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Exhibit 10.8  

 Feb 2000  

  
 

    Central Pacific Bank and Subsidiary
  2000 Annual Executive Incentive Plan    
  

Purpose:  

    The purpose of this plan is to reinforce the mission and corporate goals of CPB Inc. and Central Pacific Bank (CPB). The plan is designed to help CPB
attract, retain and motivate a talented executive team. This team's performance, both as a team and as individuals, contributes directly to serving CPB's customers and communities, sustaining CPB's
strong financial performance, and adding value for the shareholders. 

Definitions:  

    The following terms will have the indicated meanings throughout this document. Whenever appropriate, words used in the singular may include the plural and
vice-versa. 

    "Plan"
will be used throughout as a description of this particular incentive plan. 

    "Company"
will be used throughout as Central Pacific Bank and its subsidiaries. 

    "Compensation
Committee" will be used throughout as the Compensation Committee of the Board of Directors of the Company. 

    "CEO"
will be used throughout as Chairman of the Board and Chief Executive Officer of CPB Inc. 

    "Participant"
will be used throughout as the individual in a given position who is eligible to participate in this Plan. 

    "Base
salary" will be used throughout as the base salary, excluding any other bonus, commission payments, or other extra cash compensation on an annualized basis, paid to the
Participant on the last day of the calendar year. For example, a Participant who is paid a monthly salary of $10,000 as of the last day of the Plan year will have an annualized base salary of $120,000
for purposes of calculating any annual incentive payment. 

Administration:  

    The Plan will be administered by the Compensation Committee, as ratified by the Board of Directors, who may delegate certain aspects of recordkeeping and
administration to specified individuals, at their sole discretion. The Compensation Committee, or its specific delegates, is given full authority to develop such rules, regulations, record keeping
procedures, and communications deemed necessary to administer the Plan and interpret its provisions. Any determination, decision, or action of the Compensation Committee (as ratified by the Board of
Directors) in connection with this plan will be considered final and binding upon all Participants and any person validly claiming access to a potential award. 

    Payment
of any award amounts will be made after audited financial statements are made available, but no later than April 1st of the year following the Plan year. 

Participation:  

    Any full-time active employee of the Company who has been granted the corporate title of Senior Vice President or above (e.g., Executive Vice
President, President) is eligible to participate in the plan. The CEO will present annually names, with position responsibility, to the Compensation Committee for approval and inclusion in the Plan.
The Board will approve this Participant list no later than January 30 of the Plan year. Participants will be notified in writing no later than February 1 of the Plan year. This 

communication will notify Participants of their participation and the target percentages of their incentive. 

    To
be eligible, the employee must have been placed on full-time active status with the corporate title of Senior Vice President or above, no later than October 1 of
the Plan year. Participants becoming eligible
after January 1 of the Plan year will be eligible for consideration of payment, pro-rated by the first day of the month on which they met the eligibility requirements. For example,
a Participant meeting eligibility requirements on April 1 of the Plan year will be eligible, once approved by the Compensation Committee, for consideration for 9/12 or
3/4 of the potential award. Any exception to these minimum eligibility requirements must be recommended by the CEO and approved by the Compensation Committee. 

    A
participant must have received at least an "Accomplished" performance appraisal rating during the calendar year to be eligible for consideration for payment. Any exceptions from
this provision must be recommended by the CEO and approved by the Compensation Committee, at their sole discretion. 

    All
participants in this Plan will become ineligible for participation in any other CPB incentive bonus programs. 

Funding:  

    The plan will be funded according to the success of CPB as measured by the following (a) Return on Equity (ROE), (b) Return on Assets (ROA) and
(c) Efficiency Ratio. All three criteria are standard banking industry performance measurements. 

