-4c.jpg) <br> Vice Chairman <br> and Chief <br> Operating <br> Officer, Digital <br> Banking and <br> Marketing <br> Group**  | **Christopher L. Dods**  | **Age 48**  |
| **![[MISSING IMAGE: ph_chrisdods-4c.jpg]](ph_chrisdods-4c.jpg) <br> Vice Chairman <br> and Chief <br> Operating <br> Officer, Digital <br> Banking and <br> Marketing <br> Group**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **BACKGROUND** <br> **FIRST HAWAIIAN, INC. AND FIRST HAWAIIAN BANK** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Vice Chairman and Chief Operating Officer (2021 to Present) <br>&nbsp;&nbsp;&nbsp;&nbsp; • Serves as a member of the Bank's Senior Management Committee <br>&nbsp;&nbsp;&nbsp;&nbsp; • Executive Vice President and Digital Banking & Marketing Group Manager (2020-2021) <br>&nbsp;&nbsp;&nbsp;&nbsp; • Executive Vice President and Consumer Banking & Marketing Group Manager (2017-2020) <br>&nbsp;&nbsp;&nbsp;&nbsp; • Executive Vice President and Marketing Communications Division Manager (2014-2017) <br>&nbsp;&nbsp;&nbsp;&nbsp; • Senior Vice President and Card Services Division Manager (2012-2014) <br>&nbsp;&nbsp;&nbsp;&nbsp; • Joined the Bank in 2007 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OTHER ENGAGEMENTS** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Member of the Board of Trustees, Mid Pacific Institute <br>&nbsp;&nbsp;&nbsp;&nbsp; • Member of the Advisory Board of First Insurance Hawaii <br>**EDUCATION** <br> &nbsp;&nbsp;&nbsp;&nbsp; • M.B.A., University of California – Davis, Graduate School of Management <br>&nbsp;&nbsp;&nbsp;&nbsp; • Bachelor of Arts, Trinity College – Hartford, Connecticut <br>&nbsp;&nbsp;&nbsp;&nbsp; • Graduate of the Pacific Coast Banking School <br>|

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|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **83**  |

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BIOGRAPHIES OF EXECUTIVE OFFICERS

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| | | |
|:---|:---|:---|
| **![[MISSING IMAGE: ph_rmesick-4c.jpg]](ph_rmesick-4c.jpg) <br> Vice Chairman <br> and Chief Risk Officer**  | **Ralph M. Mesick**  | **Age 63**  |
| **![[MISSING IMAGE: ph_rmesick-4c.jpg]](ph_rmesick-4c.jpg) <br> Vice Chairman <br> and Chief Risk Officer**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **BACKGROUND** <br> **FIRST HAWAIIAN, INC. AND FIRST HAWAIIAN BANK** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Vice Chairman and Chief Risk Officer (2019 to present); appointed Vice Chairman in 2019; served as Interim Chief Financial Officer from January 2022 to January 2023 <br>&nbsp;&nbsp;&nbsp;&nbsp; • Responsible for the design, implementation and oversight of the Company's risk management strategy and framework (July 2016 to present) <br>&nbsp;&nbsp;&nbsp;&nbsp; • Serves as a member of the Bank's Senior Management Committee <br>&nbsp;&nbsp;&nbsp;&nbsp; • Executive Vice President and Manager of the Commercial Real Estate Division (2012-2016) <br>&nbsp;&nbsp;&nbsp;&nbsp; • Joined the Bank in 2012 <br>**BANK OF HAWAII** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Executive Vice President, responsible for managing various business lines and functions (1986 to 2012) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OTHER ENGAGEMENTS** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Member of the Board of Directors, Kapiolani Health Foundation <br>&nbsp;&nbsp;&nbsp;&nbsp; • Member of the Board of Directors, HomeAid Hawaii <br>&nbsp;&nbsp;&nbsp;&nbsp; • Member of the Finance Council, Roman Catholic Diocese of Honolulu <br>**EDUCATION** <br> &nbsp;&nbsp;&nbsp;&nbsp; • M.B.A. with a concentration in Banking, Finance and Investments, University of Wisconsin – Madison, graduating Beta Gamma Sigma <br>&nbsp;&nbsp;&nbsp;&nbsp; • Bachelor of Business Administration, University of Hawaii at Manoa <br>&nbsp;&nbsp;&nbsp;&nbsp; • Completed Advanced Risk Management Program, Wharton School at the University of Pennsylvania <br>|

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| | | |
|:---|:---|:---|
| **![[MISSING IMAGE: ph_lmizumoto-4c.jpg]](ph_lmizumoto-4c.jpg) <br> Vice Chairman and Chief <br> Lending Officer**  | **Lance A. Mizumoto**  | **Age 64**  |
| **![[MISSING IMAGE: ph_lmizumoto-4c.jpg]](ph_lmizumoto-4c.jpg) <br> Vice Chairman and Chief <br> Lending Officer**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **BACKGROUND** <br> **FIRST HAWAIIAN, INC. AND FIRST HAWAIIAN BANK** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Vice Chairman and Chief Lending Officer, Wholesale Banking Group (January 2019 to present) <br>&nbsp;&nbsp;&nbsp;&nbsp; • Responsible for all areas of the Wholesale Banking Group, including: <br>– <br>Corporate Banking Division <br>– <br>Trade Finance Division <br>– <br>Commercial Real Estate Division <br>– <br>Business Services Division <br>– <br>Hawaii Dealer Division <br>– <br>Western Region Dealer Center <br>– <br>First Hawaiian Leasing, Inc. <br>&nbsp;&nbsp;&nbsp;&nbsp; • Chief Lending Officer, Commercial Banking Group (July 2017 to January 2019) <br>&nbsp;&nbsp;&nbsp;&nbsp; • Serves as a member of the Bank's Senior Management Committee <br>&nbsp;&nbsp;&nbsp;&nbsp; • Served in various management roles (1996 to 2005) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CENTRAL PACIFIC BANK** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Vice Chairman, Chief Operating Officer and Chief Risk Officer (September to November 2016) <br>&nbsp;&nbsp;&nbsp;&nbsp; • President and Chief Banking Officer (June 2014 to August 2016) <br>&nbsp;&nbsp;&nbsp;&nbsp; • Executive Vice President of the Commercial Markets Group (July 2010 to June 2014) <br>&nbsp;&nbsp;&nbsp;&nbsp; • Executive Vice President and Commercial Banking Division Manager (November 2005 to June 2010) <br>**OTHER ENGAGEMENTS** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Member of the Board of Regents, Chaminade University <br>**EDUCATION** <br> &nbsp;&nbsp;&nbsp;&nbsp; • M.B.A., Chaminade University <br>&nbsp;&nbsp;&nbsp;&nbsp; • Bachelor's degree in Marketing and Management, University of Hawaii at Manoa <br>|

