Document:

Exhibit 10.6

 Exhibit 10.6 
 FIRST AMENDMENT TO 
 EMPLOYMENT AGREEMENT 

First Amendment, dated as of November 13, 2009 (the “Amendment”), to the Territorial Savings Bank
Employment Agreement, dated as of October 29, 2008 (the “Employment Agreement”), by and between Territorial Savings Bank, located at 1132 Bishop Street, 22nd Floor, Honolulu, Hawaii 96813 (the “Bank”), and Vernon Hirata (the “Executive”). Capitalized terms
which are not defined herein shall have the same meaning as set forth in the Employment Agreement. 
 W I T N E S S E T H:

 WHEREAS, the parties desire to amend the Employment Agreement to make certain changes; and 

WHEREAS, Section 12 of the Employment Agreement provides that the parties hereto may amend the Employment Agreement; 

NOW, THEREFORE, in consideration of the premises, the mutual agreements herein set forth and such other consideration the sufficiency of
which is hereby acknowledged, the Bank and the Executive hereby agree as follows: 
 1. New Section 5(e) of the Employment
Agreement. Section 5(e) of the Employment Agreement is hereby added to read in its entirety as follows: 

“(e) Financial Planning. Executive shall be entitled to use the services of a tax professional and a
personal financial planning professional (which may be the same person or entity for both services (the “Tax Service Professional”) of his choosing) and seek reimbursement by the Bank for the reasonable cost of such Tax Service
Professional actually incurred by the Executive. The services to be provided shall include (i) the preparation of all required federal, state and local personal income tax returns, (ii) advice with respect to federal, state and local
income tax treatment of cash and other forms of compensation paid to the Executive by the Bank and (iii) investment and retirement counseling and estate planning. Notwithstanding the foregoing, the annual cost to the Bank of such services shall
not exceed $5,000 (the “Annual Cost”). Reimbursement of the Annual Cost shall be paid promptly by the Bank and in any event no later than March 15 of the year immediately following the year in which the Annual Cost was incurred. The
Annual Cost shall be reviewed annually by the Compensation Committee of the Bank and, if increased, shall be reflected in an addendum hereto.” 
 2. Amendment to Section 6 of the Employment Agreement. The second sentence in Section 6 of the Plan is hereby amended and restated to read in its entirety as follows: 

“Commencing on February 1, 2010 and continuing on February 1st of each year thereafter (each an “Anniversary Date”), the
Board of Directors of the Bank may extend the Agreement an additional year such that the remaining term of the Agreement shall be thirty-six (36) months, unless Executive elects not to extend the term of this Agreement by giving written notice
in accordance with Section 15 of this Agreement.” 

 3. Effectiveness. This Amendment shall be deemed effective as of the date first above
written, as if executed on such date. Except as expressly set forth herein, this Amendment shall not by implication or otherwise alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained
in the Employment Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect and shall be otherwise unaffected. 
 4. Governing Law. This Amendment and the rights and obligations hereunder shall be governed by and construed in accordance with the laws of the State of Hawaii applicable to contracts entered into
and to be performed entirely within the State of Hawaii, except to the extent that federal law controls, 
 5.
Counterparts, This Amendment may be executed in two or more counterparts, each of which shall for all purposes be deemed an original, and all of which together shall constitute one and the same instrument. 

IN WITNESS WHEREOF, the Bank and the Executive have duly executed this First Amendment as of the day and year first above written

  

			
	TERRITORIAL SAVINGS BANK
		
	By:	 	/s/ Harold Ohama
	Name:	 	Harold Ohama
	Title:	 	Chairman of the Compensation Committee
	
	/s/ Vernon Hirata
	Vernon Hirata, Executive

  
 2Exhibit 10.9

 Exhibit 10.9 
 FIRST AMENDMENT TO 
 EMPLOYMENT AGREEMENT 

First Amendment, dated as of November 13, 2009 (the “Amendment”), to the Territorial Savings Bank
Employment Agreement, dated as of October 29, 2008 (the “Employment Agreement”), by and between Territorial Savings Bank, located at 1132 Bishop Street, 22nd Floor, Honolulu, Hawaii 96813 (the “Bank”), and Ralph Nakatsuka (the “Executive”). Capitalized
terms which are not defined herein shall have the same meaning as set forth in the Employment Agreement. 
 W I T H N E S S E T
H: 
 WHEREAS, the parties desire to amend the Employment Agreement to make certain changes; and 

WHEREAS, Section 12 of the Employment Agreement provides that the parties hereto may amend the Employment Agreement; 

NOW, THEREFORE, in consideration of the premises, the mutual agreements herein set forth and such other consideration the sufficiency of
which is hereby acknowledged, the Bank and the Executive hereby agree as follows: 
 1. New Section 5(e) of the Employment
Agreement. Section 5(e) of the Employment Agreement is hereby added to read in its entirety as follows: 

