Document:

Exhibit 10.21

 Exhibit 10.21 
 EMPLOYEE 
 RESTRICTED STOCK
AWARD 
 Granted by 
 TERRITORIAL BANCORP INC. 
 under the 

TERRITORIAL BANCORP INC. 
 2010 EQUITY INCENTIVE PLAN 
 This restricted stock agreement
(“Restricted Stock Award” or “Agreement”) is and shall be subject in every respect to the provisions of the 2010 Equity Incentive Plan (the “Plan”) of Territorial Bancorp Inc. (the
“Company”) which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement. A copy of the Plan has been provided to each person granted a Restricted Stock Award pursuant to the Plan.
The holder of this Restricted Stock Award (the “Participant”) hereby accepts this Restricted Stock Award, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and
interpretations of the Plan and this Agreement by the Committee appointed to administer the Plan (“Committee”) or the Board shall be final, binding and conclusive upon the Participant and the Participant’s heirs, legal
representatives, successors and permitted assigns. Except where the context otherwise requires, the term “Company” shall include the parent and all present and future subsidiaries of the Company as defined in Section 424(e) and 424(f)
of the Internal Revenue Code of 1986, as amended from time to time (the “Code”). Capitalized terms used herein but not defined shall have the same meaning as in the Plan. 

 

	1.	Name of Participant:
                                      
                                   

 

	2.	Date of Grant:
                                      
                                         
      

  

	3.	Total number of shares of Company common stock covered by the Restricted Stock Award:
                                         
        

 (subject to adjustment pursuant to Section 9 below).

  

	4.	Vesting Schedule. Except as otherwise provided in this Agreement, this Restricted Stock Award becomes earned in accordance with the vesting schedule set forth
below. 

  

	5.	Grant of Restricted Stock Award. 

 The Restricted Stock Award shall be in the form of issued and outstanding shares of Stock that shall be registered in the name of the Participant and held by the Company, together with a stock power
executed by the Participant in favor of the Company (if the Company so requests), pending the satisfaction of the conditions to which the Restricted Stock Award is subject. 

 The shares of common stock awarded under this Restricted Stock Award may be issued in
certificate form or in electronic form, in the discretion of the Company. If the shares are certificated, the Participant shall receive a certificate or certificates representing the shares of Restricted Stock that have been awarded to him. The
certificates evidencing the Restricted Stock Award shall bear a legend restricting the transferability of the Restricted Stock. The Restricted Stock awarded to the Participant shall not be sold, encumbered, hypothecated or otherwise transferred
except in accordance with the terms of the Agreement, until such Restricted Stock has vested. 
  

	6.	Voting and Dividends. 

The Participant shall have the right to vote the shares of Restricted Stock awarded hereunder. Any dividends or distributions declared and
paid with respect to shares of Stock subject to the Restricted Stock Award, other than a stock dividend consisting of shares of Stock, will be distributed to the Participant. 

 

	7.	Delivery of Shares and Share Holding Requirement. 

 Delivery of shares of Stock under this Restricted Stock Award shall be subject to the following: 
  

	 	(i)	Delivery of shares of Stock shall comply with all applicable laws (including, the requirements of the Securities Act), and the applicable requirements of any securities
exchange or similar entity. 

  

	 	(ii)	The issuance of shares of Stock pursuant to this Restricted Stock Award may be effected on a non-certificated basis, to the extent not prohibited by applicable law or
the applicable rules of any stock exchange. 

  

	 	(iii)	50% of the total number of vested Net Shares (as defined below) must be held by the Participant until termination of service with the Company or the Bank (which
includes performing any services for the Company or the Bank as a consultant). “Net Shares” means the number of shares left in the Award after the required number of shares have been sold to pay taxes owed on the Award (for example, if the
Award was for 100 shares and 50 shares are sold to pay taxes on the Award, such that the Participant is left with 50 Net Shares, 25 of those Net Shares would be subject to this holding requirement, such that the Participant may not sell those 25
shares until termination of service, which may be before Retirement). 

  

	8.	Change in Control. 

  

	 	(i)	In the event of a Change in Control, all Restricted Stock Awards held by the Participant shall become fully vested, whether or not the Participant has a Termination of
Service (other than for Cause). 

  
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	 	(ii)	A “Change in Control” shall be deemed to have occurred as provided in Section 4.2 of the Plan. 