---

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| | |
|:---|:---|
| **84**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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[**TABLE OF CONTENTS**](#TOC2)

BIOGRAPHIES OF EXECUTIVE OFFICERS

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| | | |
|:---|:---|:---|
| **![[MISSING IMAGE: ph_jamesmoses-4c.jpg]](ph_jamesmoses-4c.jpg) <br> Vice Chairman and Chief <br> Financial Officer**  | **James M. Moses**  | **Age 46**  |
| **![[MISSING IMAGE: ph_jamesmoses-4c.jpg]](ph_jamesmoses-4c.jpg) <br> Vice Chairman and Chief <br> Financial Officer**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **BACKGROUND** <br> **FIRST HAWAIIAN, INC. AND FIRST HAWAIIAN BANK** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Vice Chairman and Chief Financial Officer, Finance Group (January 2023 to present) <br>**FIRST BANK, St. Louis, Missouri** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Executive Vice President and Chief Financial Officer (March 2021-September 2022) <br>**BERKSHIRE HILLS BANCORP, INC. <br> BERKSHIRE BANK, Boston, Massachusetts** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Executive Vice President and Chief Financial Officer (July 2016-March 2021) <br>**WEBSTER BANK, Waterbury, Connecticut <br> Senior Vice President—Manager, Asset Liability Management** <br> &nbsp;&nbsp;&nbsp;&nbsp; • Managed all aspects of asset liability management (2011-2016) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EDUCATION** <br> &nbsp;&nbsp;&nbsp;&nbsp; • M.B.A., Managerial Finance Immersion, Cornell University, Johnson Graduate School of Management <br>&nbsp;&nbsp;&nbsp;&nbsp; • Bachelor of Science degree in Finance, St. Bonaventure University, St. Bonaventure, New York <br>|

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| | |
|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **85**  |

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[**TABLE OF CONTENTS**](#TOC2)

STOCK OWNERSHIP

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS, DIRECTORS AND MANAGEMENT

The following table sets forth information, based on data provided to us or filed with the Securities and Exchange Commission (the "SEC"), with respect to beneficial ownership of shares of our common stock as of March 3, 2023 for (i) all persons known by us to own beneficially more than 5% of our outstanding common stock, (ii) each of our NEOs, (iii) each of our directors and (iv) all of our directors and executive officers as a group. Beneficial ownership is determined in accordance with the rules of the SEC. These rules generally attribute beneficial ownership

of securities to persons who possess sole or shared voting power or investment power with respect to such securities. Except as otherwise indicated, all persons listed below have sole voting and investment power with respect to the shares beneficially owned by them, subject to applicable community property laws. Except as otherwise indicated, the address for each stockholder listed below is c/o First Hawaiian, Inc., 999 Bishop Street, Honolulu, Hawaii 96813.

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| | | |
|:---|:---|:---|
| | **Number of Shares <br> Beneficially <br> Owned<sup>(1)</sup>**  | **Percent of <br> Class**  |
| **Name and Address of Beneficial Owner** <br>**Greater than 5% Stockholders**  |  |  |
| BlackRock, Inc. | 16993951(2) | 13.3% |
| The Vanguard Group | 14663275(3) | 11.5 |
| Kayne Anderson Rudnick Investment Management LLC | 13405192(4) | 10.5 |
| American Century Investment Management, Inc. | 8655051(5) | 6.8 |
| Manulife Financial Corporation | 7446587(6) | 5.8 |
| **Directors and Named Executive Officers**  |  |  |
| Robert S. Harrison | 264755(7) | \* |
| W. Allen Doane | 58269(8) | \* |
| Michael K. Fujimoto | 5781(8) | \* |
| Faye W. Kurren | 18554(8) | \* |
| James S. Moffatt | 4372(8) | \* |
| Mark M. Mugiishi | 1092(8) | \* |
| Kelly A. Thompson | 4372(8) | \* |
| Allen B. Uyeda | 22269(8) | \* |
| Vanessa L. Washington | 9774(8) | \* |
| C. Scott Wo | 63326(8) | \* |
| Alan H. Arizumi | 50972<sup>(7</sup>) | \* |
| Christopher L. Dods  | 36826<sup>(7</sup>)(9) | \* |
| Ralph M. Mesick  | 49428<sup>(7</sup>) | \* |
| Lance A. Mizumoto  | 29938<sup>(7</sup>) | \* |
| James M. Moses |  | \* |
| Ravi Mallela | 22623 | \* |
| Directors and executive officers as a group (16 persons) | 656188(7)(9) | \* |

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\*

Less than 1%.

(1) Based on 127,522,262 shares of First Hawaiian common stock outstanding as of March 3, 2023.

(2) Based solely upon information contained in the Amendment No. 4 to Schedule 13G filed by BlackRock, Inc. with the SEC on January 26, 2023, wherein BlackRock, Inc. reported sole voting power as to 16,668,175 shares of common stock and sole dispositive power as to 16,993,951 shares of common stock. The address of BlackRock, Inc. is 55 East 52nd Street, New York, NY 10055.

(3) Based solely upon information contained in the Amendment No. 5 to Schedule 13G filed by The Vanguard Group with the SEC on February 9, 2023, wherein The Vanguard Group reported shared voting power as to 42,935 shares of

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| | |
|:---|:---|
| **86**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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[**TABLE OF CONTENTS**](#TOC2)

STOCK OWNERSHIP

common stock, sole dispositive power as to 14,491,914 shares of common stock and shared dispositive power as to 171,361 shares of common stock. The principal business address of The Vanguard Group is 100 Vanguard Blvd., Malvern, PA 19355.