“(e) Financial Planning, Executive shall be entitled to use the services of a tax professional and a
personal financial planning professional (which may be the same person or entity for both services (the “Tax Service Professional”) of his choosing) and seek reimbursement by the Bank for the reasonable cost of such Tax Service
Professional actually incurred by the Executive. The services to be provided shall include (i) the preparation of all required federal, state and local personal income tax returns, (ii) advice with respect to federal, state and local
income tax treatment of cash and other forms of compensation paid to the Executive by the Bank and (iii) investment and retirement counseling and estate planning. Notwithstanding the foregoing, the annual cost to the Bank of such services shall
not exceed $5,000 (the “Annual Cost”). Reimbursement of the Annual Cost shall be paid promptly by the Bank and in any event no later than March 15 of the year immediately following the year in which the Annual Cost was incurred. The
Annual Cost shall be reviewed annually by the Compensation Committee of the Bank and, if increased, shall be reflected in an addendum hereto.” 
 2. Amendment to Section 6 of the Employment Agreement. The second sentence in Section 6 of the Plan is hereby amended and restated to read in its entirety as follows: 

“Commencing on February 1, 2010 and continuing on February 1st of each year thereafter (each an “Anniversary Date”), the
disinterested members of the Board of Directors of the Bank may extend the Agreement an additional year such that the remaining term of the Agreement shall be thirty-six (36) months, unless Executive elects not to extend the term of this
Agreement by giving written notice in accordance with Section 15 of this Agreement.” 

 3. Effectiveness. This Amendment shall be deemed effective as of the date first above
written, as if executed on such date, Except as expressly set forth herein, this Amendment shall not by implication or otherwise alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained
in the Employment Agreement, all of which are ratified and affirmed in all respects and shall continue in full force and effect and shall be otherwise unaffected. 
 4. Governing Law. This Amendment and the rights and obligations hereunder shall be governed by and construed in accordance with the laws of the State of Hawaii applicable to contracts entered into
and to be performed entirely within the State of Hawaii, except to the extent that federal law controls. 
 5.
Counterparts. This Amendment may be executed in two or more counterparts, each of which shall for all purposes be deemed an original, and all of which together shall constitute one and the same instrument. 

IN WITNESS WHEREOF, the Bank and the Executive have duly executed this First Amendment as of the day and year first above written

  

			
	TERRITORIAL SAVINGS BANK
		
	By:	 	/s/ Harold Ohama
	Name:	 	Harold Ohama
	Title:	 	Chairman of the Compensation Committee
	
	/s/ Ralph Nakatsuka
	Ralph Nakatsuka, Executive

  
 2Exhibit 10.19

 Exhibit 10.19 
 SECOND AMENDMENT 
 TERRITORIAL SAVINGS BANK 

EXECUTIVE INCENTIVE COMPENSATION PLAN 
 WHEREAS, Territorial Savings Bank (the “Bank”) maintains an annual cash bonus plan known as the Executive Incentive Compensation Plan (the “EICP”); and 

WHEREAS, at its joint meeting on December 29, 2009, the Compensation Committee (the “Committee”) of the Bank and
the Board of Directors (the “Board”) of the Bank reviewed the 2010 Market Analysis dated December 18, 2009 prepared by Amalfi Consulting, LLC and other materials and agreed to amend the EICP to increase the long term component to 44%,
effective for 2010 performance, which raises the total bonus opportunity to 100% of salary for the top three executive officers; and 
 WHEREAS, the Committee and the Board also wish to amend the EICP to add two new goals under the category of “Non-Financial Goals” for 2010, each weighted at 10.5%, for a total bonus
opportunity of 21% of base salary for this component of the EICP; and 
 WHEREAS, the EICP provides that the Committee
and the Board must approve any changes to the EICP, and the Committee and the Board have approved the changes to the EICP as set forth here at the joint meeting on December 29, 2009; 

NOW THEREFORE, the EICP is hereby amended as follows: 
 1. The following is added to the end of the Section entitled “Non-Financial Goals:” 
 Effective January 1, 2010, the following two non-financial goals shall apply for 2010 performance. Each goal is weighted at 10.5%, for a total bonus opportunity of 21% of base salary for the
non-financial goal component. 
 1. Completing the actions for 2010 as outlined in the August 2007 Interest Rate
Risk Reduction Plan. 
 2. Conducting the testing of controls by year-end 2010 as required by the Sarbanes-Oxley
Act. 
 2. The following is added to the end of the Section entitled, “Long Term Performance:” “Notwithstanding
the preceding, effective January 1, 2010, up to 44% of the executive’s award is based on the long term performance of the Bank.” 
 IN WITNESS WHEREOF, the Bank has adopted this Second Amendment. 
  

							
		 		 	TERRITORIAL SAVINGS BANK
				
	 	 		 	By:	 	 
	Date	 		 		 	Chairman of the Compensation Committee

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