 

	9.	Adjustment Provisions. 

This Restricted Stock Award, including the number of shares subject to the Restricted Stock Award, shall be adjusted upon the occurrence
of the events specified in, and in accordance with the provisions of, Section 3.4 of the Plan. 
  

	10.	Effect of Termination of Service on Restricted Stock Award. 

 This Restricted Stock Award shall vest as follows under the stated circumstances: 
  

	 	(i)	Death. This Restricted Stock Award shall vest immediately in the event of the Participant’s Termination of Service by reason of the Participant’s
death. 

  

	 	(ii)	Disability. This Restricted Stock Award shall vest immediately in the event of the Participant’s Termination of Service by reason of Disability. Except to
the extent prohibited by Code Section 409A, the Committee shall have sole authority and discretion to determine whether the Participant’s Service has been terminated by reason of Disability. 

 

	 	(iii)	Retirement. If the Participant’s Service terminates by reason of the Participant’s Retirement, the Participant’s unvested Restricted Stock Awards
shall continue to vest in accordance with the schedule set forth above, provided that, at the request of the Company the Participant serves as a consultant to the Company following Retirement. For purposes of this Award, Retirement means retirement
from employment as an Employee on or after attainment of age 65. An Employee who is also a Director shall not be deemed to have terminated due to Retirement until both Service as an Employee and Service as a Director have ceased.

  

	 	(iv)	Termination for Cause. If the Participant’s Service has been terminated for Cause, this Restricted Stock Award shall immediately terminate and be of
no further force and effect. The Committee shall have sole authority and discretion to determine whether the Participant’s employment has been terminated for Cause. 

 

	 	(v)	Other Termination. If the Participant’s Service terminates for any reason other than death, Disability, Retirement or for Cause, all shares of
Restricted Stock awarded to the Participant which have not vested shall be forfeited by such Participant. 

  
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	11.	Miscellaneous. 

  

	 	(i)	No Restricted Stock Award shall confer upon the Participant any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions
for receipt of such rights. 

  

	 	(ii)	This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant. 

 

	 	(iii)	Restricted Stock Awards are not transferable prior to the time such Awards vest in the Participant. 

 

	 	(iv)	This Restricted Stock Award is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the
provisions hereof, the Company will not be obligated to issue any shares of stock hereunder if the issuance of such shares would constitute a violation of any such law, regulation or order or any provision thereof. 

 

	 	(v)	The granting of this Restricted Stock Award does not confer upon the Participant any right to be retained in the employ of the Company or any subsidiary.

 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the Company has caused this instrument to be executed in its name
and on its behalf as of the date of grant of this Restricted Stock Award set forth above. 
  

			
	TERRITORIAL BANCORP INC.
		
	By:	 	 

 PARTICIPANT’S
ACCEPTANCE 
 The undersigned hereby accepts the foregoing Restricted Stock Award and agrees to the terms and conditions
hereof, including the terms and provisions of the 2010 Equity Incentive Plan. The undersigned hereby acknowledges receipt of a copy of the Company’s 2010 Equity Incentive Plan. 

 

	
	PARTICIPANT
	
	 

  
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 EXHIBIT A 
 ACKNOWLEDGMENT OF RECEIPT OF EARNED SHARES 
 I hereby acknowledge the
delivery to me by Territorial Bancorp Inc. (the “Company”) or its affiliate on _____________________________, of stock certificates for ____________________ shares of common stock of the Company earned by me pursuant to the terms and
conditions of the Restricted Stock Agreement and the Territorial Bancorp Inc. 2010 Equity Incentive Plan, which shares were transferred to me on the Company’s stock record books on _____________________. 

 

							
				
	Date:	 	 	 		 	 
		 		 		 	Participant’s signature

  
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 EXHIBIT TO FORM OF RESTRICTED STOCK AGREEMENT 

On August 19, 2010, the Compensation Committee granted the following restricted stock awards to our named executive officers: Mr. Kitagawa was
granted 184,108 shares; Mr. Miyamoto was granted 14,729 shares; Mr. Hirata was granted 121,512 shares; Mr. Nakatsuka was granted 106,783 shares; and Mr. Lau was granted 14,729 shares. 

The awards vest as follows: 
  

			
	 Date
	  	Vested Portion of Award
	 August 19, 2010
	  	0/6
	 August 19, 2011
	  	1/6
	 August 19, 2012
	  	2/6
	 August 19, 2013
	  	3/6
	 August 19, 2014
	  	4/6
	 August 19, 2015
	  	5/6
	 August 19, 2016
	  	6/6

  
 7Exhibit 10.22

 Exhibit 10.22 
 EMPLOYEE 
 STOCK OPTION 

Granted by 

TERRITORIAL BANCORP INC. 
 under the 
 TERRITORIAL BANCORP INC. 