(4) Based solely upon information contained in the Amendment No. 3 to Schedule 13G filed by Kayne Anderson Rudnick Investment Management LLC ("Kayne Anderson") with the SEC on February 14, 2023, wherein Kayne Anderson reported sole voting power as to 8,666,552 shares of common stock, sole dispositive power as to 10,178,120 shares of common stock and shared voting power and shared dispositive power as to 3,227,072 shares of common stock. The principal business address of Kayne Anderson is 2000 Avenue of the Stars, Suite 1110, Los Angeles, CA 90067.

(5) Based solely upon information contained in the Schedule 13G filed by American Century Investment Management, Inc., American Century Companies, Inc. and Stowers Institute for Medical Research (collectively, the "American Century Entities") with the SEC on February 8, 2023, wherein each of the American Century Entities reported sole voting power as to 7,825,682 shares of common stock and sole dispositive power as to 8,655,051 shares of common stock. The principal business address of the American Century Entities is 4500 Main Street, 9th Floor, Kansas City, Missouri 64111.

(6) Based solely upon information contained in the Amendment No. 1 to Schedule 13G filed by Manulife Financial Corporation ("MFC") and MFC's indirect, wholly owned subsidiaries, Manulife Investment Management Limited ("MIML") and Manulife Investment Management (US) LLC ("MIMUS"), with the SEC on February 14, 2023, wherein MFC reported no shares of common stock beneficially owned, MIML reported sole voting and sole dispositive power as to 3,953 shares of common stock and MIMUS reported sole voting power and sole dispositive power as to 7,442,634 shares of common stock. The principal business address of MFC and MIML is 200 Bloor Street East, Toronto, Ontario, Canada, M4W IE5, and the principal business address of MIMUS is 197 Clarendon Street, Boston, MA 02116.

(7) For Messrs. Harrison, Arizumi, Dods, Mesick and Mizumoto and for all directors and executive officers as a group, the amounts shown include 6,161, 999 (including 131 shares deemed to be beneficially owned by Mr. Arizumi's wife), 735, 1,578, 1,026 and 11,098 shares, respectively, underlying restricted stock unit awards that vested on February 12, 2023 (February 24, 2023 in the case of Mr. Harrison), which shares must be delivered to the award recipients within 30 days of the vesting date. Such amounts are reported net of shares such individuals elected to have withheld to satisfy tax obligations. For Messrs. Harrison, Arizumi, Dods, Mesick and Mizumoto and for all directors and executive officers as a group, the amounts shown include 6,323, 990 (including 121 shares deemed to be beneficially owned by Mr. Arizumi's wife), 2,054, 1,580, 1,027 and 12,771 shares, respectively, underlying restricted stock unit awards that vested on February 23, 2023, which shares must be delivered to the award recipients within 30 days of the vesting date. Such amounts are reported net of shares such individuals elected to have withheld to satisfy tax obligations. For Messrs. Harrison, Arizumi, Dods, Mesick and Mizumoto and for all directors and executive officers as a group, the amounts shown include 8,699, 1,196, 888, 2,174, 1,413 and 14,873 restricted shares, respectively, awarded on February 26, 2020, all of which restricted shares vested on February 26, 2023 and must be delivered to the award recipients within 30 days of the vesting date. Such amounts are reported net of shares such individuals elected to have withheld to satisfy tax obligations. For Mr. Arizumi and for all directors and executive officers as a group, in addition to the shares noted above, such amounts include 4,373 shares owned by Mr. Arizumi's wife. Mr. Arizumi disclaims beneficial ownership of shares owned by his wife.

(8) Amounts shown include 2,500 shares of common stock deemed to be beneficially owned by each of Directors Doane, Kurren, Moffatt, Thompson, Uyeda, Washington and Wo, 1,431 shares of common stock deemed to be beneficially owned by Director Fujimoto and 1,092 shares deemed to be beneficially owned by Director Mugiishi, which shares underlie restricted stock units that will vest on the earlier of (a) April 20, 2023 (October 13, 2023 in the case of Director Fujimoto and December 6, 2023 in the case of Director Mugiishi), (b) the date of First Hawaiian, Inc.'s 2023 annual meeting of stockholders and (c) a change in control of First Hawaiian, Inc., subject to continued service on the Board through the vesting date, and will settle in shares of common stock on a one-for-one basis within 30 days of vesting. For a discussion of these awards, see "*Corporate Governance and Board Matters—Board of Directors, Committees and Governance—2022 Director Compensation*."

(9) For Mr. Dods and for all directors and executive officers as a group, the amounts shown include 1,419 and 2,147 shares, respectively, deemed to be beneficially owned underlying restricted stock unit awards that vest within 60 days following March 3, 2023, subject to continued employment through the vesting date.

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| | |
|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **87**  |

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[**TABLE OF CONTENTS**](#TOC2)

STOCK OWNERSHIP

Delinquent Section 16(a) Reports

Section 16(a) of the Exchange Act requires our directors and executive officers and persons who own more than 10% of the Company's common stock to file with the SEC reports concerning their ownership of, and transactions in, such common stock. The reports are published on our website at http://ir.fhb.com/corporate-governance/highlights.

Based on a review of these reports filed by the Company's officers, directors and stockholders, and on written representations from certain reporting persons, the Company believes that its officers, directors and stockholders complied with all filing requirements under Section 16(a) of the Exchange Act during fiscal year 2022.

Business Relationships and Related Party Transactions Policy

We or one of our subsidiaries may occasionally enter into transactions with certain "related persons." Related persons include our executive officers, directors, nominees for director, 5% or more beneficial owners of our common stock, immediate family members of these persons and entities in which one of these persons has a direct or indirect material interest. We generally refer to transactions with these related persons as "related party transactions."

#### Related Party Transactions Policy
Our Board has adopted a written policy governing the review and approval of transactions with related parties that will or may be expected to exceed $120,000 in any fiscal year. The policy calls for the related party transactions to be reviewed and, if deemed appropriate, approved or ratified by our Audit Committee. Upon determination by our Audit Committee that a transaction requires review under the policy, the material facts are required to be presented to the Audit Committee. In determining whether or not to approve a related party transaction, our Audit Committee will take into account, among other relevant factors, whether the related party transaction is in our best interests, whether it involves a conflict of interest and the commercial reasonableness of the transaction. In the event that we become aware of a related party transaction that was not approved under the policy before it was entered into, our Audit Committee will review such transaction as promptly as reasonably practical and will take such course of action as may be deemed appropriate under the circumstances. In the event a member of our

Audit Committee is not disinterested with respect to the related party transaction under review, that member may not participate in the review, approval or ratification of that related party transaction.