    Each
measure will fund the total incentive pool as follows: (a) ROE will fund 50%, (b) ROA will fund 25% and (c) Efficiency Ratio will fund 25%. For each measure,
performance below a defined measure will produce no incentive pool; e.g., for 2000 these values are 12.50% for ROE, 1.11% for ROA and 59% for Efficiency Ratio. Each measure will also have a maximum
payout percentage; e.g., 150% of the target pool for ROE of 14.50%, 150% of the target pool for ROA of 1.20% and 150% of the target pool for Efficiency Ratio of 55%. The actual amount of the pool
funded will be interpolated, using the determined scale values, between the minimum funded value of 25% of the pool and maximum of 150%. 

    The
target amounts funded are calculated as the sum of each Participant's target incentive, expressed as a percentage of base salary, multiplied by that individual's base salary. 

    Total
payout to all participants will be limited to twenty (20) percent of the increase in net operating income over the Plan year budget. 

    The
funding of the pool is described graphically in the attached diagram. 

Allocation of Awards:  

    The calculation of any actual awards will be based on each Participant's base salary, annualized, as of the last day of the calendar year (e.g., for this Plan,
December 31 of Plan year). 

    The
awards, expressed as a percentage of base salary, are shown, by corporate title, in the following table; e.g., a target incentive of 25% for Senior Vice President. These target
awards will be adjusted by the percentage of the target pool that is funded through corporate performance. For example, if 75% of the pool were funded, the target award for Senior Vice Presidents
would be 18.75%. 

Actual Awards:  

    Actual awards will be calculated according to the mix of three performance elements shown in the following table: 1) corporate (ROE, ROA and Efficiency
Ratio); 2) unit/production objectives; and 3) a discretionary amount. 

    The unit/production objectives will be agreed upon between each Participant and the immediate supervising Officer by January 30 of the Plan year. These objectives will
emphasize those aspects of CPB's performance for which the Participant is held accountable. These objectives will be submitted to the CEO for review and thereafter reported to the Board of Directors
for its approval and subsequent filing of the report. 

 
 

Central Pacific Bank
  Determining Payouts    
  

	Groups
 
	 
	Measures
 
	 	CEO
	 	COO
	 	EVP/Group Manager
	 	SVPs
	 
	Corporate	 	100	%	100	%	50	%	50	%
	Unit/Production Objectives	 	0	%	0	%	25	%	30	%
	Discretionary	 	0	%	0	%	25	%	20	%
	Total	 	100	%	100	%	100	%	100	%
	Targets as a % of Base Salary	 	30	%	30	%	30	%	25	%

    The
discretionary percentages will be recommended by the CEO to the Compensation Committee for approval. These percentages and amounts may be used to reward individual or team
accomplishments not specifically measured by either corporate financial performance or specific individual objectives. 

Termination of Employment:  

    The Participant must remain actively employed by the Company on the last day of the designated calendar year to be considered eligible for any potential
payment under this Plan. The Compensation Committee, at their sole discretion must approve any exceptions to this provision. 

Non-Transferability of Award:  

    An award, or potential award, granted under this Plan shall not be assignable or transferable by the Participant other than by will or the laws of descent and
distribution. 

No Right to Employment:  

    This Plan does not constitute a contract between the Company and its employees. Neither establishing this Plan or taking any action as a result of the Plan
shall be construed as giving any employee the right to be retained by the Company for any period of time, or to be employed in any particular position, at any particular rate of pay, or to provide any
other job-related benefits. 

Amendment or Termination of Plan:  

    The Compensation Committee, with ratification from the Board of Directors, may from time to time or at any time amend or terminate the Plan at their sole
discretion. Review and amendment of the Plan is expected annually when a new Plan document will be considered for establishment. Amendment or termination of the Plan is not expected within a Plan
year, but that right is retained by the Compensation Committee. 