2010 EQUITY INCENTIVE PLAN 
 This stock option agreement (“Option” or “Agreement”) is and shall be subject in every respect to the provisions of the 2010 Equity Incentive Plan (the
“Plan”) of Territorial Bancorp Inc. (the “Company”) which are incorporated herein by reference and made a part hereof, subject to the provisions of this Agreement. A copy of the Plan has been provided to each person
granted a stock option pursuant to the Plan. The holder of this Option (the “Participant”) hereby accepts this Option, subject to all the terms and provisions of the Plan and this Agreement, and agrees that all decisions under and
interpretations of the Plan and this Agreement by the Committee appointed to administer the Plan (“Committee”) or the Board shall be final, binding and conclusive upon the Participant and the Participant’s heirs, legal
representatives, successors and permitted assigns. Except where the context otherwise requires, the term “Company” shall include the parent and all present and future subsidiaries of the Company as defined in Section 424(e) and 424(f)
of the Internal Revenue Code of 1986, as amended from time to time (the “Code”). Capitalized terms used herein but not defined shall have the same meaning as in the Plan. 

 

	1.	Name of Participant:
                                        
                                     

 

	2.	Date of Grant:
                                       
                                     

  

	3.	Total number of shares of Company common stock that may be acquired pursuant 

	    	to this Option:
                                         
                                         
                   

(subject to adjustment pursuant to Section 10 below). 

 

	 	•	 	 All options shall be Incentive Stock Options to the extent possible under applicable IRS rules, with the remainder being Non-Qualified Options. Any
Incentive Stock Option that does not qualify as such shall be treated as an Non-Qualified Option. 

  

	4.	Exercise price per share:
                                       
                                         
                         

 (subject to adjustment pursuant to Section 10 below) 
  

	5.	Expiration Date of Option:
                                       
                                         
                         

  

	6.	Vesting Schedule. Except as otherwise provided in this Agreement, this Option first becomes exercisable in accordance with the vesting schedule set forth below.
This Option may not be exercised on or after the Option’s expiration date. 

	7.	Exercise Procedure. 

 This
Option shall be exercised in whole or in part by the Participant’s delivery to the Company of written notice (the “Notice of Exercise of Option” attached hereto as Exhibit A) setting forth the number of shares with respect to
which this Option is to be exercised, together with payment by cash or other means acceptable to the Committee, including: 
  

	 	(i)	by tendering, either actually or by attestation, shares of Stock valued at Fair Market Value as of the day of exercise; 

 

	 	(ii)	by irrevocably authorizing a third party, acceptable to the Committee, to sell shares of Stock (or a sufficient portion of the shares) acquired upon exercise of the
Option and to remit to the Company a sufficient portion of the sale proceeds to pay the entire exercise price and any tax withholding resulting from such exercise; 

 

	 	(iii)	by personal, certified or cashier’s check, or 

  

	 	(iv)	by other property deemed acceptable by the Committee; or 

  

	 	(v)	by any combination thereof. 

  

	8.	Delivery of Shares and Share Holding Requirement. 

 Delivery of shares of Stock upon the exercise of this Option shall be subject to the following: 
  

	 	(i)	Delivery of shares of Stock shall comply with all applicable laws (including, the requirements of the Securities Act), and the applicable requirements of any securities
exchange or similar entity. 

  

	 	(ii)	The issuance of shares of Stock pursuant to the exercise of this Option may be effected on a non-certificated basis, to the extent not prohibited by applicable law or
the applicable rules of any stock exchange. 

  

	 	(iii)	50% of the total number of vested Net Shares (as defined below) must be held by the Participant until termination of service with the Company or the Bank (which
includes performing any services for the Company or the Bank as a consultant). “Net Shares” means the number of shares left in the Award after the required number of shares have been sold to pay taxes owed on the Award (for example, if the
Award was for 100 shares and 50 shares are sold to pay taxes on the Award, such that the Grantee is left with 50 Net Shares, 25 of those Net Shares would be subject to this holding requirement, such that the Grantee may not sell those 25 shares
until termination of service, which may be before Retirement). 

  
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	9.	Change in Control. 

  

	 	(i)	In the event of a Change in Control, all Options held by the Participant shall become fully vested and exercisable, subject to the expiration provisions otherwise
applicable to the Option, whether or not the Participant has a Termination of Service other than for Cause. 