Certain decisions and transactions are not subject to the related party transaction approval policy, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • decisions on compensation or benefits relating to directors or executive officers, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • indebtedness to us in the ordinary course of business, on substantially the same terms, including interest rate and collateral, as those prevailing at the time for comparable loans with persons not related to us and not presenting more than the normal risk of collectability or other unfavorable features.

#### Other Related Party Transactions
In the ordinary course of our business, we have engaged, and expect to continue engaging, through the Bank in ordinary banking transactions with our directors, executive officers, their immediate family members and companies in which they may have a 5% or more beneficial ownership interest, including loans to such persons. All such loans were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time such loan was made as loans made to persons who were not related to us. These loans do not involve more than the normal credit collection risk and do not present any other unfavorable features.

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| | |
|:---|:---|
| **88**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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[**TABLE OF CONTENTS**](#TOC2)

FREQUENTLY ASKED QUESTIONS ABOUT

THE ANNUAL MEETING AND VOTING

#### Why am I receiving these materials?
We are providing these proxy materials to you in connection with the solicitation, by the Board of Directors of First Hawaiian, Inc., of proxies to be voted at the Annual Meeting. You are receiving this Proxy Statement because you were a First Hawaiian, Inc. stockholder as of the close of business on March 3, 2023, the record date for the Annual Meeting.

This Proxy Statement provides notice of the Annual Meeting, describes the proposals presented for stockholder action and includes information required to be disclosed to stockholders.

#### When and where is the Annual Meeting?
The Annual Meeting will be held:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **![[MISSING IMAGE: tm212424d3_icon-whenko.gif]](tm212424d3_icon-whenko.gif) <br> When <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **![[MISSING IMAGE: tm212424d3_icon-whereko.gif]](tm212424d3_icon-whereko.gif) <br> Where <br>**  |
|  Wednesday, April 26, 2023 <br> 8:00 a.m., Hawaii Standard Time  | *Virtually via webcast.* To join the Annual Meeting, visit https://web.lumiagm.com/224987645 password fh2023 (case sensitive), access available beginning at 7:30 a.m. local time in Honolulu, Hawaii on April 26, 2023. There will not be a physical meeting in Hawaii or anywhere else. |

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**What matters will be submitted to stockholders at the Annual Meeting, and what are the Board's recommendations as to how I should vote on each proposal?** 

At the Annual Meeting, you will be asked to vote on each of the following matters:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Proposal**  | **Proposal**  | **Board Voting <br> Recommendation**  | **Board Voting <br> Recommendation**  | **See <br> Page**  |
| 1.  | The election to our Board of Directors of the nine nominees named in the attached Proxy Statement to serve until the 2024 Annual Meeting of Stockholders  | ![[MISSING IMAGE: tm212424d3_icon-boardforpn.jpg]](tm212424d3_icon-boardforpn.jpg)  | **FOR** each <br> director nominee  | [15](#tP1EO)  |
| 2.  | An advisory vote on the compensation of our named executive officers as disclosed in the attached Proxy Statement  | ![[MISSING IMAGE: tm212424d3_icon-boardforpn.jpg]](tm212424d3_icon-boardforpn.jpg)  | **FOR**  | [38](#tP2AV)  |
| 3.  | The ratification of the appointment of Deloitte & Touche LLP to serve as the independent registered public accounting firm for the fiscal year ending December 31, 2023  | ![[MISSING IMAGE: tm212424d3_icon-boardforpn.jpg]](tm212424d3_icon-boardforpn.jpg)  | **FOR**  | [79](#tP3RO)  |

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|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **89**  |

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[**TABLE OF CONTENTS**](#TOC2)

FREQUENTLY ASKED QUESTIONS ABOUT THE ANNUAL MEETING AND VOTING

#### Will any other matters be voted on?
First Hawaiian is not aware of any business other than the items referred to in the Notice of Annual Meeting that will be considered at the Annual Meeting. If any matters other than those referred to in the Notice of Annual Meeting properly come before the Annual Meeting, the individuals named in the accompanying proxy card will vote the proxies held by them in accordance with their best judgment.

#### Who may vote at the Annual Meeting?
Only record holders of our common stock as of the close of business on March 3, 2023 (the "Record Date"), will be entitled to vote at the Annual Meeting. On the Record Date, the Company had outstanding 127,522,262 shares of common stock. Each outstanding share of common stock entitles the holder to one vote on each matter to be voted upon at the Annual Meeting.

#### How can I attend the virtual Annual Meeting?
The Annual Meeting will be conducted online via live webcast. Stockholders of record as of March 3, 2023 will be able to participate in the Annual Meeting. To join the Annual Meeting, visit https://web.lumiagm.com/224987645, access available beginning at 7:30 a.m. local time in Honolulu, Hawaii on April 26, 2023. Enter your voter control number found on your Important Notice Regarding the Availability of Proxy Materials, on your proxy card or on the instructions that accompanied your proxy materials, along with the password of fh2023 (case sensitive). Once admitted to the meeting platform, you may submit questions and/or vote during the Annual Meeting by following the instructions that will be available on the meeting

website. Help and technical support for accessing and participating in the virtual meeting is available at https://go.lumiglobal.com/faq.

If you are a stockholder holding your shares in "street name" as of the close of business on March 3, 2023, you may gain access to the meeting by following the instructions in the voting instruction card provided by your broker, bank or other nominee.

The Annual Meeting will begin promptly at 8:00 a.m., Hawaii Standard Time, on Wednesday, April 26, 2023. You may log into the meeting platform beginning at 7:30 a.m., local time in Honolulu, Hawaii, on April 26, 2023.

If you wish to submit a question for the Annual Meeting, you may type it into the dialogue box provided on the virtual meeting platform at any point during the virtual meeting (until the floor is closed to questions).

#### What can I do if I need technical assistance during the Annual Meeting?
Help and technical support for accessing and participating in the virtual meeting is available at https://go.lumiglobal.com/faq. Technical support will be provided one hour prior to the meeting and will be staffed one hour prior to the start of the Annual Meeting until the conclusion of the Annual Meeting.

#### If I cannot participate in the live Annual Meeting webcast, can I still vote?
You may vote your shares before the meeting by telephone, by internet or by mail by following the instructions in your proxy card or voting instruction form. See "How do I submit by vote" below for further information.