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EXHIBIT 10.12    
  

 
 
 

CPB INC.
  DIRECTORS DEFERRED COMPENSATION PLAN
  
    (Effective as of January 1, 2001)    

 
CPB INC.
  DIRECTORS DEFERRED COMPENSATION PLAN  

    Article 1. Purpose. This CPB Inc. Directors Deferred Compensation Plan ("Plan") is intended to
advance the interests of CPB Inc. ("Company") by providing deferred compensation benefits to the non-employee members of the Board of Directors of the Company and Central Pacific
Bank ("Bank") ("Directors") and thereby strengthen the ability of the Company and Bank to attract and retain valued Directors upon whose judgment, initiative, and efforts the successful conduct and
development of the Company and Bank depend. 

    Article 2.  Effective Date. This Plan shall become effective as of January 1, 2001 ("Effective Date"), upon adoption by
the Board of Directors of the Company, and shall operate on the basis of the calendar year ("Plan Year"). 

    Article 3.
Eligibility. Any Director entitled to compensation by the Company or the Bank for service as a Director ("Eligible
Director"), other than a Director who is also a salaried officer or employee of the Company or any of its subsidiaries, may elect to become a participant ("Participant") under the Plan by written
notice to the Company. 

    Article 4.  Election of Deferral. Each Participant may elect to defer the receipt of either all or a portion of his or her annual
retainer fees or meeting fees which are earned for the Plan Year commencing after the date of the election ("Deferral Election"). The Deferral Election shall be in substantially the form attached
hereto as "Exhibit A." The Deferral Election for a Plan Year shall be effective as of the first day of the Plan Year and shall be irrevocable as to the designated fees earned for the Plan Year and,
further, such Deferral Election must be dated and filed with the Company prior to the first day of the Plan Year. In the case of an individual who becomes a Director after the Effective Date, such
Director may make a Deferral Election within 30 days after becoming a Director, but such Deferral Election shall be effective only with respect to the Director's fees earned after the date the
Deferral Election is executed and delivered to the Company. In the case of the first Plan Year beginning on the Effective Date, a Director may make a Deferral Election within 30 days after the
adoption and execution of the Plan (or, if later, within 30 days after the Effective Date), but such Deferral Election shall be effective only with respect to the Director's fees earned after
the date the Deferral Election is executed and delivered to the Company. 

    A
Deferral Election for a Participant shall remain effective for each subsequent Plan Year unless the Participant terminates or modifies the Deferral Election. By written notice in
the form of a revised Deferral Election delivered to the Company on or before any December 31, any Participant may elect to terminate or modify his or her Deferral Election with respect to fees
earned for the next succeeding Plan Year commencing after the December 31. In such event, the amount accumulated pursuant to the Plan prior to the effective date of his or her termination
election shall continue to be subject to the provisions of the Plan. A Participant who elects to terminate his or her participation shall be permitted to make a new Deferral Election effective no
earlier than the beginning of the Plan Year following the Plan Year for which his or her Deferral Election is terminated. 

    Article 5.
Deferred Compensation Account. A separate account shall be established and maintained on behalf of each Participant
under the Plan ("Account"), which Account shall reflect the balance of the Deferral Election amounts credited to the Participant as provided in Article 4 above. The deferred fees of each
Participant shall be credited to the Participant's Account as of the date on which such fees would be otherwise payable to the Participant. Pursuant to its responsibilities as described in
Article 15, the Compensation Committee ("Committee") of the Company's Board of Directors shall maintain, or cause to be maintained, records, forms, and methods of accounting which appropriately
reflect the balance of the Participant's Account. 