  

	 	(ii)	A “Change in Control” shall be deemed to have occurred as provided in Section 4.2 of the Plan. 

 

	10.	Adjustment Provisions. 

This Option, including the number of shares subject to the Option and the exercise price, shall be adjusted upon the occurrence of the
events specified in, and in accordance with the provisions of, Section 3.4 of the Plan. 
  

	11.	Termination of Option and Accelerated Vesting. 

 This Option shall terminate upon the Option’s expiration date, or earlier as follows: 
  

	 	(i)	Death. This Option shall vest and become exercisable in full in the event of the Participant’s Termination of Service by reason of the Participant’s
death while this Option is unexercised. This Option may thereafter be exercised by the legal representative or legatee of the Participant for a period of one year from the date of death, subject to termination on the expiration date of this Option,
if earlier. 

  

	 	(ii)	Disability. This Option shall vest and become exercisable in full in the event of the Participant’s Termination of Service by reason of Disability while
this Option is unexercised. This Option may thereafter be exercised for a period of one year from the date of such Termination of Service by reason of Disability, subject to termination on the Option’s expiration date, if earlier. Except to the
extent prohibited by Code Section 409A, the Committee shall have sole authority and discretion to determine whether the Participant’s Service has been terminated by reason of Disability. 

 

	 	(iii)	Retirement. If the Participant’s Service terminates by reason of the Participant’s Retirement, the Participant’s vested Options shall remain
exercisable for the duration of the term set forth in the Award Agreement and the Participant’s unvested Options shall continue to vest in accordance with the schedule set forth above, provided that, at the request of the Company the
Participant serves as a consultant to the Company following Retirement. For purposes of this Award, Retirement means retirement from employment as an Employee on or after attainment of age 65. An Employee who is also a Director shall not be deemed
to have terminated Service due to Retirement until both Service as an Employee and Service as a Director have ceased. 

  
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	 	(iv)	Termination for Cause. If the Participant’s Service has been terminated for Cause, this Option shall immediately terminate and be of no further force and
effect. The Board of Directors shall have sole authority and discretion to determine whether the Participant’s employment has been terminated for Cause. 

 

	 	(v)	Other Termination. If the Participant’s Service terminates for any reason other than death, Disability, Retirement or for Cause, this Option may thereafter
be exercised, to the extent it was exercisable at the time of such termination, for a period of three months following termination, subject to termination on the Option’s expiration date, if earlier. 

 

	 	(vi)	Incentive Option Treatment. No Option shall be eligible for treatment as an incentive stock option in the event such Option is exercised more than three months
following termination of employment, or one year following termination of employment due to Disability and provided further, in order to obtain incentive stock option treatment for Options exercised by heirs or devisees of a Participant, the
Participant’s death must have occurred while employed or within three (3) months after termination of employment. 

  

	12.	Miscellaneous. 

  

	 	(i)	No Option shall confer upon the Participant any rights as a stockholder of the Company prior to the date on which the individual fulfills all conditions for receipt of
such rights. 

  

	 	(ii)	This Agreement may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Participant. 

 

	 	(iii)	Except as otherwise provided by the Committee, Options under the Plan are not transferable other than by will or by the laws of descent and distribution or pursuant to
a qualified domestic relations order. The Committee shall have the discretion to permit the transfer of Options (except Incentive Stock Options) under the Plan; provided, however, that such transfers shall be limited to Immediate Family
Members of Participants, trusts and partnerships established for the primary benefit of such Immediate Family Members or to charitable organizations, and, provided, further, that such transfers are not made for consideration to the
Participant. 

  

	 	(iv)	This Option is subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the provisions
hereof, the Participant agrees that he will not exercise the Option granted hereby nor will the Company be obligated to issue any shares of stock hereunder if the exercise thereof or the issuance of such shares, as the case may be, would constitute
a violation by the Participant or the Company of any such law, regulation or order or any provision thereof. 

  
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	 	(v)	The granting of this Option does not confer upon the Participant any right to be retained in the employ of the Company or any subsidiary. 

[Signature Page Follows] 

  
 5 

 IN WITNESS WHEREOF, the Company has caused this instrument to be executed in its name and on its
behalf as of the date of grant of this Option set forth above. 
  

			
	TERRITORIAL BANCORP INC.
		