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| | |
|:---|:---|
| **90**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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[**TABLE OF CONTENTS**](#TOC2)

FREQUENTLY ASKED QUESTIONS ABOUT THE ANNUAL MEETING AND VOTING

#### How are votes counted, and what is the required vote for each proposal?

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Proposal**  | **Proposal**  | **Vote Required**  | **Effect of <br> Abstentions**  | **Broker <br> Discretionary <br> Voting Allowed**  | **Effect of <br> Broker <br> Non-Votes**  |
| 1.  | **Election of Directors**  | Majority of the votes cast <br> FOR or AGAINST (for each director nominee)  | No effect―not counted as a "vote cast"  | No  | No effect  |
| 2.  | **Advisory Approval of the Compensation of Our Named Executive Officers**  | Majority of the shares <br> present in person or represented by proxy  | Treated as a vote AGAINST the proposal  | No  | No effect  |
| 3.  | **Ratification of the Appointment of Deloitte & Touche LLP**  | Majority of the shares <br> present in person or represented by proxy Majority of the shares present in person or represented by proxy  | Treated as a vote AGAINST the proposal  | Yes  | Not applicable  |

---

As of March 3, 2023, the Record Date, there were 127,522,262 shares of our common stock outstanding, each of which entitles the holder to one vote for each matter to be voted upon at our Annual Meeting.

Shares of capital stock of the Company (i) belonging to the Company or (ii) held by another corporation if the Company owns, directly or indirectly, a sufficient number of shares entitled to elect a majority of the directors of such other corporation, are not counted in determining the total number of outstanding shares and will not be voted.

Notwithstanding the foregoing, shares held by the Company in a fiduciary capacity are counted in determining the total number of outstanding shares at any given time and may be voted.

PROPOSAL 1―ELECTION OF DIRECTORS

The affirmative vote of a majority of the votes cast is required for the election of directors in an uncontested election, such as the election of directors at the 2023 Annual Meeting. This means that the number of votes cast "FOR" a director nominee must exceed the number of votes cast "AGAINST" that nominee. Abstentions and broker non-votes are not counted as votes "for" or "against" a director nominee. Any nominee who does not receive a majority of votes cast "for" his or her election would be required to tender his or her resignation promptly following the failure to receive the required vote. Within 90 days of the certification of the stockholder vote, the Corporate Governance and Nominating Committee would then be required to make a recommendation to the Board

as to whether the Board should accept the resignation, and the Board would be required to decide whether to accept the resignation and disclose its decision-making process. In a contested election, the required vote would be a plurality of votes cast. Full details of this policy are set forth in our Corporate Governance Guidelines, which can be found on the investor relations section of our website located at http://www.fhb.com.

PROPOSAL 2―ADVISORY VOTE ON THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS

The affirmative vote of a majority of the shares present in person or represented by proxy and entitled to vote on Proposal 2 is required for the approval, on an advisory basis, of the compensation of our named executive officers as disclosed in this Proxy Statement. The results of the vote on the proposal are not binding on the Board of Directors. Abstentions will have the effect of voting against this proposal. Broker non-votes will have no effect on the outcome of this proposal.

PROPOSAL 3―RATIFICATION OF THE APPOINTMENT OF DELOITTE & TOUCHE LLP

The affirmative vote of a majority of the shares present in person or represented by proxy and entitled to vote on Proposal 3 is required for the ratification of the appointment of our independent registered public accounting firm. Abstentions will have the effect of voting against this proposal.

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| | |
|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **91**  |

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[**TABLE OF CONTENTS**](#TOC2)

FREQUENTLY ASKED QUESTIONS ABOUT THE ANNUAL MEETING AND VOTING

#### How do I submit my vote?
STOCKHOLDERS OF RECORD

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| | | |
|:---|:---|:---|
| ![[MISSING IMAGE: tm212424d3_icon-phonepn.jpg]](tm212424d3_icon-phonepn.jpg)  | ![[MISSING IMAGE: tm212424d3_icon-internetpn.jpg]](tm212424d3_icon-internetpn.jpg)  | ![[MISSING IMAGE: tm212424d3_icon-mailpn.jpg]](tm212424d3_icon-mailpn.jpg)  |
| **BY TELEPHONE**  | **BY INTERNET**  | **BY MAIL**  |
| Call toll-free **1-800-PROXIES <br> (1-800-776-9437)** in the United States or **1-718-921-8500** from foreign countries | Prior to the Annual Meeting, visit the website listed on your proxy card/voting instruction form to vote via the Internet. <br> During the Annual Meeting, visit our Annual Meeting website at https://web.lumiagm.com/224987645 password fh2023 (case sensitive)  | Complete, sign and date the proxy card and mail it in the enclosed postage-paid envelope |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Have your proxy card available and follow the instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Proxy cards submitted by mail must be received by us by April 25, 2023.

BENEFICIAL OWNERS

If you hold your shares through a broker, bank or other nominee, that institution will instruct you as to how your shares may be voted by proxy, including whether telephone or Internet voting options are available.

#### What constitutes a quorum?
The Annual Meeting will be held only if a quorum is present. A quorum will be present if the holders of a majority of the shares of common stock outstanding on the Record Date and entitled to vote on a matter at the Annual Meeting are represented, in person or by proxy, at the Annual Meeting. Shares represented by properly completed proxy cards either marked "abstain" or "withhold," or returned without voting instructions, are counted as present and entitled to vote for the purpose of determining whether a quorum is present at the Annual Meeting. If shares are held by brokers who are prohibited from exercising discretionary authority for beneficial owners who have not given voting instructions ("broker non-votes"), those shares will be counted as represented at the Annual Meeting for the purpose of determining whether a quorum is present at the Annual Meeting.

#### Can I change or revoke my vote after I return my proxy card?
Yes. If you are a stockholder of record, you may change your vote by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • voting at the Annual Meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • returning a later-dated proxy card;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • entering a new vote by telephone or on the Internet; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • delivering written notice of revocation to the Company's Secretary by mail at 999 Bishop Street, Honolulu, Hawaii 96813.

#### Who will count the votes?
A representative of our Transfer Agent, American Stock Transfer & Trust Company LLC, will act as inspector of election at the Annual Meeting and will count the votes.