2

 

    For purposes of determining the value of the Participant's Account, the amount allocated to the Participant's Account shall be treated as if the investment of such amount were subject
to the direction of the Participant, except that the Participant's investment options shall be limited to the investment funds offered by the Bank's Trust Division. Each Account shall be appropriately
increased or decreased, as the case may be, to reflect the appreciation or depreciation in the value and the net income or loss
attributable to the deemed investment, and the distributions and expenses that may be charged to the Account. The Participant agrees on behalf of himself or herself and any designated beneficiary to
assume all risks and responsibilities for the value of his or her Account, and the Company shall not be liable for any deemed investment losses that may be incurred under the Account. The deemed
investment described in this Article 5 shall be subject to the requirements of Articles 11 and 12 herein and shall be the basis upon which the Participant's Account shall be valued hereunder.
The Participant shall have no direct ownership interest whatsoever in any assets representing such deemed investment, notwithstanding that the Company may set aside general funds of the Company in the
form of the investment pursuant to Articles 11 and 12 herein. Pursuant to Articles 11 and 12, the Participant's Account is a general unfunded promise to pay, and the deemed investment provided herein
serves exclusively as the means to measure the amount of the Participant's benefit. 

    Article 6.
Vesting. Except as provided in Article 12, a Participant shall have a 100% vested and nonforfeitable interest
in the balance of his or her Account. 

    Article 7.  Distribution Due to Termination. In the event that a Participant terminates as a Director of the Company, the amount
credited to the Account of the Participant shall be paid in cash to the Participant in the manner elected by the Participant. However, the Participant is limited to the following distribution options:
(a) a single lump sum within ten years following such termination, or (b) annual installments over a period of years not exceeding ten years following such termination. To the extent
consistent with these distribution options, the Participant may elect the distribution commencement date and the timing of distributions. Annual installment payments shall be determined by multiplying
the Participant's Account by a fraction, the numerator of which is one and the denominator of which is the number of years remaining in the term. Each Participant shall file with the Company at the
time of (and as part of) his or her Deferral Election an election regarding the method of distribution of his or her Account in the event of his or her termination from service as a Director of the
Company. A Participant may modify his or her election as to the timing and form of distribution of the Account, except that no modification of distribution election shall be valid (and such
distribution election shall be disregarded) to the extent that such modification applies to a distribution made on or before the last day of the Plan Year following the Plan Year in which modification
is made. That is, a modification to a distribution election may apply only to a distribution occurring after the Plan Year following the Plan Year in which the modification is made. 

    Article 8.  Distribution Due to Death. In the event of the death of an active Participant, or terminated Participant prior to
expiration of the period during which his or her Account is payable, the balance of the Participant's Account shall be paid in cash in a single lump sum to his or her designated beneficiary. The
Account shall be paid in full as soon as practicable following the Participant's death. The Participant's designated beneficiary shall be designated or changed by the Participant (without the consent
of any prior beneficiary) through written notice in substantially the form attached hereto as "Exhibit B" delivered to the Company. If no such beneficiary is designated, or if no designated
beneficiary survives the Participant, the amount payable due to the Participant's death shall be payable to the Participant's estate. 

    Article 9.  Withdrawal for Unforeseeable Emergency. Upon application by a Participant and prior to the time that the
Participant's Account is otherwise subject to distribution, the Committee may permit the Participant to withdraw all or a portion of the Participant's Account (but only that portion of the Account
comprising the Deferral Election amounts, and not earnings credited on such amounts) due to an "Unforeseeable Emergency". For this purpose, an "Unforeseeable Emergency" shall mean a severe 

3

 

financial hardship to the Participant resulting from a sudden and unexpected illness or accident of a Participant or of a dependent (within the meaning of Section 152(a) of the Internal Revenue
Code of 1986, as amended ("Code")) of the Participant, loss of the Participant's property due to casualty or other similar extraordinary and unforeseeable circumstances arising as a result of events
beyond the control of the Participant (but specifically not including the education of a dependent or the purchase of a residence). An Unforeseeable Emergency shall not exist if the hardship may be
relieved as follows: (a) through reimbursement or compensation by insurance or otherwise; (b) by liquidation of the Participant's assets, to the extent the liquidation of such assets
would not itself cause severe financial hardship; or (c) by cessation of the Deferral Election under this Agreement. In the event that the Participant obtains a withdrawal of his or her Account
due to an Unforeseeable Emergency, the Participant's then current Deferral Election shall terminate, and the Participant shall not be allowed to commence a subsequent Deferral Election earlier than
12 months following such withdrawal. In no event shall a withdrawal due to an Unforeseeable Emergency exceed the amount required to meet the given emergency plus any amounts necessary to pay
any federal, state, or local taxes reasonably anticipated to result from the withdrawal. The allowance and manner of a withdrawal under this Article 9 shall be subject to the determination and
approval of the Committee and shall require the Participant's written request on such forms as the Committee may prescribe. 