	By:	 	 

 PARTICIPANT’S
ACCEPTANCE 
 The undersigned hereby accepts the foregoing Option and agrees to the terms and conditions hereof, including
the terms and provisions of the 2010 Equity Incentive Plan. The undersigned hereby acknowledges receipt of a copy of the Company’s 2010 Equity Incentive Plan. 

 

	
	PARTICIPANT
	
	 

  
 6 

 EXHIBIT A 
 NOTICE OF EXERCISE OF OPTION 
 (BY EMPLOYEES) 

I hereby exercise the stock option (the “Option”) granted to me by Territorial Bancorp Inc. (the “Company”) or its
affiliate, subject to all the terms and provisions set forth in the Stock Option Agreement (the “Agreement”) and the Territorial Bancorp Inc. 2010 Equity Incentive Plan (the “Plan”) referred to therein, and notify you of my
desire to purchase __________________ shares of common stock of the Company (“Common Stock”) for a purchase price of $_________ per share. 
  

			
	 I am exercising
	  	___________ Incentive Stock Options
		  	___________ Non-qualified Stock Options

Enclosed please find (check one or more, as applicable): 
  

	 	 ̈	Cash, personal, certified or cashier’s check in the sum of $            , in full/partial
payment of the purchase price. 

  

	 	 ̈	Stock of the Company with a fair market value of $______ in full/partial payment of the purchase price.* 

 

	 	 ̈	My check in the sum of $_______ and stock of the Company with a fair market value of
$            , in full/partial payment of the purchase price.* 

  

	 	 ̈	Please sell ______ shares from my Option shares through a broker in full/partial payment of the purchase price. 

I understand that after this exercise, ____________ shares of Common Stock remain subject to the Option, subject to all terms and
provisions set forth in the Agreement and the Plan. 
 I hereby represent that it is my intention to acquire these shares for
the following purpose: 
  

	 	 ̈	investment 

  

	 	 ̈	resale or distribution 

 Please
note: if your intention is to resell (or distribute within the meaning of Section 2(11) of the Securities Act of 1933) the shares you acquire through this Option exercise, the Company or transfer agent may require an opinion of counsel that
such resale or distribution would not violate the Securities Act of 1933 prior to your exercise of such Option. 
  

							
	Date:	 	_________________, ________.	 		 	 
		 		 		 	Participant’s signature

  

	*	If I elect to exercise by exchanging shares I already own, I will constructively return shares that I already own to purchase the new option shares. If my shares
are in certificate form, I must attach a separate statement indicating the certificate number of the shares I am treating as having exchanged. If the shares are held in “street name” by a registered broker, I must provide the Company with
a notarized statement attesting to the number of shares owned that will be treated as having been exchanged. I will keep the shares that I already own and treat them as if they are shares acquired by the option exercise. In addition, I will receive
additional shares equal to the difference between the shares I constructively exchange and the total new option shares that I acquire. 

  
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 EXHIBIT B 
 ACKNOWLEDGMENT OF RECEIPT OF SHARES 
 I hereby acknowledge the delivery to
me by Territorial Bancorp Inc. (the “Company”) or its affiliate on _____________________________, of stock certificates for ____________________ shares of common stock of the Company purchased by me pursuant to the terms and conditions of
the Stock Option Agreement and the Territorial Bancorp Inc. 2010 Equity Incentive Plan, as applicable, which shares were transferred to me on the Company’s stock record books on ____________________. 

 

							
	Date:	 	 	 		 	 
		 		 		 	Participant’s signature

  
 8 

 EXHIBIT TO FORM OF STOCK OPTION AGREEMENT 

On August 19, 2010, the Compensation Committee awarded the following stock options to our named executive officers: Mr. Kitagawa was granted an
option to acquire 205,979 shares; Mr. Miyamoto was granted an option to acquire 19,524 shares; Mr. Hirata was granted an option to acquire 153,930 shares; Mr. Nakatsuka was granted an option to acquire 146,430 shares; and Mr. Lau
was granted an option to acquire 19,524 shares. The exercise price for all of the options is $17.36, which was the closing price of Territorial Bancorp Inc. stock on the grant date. All options expire on August 19, 2020. 

The awards vest as follows: 
  

			
	 Date
	  	Vested Portion of Award
	 August 19, 2010
	  	0/6
	 August 19, 2011
	  	1/6
	 August 19, 2012
	  	2/6
	 August 19, 2013
	  	3/6
	 August 19, 2014
	  	4/6
	 August 19, 2015
	  	5/6
	 August 19, 2016
	  	6/6

  
 9

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