#### Will my vote be kept confidential?
Yes. As a matter of policy, stockholder proxies, ballots and tabulations that identify individual stockholders are kept secret and are available only to the Company and its inspectors, who are required to acknowledge their obligation to keep your votes confidential.

#### Who pays to prepare, mail and solicit the proxies?
The Company pays all of the costs of preparing, mailing and soliciting proxies in connection with this Proxy Statement. In addition to soliciting proxies through the mail by means of this Proxy Statement, we may solicit proxies through our directors, officers and employees in person and by telephone, facsimile or email. The Company asks brokers, banks, voting trustees and other nominees and fiduciaries to forward proxy materials to the

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|:---|:---|
| **92**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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FREQUENTLY ASKED QUESTIONS ABOUT THE ANNUAL MEETING AND VOTING

beneficial owners and to obtain authority to execute proxies. The Company will reimburse the brokers, banks, voting trustees and other nominees and fiduciaries upon request. In addition to solicitation by mail, telephone, facsimile, email or personal contact by its directors, officers and employees, the Company has retained the services of D.F. King & Co., Inc., 48 Wall Street, New York, NY 10005 to solicit proxies for a fee of $9,500, plus expenses.

#### How will my shares be voted if I sign, date and return my proxy card?
If you sign, date and return your proxy card and indicate how you would like your shares voted, your shares will be voted as you have instructed.

If you sign, date and return your proxy card but do not indicate how you would like your shares voted, your proxy will be voted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "**FOR**" the election of each of the nine nominees named in this Proxy Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "**FOR**" the resolution approving the compensation of the Company's named executive officers as disclosed in this Proxy Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "**FOR**" the ratification of the appointment of Deloitte & Touche LLP as the Company's independent registered public accounting firm for fiscal year 2023.

With respect to any other business that may properly come before the Annual Meeting that is submitted to a vote of the stockholders, including whether or not to adjourn the Annual Meeting, your shares will be voted in accordance with the best judgment of the persons voting the proxies.

#### How will broker non-votes be treated?
A broker non-vote occurs when a broker who holds its customer's shares in street name submits

proxies for such shares but indicates that it does not have authority to vote on a particular matter.

Generally, this occurs when brokers have not received any instructions from their customers. In these cases, the brokers, as the holders of record, are permitted to vote on "routine" matters only, but not on other matters. Shares for which brokers have not received instructions from their customers will only be permitted to vote on the following proposal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The ratification of the appointment of Deloitte & Touche LLP as the Company's independent registered public accounting firm for fiscal year 2023.

Shares for which brokers have not received instructions from their customers will not be permitted to vote on the following proposals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To elect the nine nominees named in this Proxy Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • To approve, on advisory basis, the compensation of our named executive officers as disclosed in this Proxy Statement.

### YOUR VOTE IS IMPORTANT
Because many stockholders cannot personally attend the Annual Meeting, it is necessary that a large number be represented by proxy in order to satisfy that a quorum be present to conduct business at the Annual Meeting. Whether or not you plan to attend the meeting in person, prompt voting will be appreciated. Stockholders of record can vote their shares via the Internet or by using a toll-free telephone number. Instructions for using these convenient services are provided on the proxy card.

Of course, you may still vote your shares on the proxy card. To do so, we ask that you complete, sign, date and return the enclosed proxy card promptly in the postage-paid envelope.

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|:---|
| **Important Notice Regarding the Availability of Proxy Materials for the<br>Annual Meeting of Stockholders to Be Held on Wednesday, April 26, 2023**  |
| This Proxy Statement, our 2022 Annual Report to Stockholders and our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 are available free of charge on our website at http://proxy.fhb.com.  |

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|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **93**  |

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OTHER BUSINESS

As of the date of this Proxy Statement, management of the Company has no knowledge of any matters to be presented for consideration at the Annual Meeting other than those referred to above. If any

other matters properly come before the Annual Meeting, the persons named in the accompanying proxy card intend to vote each proxy, to the extent entitled, in accordance with their best judgment.

STOCKHOLDER PROPOSALS FOR THE 2024 ANNUAL MEETING

Stockholders who, in accordance with the SEC's Rule 14a-8, wish to present proposals for inclusion in the proxy materials to be distributed by us in connection with our 2024 Annual Meeting of Stockholders must submit their proposals by certified mail, return receipt requested, and must be received by the Company's Secretary at our principal offices in Honolulu, Hawaii on or before November 17, 2023, to be eligible for inclusion in our proxy statement and proxy card relating to that meeting. In the event that we hold our 2024 Annual Meeting of Stockholders more than 30 days before or after the one-year anniversary date of the Annual Meeting, we will disclose the new deadline by which stockholders' proposals must be received in our earliest possible Quarterly Report on Form 10-Q or, if impracticable, by any means reasonably calculated to inform stockholders. As the rules of the SEC make clear, simply submitting a proposal does not guarantee its inclusion.

In accordance with the Company's Bylaws, proposals of stockholders intended to be presented at the 2024 Annual Meeting of Stockholders (other than director nominations) must be received by the Company's Secretary no later than January 27, 2024, nor earlier than December 28, 2023, provided that if the 2024 Annual Meeting is held more than 30 days before, or 60 days after, April 26, 2024, such notice must be given by the later of the close of business on the date 90 days prior to the meeting date or the tenth day following the date the meeting date is first publicly announced or disclosed. Furthermore, in order for any stockholder to properly propose any business for consideration at the 2024 Annual Meeting, including the nomination of any person for election as a director, or any other matter raised other than pursuant to Rule 14a-8 of the proxy rules adopted under the Exchange Act, written notice of the stockholder's intention to make such proposal must be furnished to the Company in accordance with, and including such information required by, the Company's Bylaws.

The Corporate Governance and Nominating Committee considers nominees recommended by stockholders as candidates for election to the Board using the same criteria as candidates selected by the Corporate Governance and Nominating Committee discussed in the section entitled "*Proposal 1—Election of Directors*." A stockholder wishing to nominate a candidate for election to the Board at an annual meeting is required to give written notice to the Company's Secretary of his or her intention to make a nomination in accordance with the requirements contained in the Company's Bylaws. Pursuant to the Company's Bylaws, notice of director nominations to be presented at the 2024 Annual Meeting of Stockholders must be received by the Company's Secretary no later than January 27, 2024, nor earlier than December 28, 2023, provided that if the 2024 Annual Meeting of Stockholders is held more than 30 days before, or 60 days after, April 26, 2024, such notice must be given by the later of the close of business on the date 90 days prior to the meeting date or the tenth day following the date the meeting date is first publicly announced or disclosed. If the number of directors to be elected to the Board is increased and either all of the nominees for director or the size of the increased Board is not publicly announced or disclosed by the Company at least 100 days prior to the first anniversary of the preceding year's annual meeting, notice of any stockholder nominees to serve as directors for any newly created positions resulting from the increased size may be delivered to the Company's Secretary no later than the close of business on the tenth day following the first date all of such nominees or the size of the increased Board shall have been publicly announced or disclosed.