    Article 10.  Incapacity. If the Committee finds that any person to whom payment is payable under this Plan is unable to care for
his or her affairs because of illness or accident, or is a minor, any payment due (unless a prior claim for such payment has been made by a duly appointed guardian, committee, or other legal
representative) may be paid to the spouse, a child, a parent, or a brother or sister, or to any person deemed by the Committee to have incurred expense for such person otherwise entitled to payment. 

    Article 11.
Funding. The amounts payable under this Plan shall be paid from the general funds of the Company, as the Committee
may determine, and a Participant shall have no right, title, or interest whatsoever in or to investments, if any, which the Company may make to aid it in meeting its obligations under this Plan. Title
to and beneficial ownership of any such investments shall at all times remain in the Company. Nothing contained in this Plan, and no action taken pursuant to its provisions, shall create or be
construed to create a trust of any kind, or a fiduciary relationship between the Company and the Participant and any other person. To the extent that any person acquires a right to receive a payment
from the Company under this Plan, such right shall be no greater than the right of any unsecured creditor. 

    The
Company may, for administrative reasons, establish a "rabbi trust" in order to set aside general funds of the Company for purposes of satisfying Plan obligations. If such a trust
arrangement is established, the arrangement shall be consistent with the preceding portion of this Article 11, and the arrangement shall be subject to the following conditions: (a) the
establishment and maintenance of the trust shall not cause the Plan to be other than an "unfunded" plan for purposes of the Code, and Title I of the Employee Retirement Income Security Act of
1974, as amended ("ERISA"); (b) the Company shall be treated as the "grantor" of the trust for purposes of Code Section 677; and (c) the trust shall provide that its assets may be
used to satisfy claims of the Company's general creditors in the event of insolvency and that the rights of such general creditors in such circumstances are enforceable under federal and state law. 

    Article 12.  Legal Status. This Plan is intended to constitute a nonqualified deferred compensation plan not subject to the
qualification requirements of Code Section 401(a) or ERISA. Specifically, prior to the actual payment of the amounts credited to an Account, there is no transfer of any assets to a Participant
or for the benefit of the Participant under this Plan, and the Plan is intended to confer no current benefit that would be immediately taxable to the Participant under the constructive receipt rule or
economic benefit doctrine under the tax laws. Further, this Plan is intended to benefit non-employee 

4

 

Directors exclusively, and not employees of the Company, and is thereby not subject to the requirements of ERISA. 

    Article 13.
Continued Service. Nothing contained in this Plan shall be construed as conferring upon a Participant the right to
continue in the service of the Company as a Director or in any other capacity. Further, nothing contained in this Plan shall be deemed to create an obligation on the part of the Board to nominate any
Director for reelection by the Company stockholders. 

    Article 14.  Nonassignment. The interests of a Participant hereunder may not be sold, transferred, signed, pledged, or
hypothecated. No Participant may borrow against his or her Account. 

    Article 15.
Administration. The Plan shall be administered by the Compensation Committee of the Board of Directors. The
Committee shall hold meetings at such times and places as they may determine, shall keep minutes of their meetings, and shall adopt, amend, and revoke such rules and procedures as they may deem proper
with respect to the Plan. Any action of the Committee shall be taken in accordance with the rules of governance applicable to the Committee. As may be determined by the Committee, the Committee may
carry out its administrative authority and responsibilities under
the Plan by designating and authorizing any officer or staff member of the Company or the Bank to act on its behalf. 

    Subject
to the other provisions of this Plan, and with a view to effecting its purpose, the Committee shall have, in its sole and absolute discretion, the authority: (a) to
construe and interpret the Plan; (b) to define the terms used herein; (c) to determine the value of an Account and the amount and recipient of any payment; and (d) to make all
other determinations and do all other things necessary or advisable for the administration of the Plan. All decisions, determinations, and interpretations made by the Committee shall be binding and
conclusive on all Participants in the Plan and on their legal representatives, heirs, and beneficiaries. 

    Notwithstanding
any other provision of the Plan (and without limiting the Committee's authority), in connection with any action concerning stock transactions by Directors who are
subject to the provisions of Section 16 of the Securities Exchange Act of 1934, as amended ("Exchange Act") ("Insiders"), the Committee may adopt such procedures as it deems necessary or
desirable to assure the availability of exemptions from Section 16 of the Exchange Act afforded by Rule 16b-3 thereunder or any successor rule. Without limiting the
foregoing, in connection with approval of any transaction by an Insider involving an acquisition from the Company, or involving the disposition to the Company, of an interest in common stock of the
Company, the Committee may delegate its approval authority to a subcommittee thereof comprised of two or more "Non-Employee Directors" (as defined in Rule 16b-3), or
take action by the affirmative vote of two or more Non-Employee Directors (with all other members of the Committee abstaining or recusing themselves from participating in the matter), or
refer the matter to the full Board of Directors for action. 

    Article 16.
Amendment and Termination. The Plan may, at any time or from time to time, be amended, modified, or terminated at
the sole and complete discretion of the Board of Directors. However, no amendment, modification, or termination of the Plan shall adversely affect such Participant's rights with respect to amounts
then accrued in his or her Account. 

    Article 17.
Rule 16b-3 Requirements. With respect to Insiders, stock transactions under this Plan are
intended to comply with all applicable conditions of Rule 16b-3 or its successors under the Exchange Act (except to the extent that noncompliance of a particular transaction would
not result in liability under Section 16 of the Exchange Act or the rules adopted thereunder). To the extent any provision of the Plan or action by the Committee fails to so comply, it shall be
deemed null and void, to the extent permitted by law and deemed advisable by the Committee. 

    Article 18.  Tax Withholding. The payment of any amount under this Plan shall be conditioned upon the satisfaction of tax
withholding, or other withholding liabilities under state or federal law. 

5

 

    Section 19. Indemnification. Each person who is or shall have been a member of the Committee, or of the Company's Board of
Directors, shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with
or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan and
against and from any and all amounts paid by him or her in settlement thereof, with the Company's approval, or paid by him or her in satisfaction of any judgment in any such action, suit, or
proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or
her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company's articles of incorporation
or bylaws, as a matter of law, or otherwise, or any power that the Company have to indemnify them or hold them harmless. 

    Section 20.
Successors. All obligations of the Company under the Plan with respect to any Account hereunder shall be binding on
any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business
and/or assets of the Company. 

    Article 21.  Enforceability and Controlling Law. If any provision of this Plan is held by a court of competent jurisdiction to be
invalid or unenforceable, the remaining provisions shall continue in full force and effect. The provisions of this Plan shall be construed, administered, and enforced according to the laws of the
State of Hawaii. 

    Article 22.
Gender. Wherever any words are used under the Plan in the masculine, feminine, or neuter gender, they shall be
construed as though they were also used in another gender in all cases where they would so apply. 

    IN
WITNESS WHEREOF, the Company has caused this Plan to be executed by its duly authorized officers on this 18th day of December, 2000. 

	 	 	CPB INC.
	