In addition, Section 1.13 of the Company's Bylaws (the "Proxy Access Bylaw") provides a right of proxy access, which enables stockholders, under specified conditions, to include their nominees for election as directors in the Company's proxy materials. Under

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| **94**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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OTHER BUSINESS

the Bylaws, any stockholder, or a group of up to twenty stockholders, owning at least three percent of the Company's outstanding shares of common stock continuously for at least three years is eligible to nominate and include in the Company's annual meeting proxy materials director nominees constituting the greater of two directors or twenty percent of the total number of directors of the Company, provided that the stockholder(s) and nominee(s) satisfy the requirements specified in the Proxy Access Bylaw. Stockholders seeking to have one or more nominees included in the Company's proxy statement for its 2024 annual meeting of stockholders must deliver the notice required by the Company's Proxy Access Bylaw. To be timely, the notice must be received at the Company's principal executive offices no later than January 27, 2024, nor earlier than December 28, 2023, provided that if the 2024 Annual Meeting of Stockholders is held more than 30 days before, or 60 days after, April 26, 2024, such notice must be given by the later of the close of business on the date 90 days prior to the

meeting date or the tenth day following the date the meeting date is first publicly announced or disclosed.

In addition to satisfying the foregoing requirements under the Company's Bylaws, to comply with the universal proxy rules (once effective), stockholders who intend to solicit proxies in support of director nominees other than the Company's nominees must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than February 26, 2024.

A copy of the Company's Bylaws is available upon request to:

First Hawaiian, Inc.

c/o the Secretary

999 Bishop Street

Honolulu, Hawaii 96813

and can also be found under the Investor Relations section of our website at

ir.fhb.com/corporate-governance/highlights.

DISTRIBUTION OF CERTAIN DOCUMENTS

This Proxy Statement, our 2022 Annual Report to Stockholders and our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 are available at http://proxy.fhb.com.

We are required to file annual, quarterly and current reports, proxy statements and other reports with the SEC. Copies of these filings are available

through our website at ir.fhb.com or the SEC's website at www.sec.gov.

This Proxy Statement includes several website addresses. These website addresses are intended to provide inactive, textual references only. The information on these websites is not part of this Proxy Statement.

STATEMENT REGARDING THE DELIVERY OF A SINGLE SET OF PROXY MATERIALS TO HOUSEHOLDS WITH MULTIPLE STOCKHOLDERS

To reduce the expense of delivering duplicate proxy materials to our stockholders, we are relying on SEC rules that permit us to deliver only one proxy statement to multiple stockholders who share an address unless we receive contrary instructions from any stockholder at that address. This practice, known as "householding," reduces duplicate mailings, saves printing and postage costs as well as natural resources and will not affect dividend check mailings. If you wish to receive a separate copy

of this Proxy Statement, our 2022 Annual Report to Stockholders and our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, or if you wish to receive separate copies of future annual reports or proxy statements, you may write to: First Hawaiian, Inc., c/o the Secretary, 999 Bishop Street, Honolulu, Hawaii 96813. Stockholders sharing an address who now receive multiple copies of the proxy materials may request delivery of a single copy by writing to us at the above address.

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| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **95**  |

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OTHER BUSINESS

We will furnish copies of our SEC filings (without exhibits), including this Proxy Statement and our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as well as the 2022 Annual Report, without charge to any stockholder upon written request or verbal request to our Company's Secretary at:

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| ![[MISSING IMAGE: tm212424d3_icon-mailpn.jpg]](tm212424d3_icon-mailpn.jpg)  | First Hawaiian, Inc. <br> Attention: Secretary <br> 999 Bishop Street <br> Honolulu, Hawaii 96813  |

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By Order of the Board of Directors,

![[MISSING IMAGE: sg_joelrappaport-k.jpg]](sg_joelrappaport-k.jpg)

**Joel E. Rappoport**

Executive Vice President, General Counsel

and Secretary

Honolulu, Hawaii

March 16, 2023

A copy of the Company's 2022 Annual Report and our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 as filed with the SEC are being furnished together with this Proxy Statement. Neither

the Company's 2022 Annual Report nor its Annual Report on Form 10-K for the fiscal year ended December 31, 2022 forms any part of the material for the solicitation of proxies.

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|:---|:---|
| **96**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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ANNEX A

#### Non-GAAP Reconciliation NON-GAAP FINANCIAL MEASURES

### Overview
In addition to reporting our financial information in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, we believe that certain non-GAAP measures provide investors with meaningful insights into the Company's ongoing business performance. In this Proxy Statement, we present return on average tangible stockholders' equity, which is a non-GAAP financial measure. Please see "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2022 for an explanation and reconciliation.

In addition, certain metrics presented in the "Executive Compensation" section of this Proxy Statement are presented on an adjusted, or "core" basis. These include core net income and core return on average tangible stockholders' equity. We also refer to core return on average tangible assets in this Proxy Statement, which is the ratio of core net income to average tangible assets. These metrics are non-GAAP financial measures. Additional detail and reconciliations of the measures presented on a "core" basis are set out below. Further information as to the manner that the Company uses these measures to evaluate compensation is included in "Executive Compensation" in this Proxy Statement.

### Core Net Income and Reconciliation
Core net income excludes from net income, the corresponding GAAP measure, the impact of certain items that we do not believe are representative of our financial results. The table below presents a reconciliation of Core Net Income to net income:

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| | | | |
|:---|:---|:---|:---|
| | **For the Fiscal Years Ended <br> December 31,**  | **For the Fiscal Years Ended <br> December 31,**  | **For the Fiscal Years Ended <br> December 31,**  |
|  | **2022**  | **2021**  | **2020**  |
|  | **($ in thousands)**  | **($ in thousands)**  | **($ in thousands)**  |
| **Net income**  | $265685 | $265735 | $185754 |
| (Gains) losses on sale of securities |  | (102) | 114 |
| Costs associated with the sale of stock (Visa)<sup>(1)</sup> | 1500 | 6014 | 4828 |
| Loss on litigation |  | 2100 |  |
| One-time noninterest expense items<sup>(2)</sup> | 1251 | 10134 |  |
| Tax adjustments<sup>(3)</sup> | (734) | (4652) | (1318) |
| **Total core adjustments**  | 2017 | 13494 | 3624 |
| **Core net income**  | $267702 | $279229 | $189378 |

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(1) Costs associated with the sale of stock related to changes in the valuation of the funding swap entered into with the buyer of our Visa Class B restricted shares in 2016.

(2) One-time items for the year ended December 31, 2022 consisted of a one-time employee bonus related to the core conversion and the loss on our funding swap as a result of a 2022 decrease in the conversion rate of our Visa Class B restricted shares sold in 2016. One-time items for the year ended December 31, 2021 consisted of fees related to the prepayment of $200.0 million of Federal Home Loan Bank advances. Additionally, one-time items for the year ended December 31, 2021 consisted of severance costs.

(3) Represents the adjustments to net income, tax effected at the Company's effective tax rate for the respective period.

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|:---|:---|
| **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT** | **A-1<br>**  |

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ANNEX A

### Core Return on Average Tangible Stockholders' Equity and Reconciliation
We compute our Core Return on Average Tangible Stockholders' Equity as the ratio of core net income to average tangible stockholders' equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total common equity. The table below presents a reconciliation to the most directly comparable GAAP financial measure:

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| | | | |
|:---|:---|:---|:---|
| | **For the Fiscal Years Ended <br> December 31,**  | **For the Fiscal Years Ended <br> December 31,**  | **For the Fiscal Years Ended <br> December 31,**  |
|  | **2022**  | **2021**  | **2020**  |
|  | **($ in thousands)**  | **($ in thousands)**  | **($ in thousands)**  |
| **Net income**  | $265685 | $265735 | $185754 |
| **Core net income**  | 267702 | 279229 | 189378 |
| Average total stockholders' equity | $2321606 | $2708370 | $2698853 |
| Less: average goodwill | 995492 | 995492 | 995492 |
| **Average tangible stockholders' equity**  | $1326114 | $1712878 | $1703361 |
| Return on average total stockholders' equity | 11.44% | 9.81% | 6.88% |
| Return on average tangible stockholders' equity | 20.03% | 15.51% | 10.91% |
| **Core return on average tangible stockholders' equity**  | 20.19% | 16.30% | 11.12% |

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| **A-2<br>**  | **FIRST HAWAIIAN, INC. 2023 PROXY STATEMENT**  |

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![[MISSING IMAGE: px_02page-bw.jpg]](px_02page-bw.jpg)

FIRST HAWAIIAN, INC. Proxy for Annual Meeting of Stockholders on April 26, 2023 Solicited on Behalf of the Board of Directors The undersigned hereby appoints Faye W. Kurren, Allen B. Uyeda and C. Scott Wo, and each of them, with full power of substitution and power to act alone, as proxies to vote all the shares of Common Stock which the undersigned would be entitled to vote if personally present and acting at the Annual Meeting of Stockholders of First Hawaiian, Inc., to be held on April 26, 2023 at 8:00 a.m. local time virtually at https://web.lumiagm.com/224987645 (password: fh2023), and at any adjournments or postponements thereof, and hereby revokes all previous proxies for said meeting, as follows: 1.1 (Continued and to be signed on the reverse side.) 14475

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![[MISSING IMAGE: px_01page-bw.jpg]](px_01page-bw.jpg)

ANNUAL MEETING OF STOCKHOLDERS OF FIRST HAWAIIAN, INC. April 26, 2023 8:00 a.m., Local Time GO GREEN e-Consent makes it easy to go paperless. With e-Consent, you can quickly access your proxy material, statements and other eligible documents online, while reducing costs, clutter and paper waste. Enroll today via www.astfinancial.com to enjoy online access. NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIAL: The Notice of Meeting, proxy statement, proxy card, Annual Report on Form 10-K and Annual Report to Stockholders are available at http://proxy.fhb.com Please sign, date and mail your proxy card in the envelope provided as soon as possible. Please detach along perforated line and mail in the envelope provided. 00003333333333301000 1 042623 THE BOARD OF DIRECTORS RECOMMENDS A VOTE "FOR" ALL THE NOMINEES LISTED AND "FOR" PROPOSALS 2 AND 3. PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE x 1. Election of Directors: NOMINEES: FOR AGAINST ABSTAIN 1a Michael K. Fujimoto In their discretion, the proxies are authorized to vote upon such other business as may 1b Robert S. Harrison properly come before the Annual Meeting. At the present time, the Board of Directors knows of no other business to be presented at the Annual Meeting. This proxy is 1c Faye W. Kurren revocable and, when properly executed, will be voted as directed herein by the undersigned stockholder. If no direction is made, this proxy will be voted FOR ALL NOMINEES in Proposal 1 and FOR Proposals 2 and 3. This proxy also confers 1d James S. Moffatt discretionary authority to vote (1) with respect to the election of any person as director where the nominee is unable to serve or for good cause will not serve and (2) on 1e Mark M. Mugiishi matters incident to the conduct of the Annual Meeting. 1f Kelly A. Thompson 1g Allen B. Uyeda 1h Vanessa L. Washington 1i C. Scott Wo 2. An advisory vote on the compensation of the Company's named executive officers as disclosed in the proxy statement. 3. Ratification of the appointment of Deloitte and Touche LLP to serve as the independent registered public accounting firm for the year ending December 31, 2023. MARK "X" HERE IF YOU PLAN TO ATTEND THE MEETING. To change the address on your account, please check the box at right and indicate your new address in the address space above. Please note that changes to the registered name(s) on the account may not be submitted via this method. Signature of Stockholder Date: Signature of Stockholder Date: Note: Please sign exactly as your name or names appear on this Proxy. When shares are held jointly, each holder should sign. When signing as executor, administrator, attorney, trustee or guardian, please give full title as such. If the signer is a corporation, please sign full corporate name by duly authorized officer, giving full title as such. If signer is a partnership, please sign in partnership name by authorized person.

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