 	
 	
By	

/s/ JOICHI SAITO   
Its Chairman and CEO
	

 	
 	
By	

/s/ NAOAKI SHIBUYA   
Its President

6

 
 
 

EXHIBIT A
  
    CPB INC.
  DIRECTORS DEFERRED COMPENSATION PLAN—
  ELECTION FOR DEFERRAL OF DIRECTORS FEES    
  

	

Participant Name 

	

Address 

	

Social Security 
	
 	

Birth Date 

	

Plan Year 
	
 	

 
	

 	
 	

 	
 	

 

    You are a non-employee director of CPB Inc. or Central Pacific Bank who is eligible to participate in the Plan and, as such, you may
designate a percentage amount of your aggregate retainer and meeting fees for the above Plan year that you wish to have credited to your Account on a pre-tax basis. If you do not elect to
participate in the Plan for the above Plan year, you may again elect to participate as of the first day of the next Plan year. For the initial Plan year beginning January 1, 2001, a deferral
election must be filed no later than December 31, 2000, and any deferral election shall apply only to fees earned after the date the Company receives the deferral election. 

	

A.    Deferral Election.
	

Check the applicable item:
	

	
 	

1.	
 	

I wish to participate in the Plan by deferring all or a portion of my directors fees to the Plan as specified below for the above Plan year.
	

	
 	

2.	
 	

I do not wish to contribute any part of my directors fees to the Plan for the above Plan year.

	

	
 	

3.	
 	

I am now a participant in the Plan and wish to terminate my elective deferral effective as of the Plan year beginning            . I understand that this termination of my election can be
only effective as of the beginning of a Plan year and must be executed and delivered to the Company prior to the beginning of the Plan year.
	

	
 	

4.	
 	

I am now a participant in the Plan and wish to change my contribution amount to that specified below effective as of the Plan year beginning            . I understand that this modification
of my election can be only effective as of the beginning of a Plan year and must be executed and delivered to the Company prior to the beginning of the Plan year.
	

If you checked 1 or 4, complete the following as applicable:
	

 	
 	

1.	
 	

I elect            % of my directors fees (that is, a ratable amount of my retainer and meeting fees) to be credited to my Account effective for the above Plan year (including succeeding
years unless terminated or changed by new election).
	

 	
 	

2.	
 	

I elect the balance of my Account to be paid to me in the following manner after my termination as a Director:
	

 	
 	

 	
 	

	
 	

A single lump sum payment as soon as administratively practicable following my termination.
		
 	

 	
 	

 	
 	

 	
 	

 

7

 

	

 	
 	

 	
 	

	
 	

A single lump sum payment as soon as administratively practicable following the      anniversary date following my termination (indicate an anniversary no later than the tenth anniversary).
	

 	
 	

 	
 	

	
 	

Annual installment payments commencing as soon as administratively practicable following my termination, which installment payments will be paid over a period of      years (indicate number so that the installment
payments do not extend beyond the tenth anniversary date of termination).
	

 	
 	

 	
 	

	
 	

Annual installment payments commencing as soon as practicable following the      anniversary date following my termination (indicate an anniversary no later that the ninth anniversary) over a period of   
   years (indicate number so that installment payments are completed by the tenth anniversary date of termination).
	

 	
 	

 	
 	

	
 	

other	
 	

	

 	
 	

 	
 	

 	
 	

 	
 	

	

 	
 	

 	
 	

 	
 	

 	
 	

	

 	
 	

 	
 	

 	
 	

 	
 	

 

B.  Investment Election.

    I
understand that my Account constitutes an unfunded obligation which is payable from the general assets of the Company. However, the balance of my Account shall be determined as if
the amounts credited to the Account were invested in the investment funds available through the Bank's Trust Division in accordance with my investment directions. I understand that the my investment
directions shall be made in writing to the Bank's Trust Division on the appropriate forms distributed for purposes of the Plan. 

SIGNATURE  

    I have been explained the contents of this form and the Directors Deferred Compensation Plan (a copy
of which I have received). I hereby authorize the deferral amounts specified above to be deducted from my directors fees and credited to my account pursuant to the terms of the Plan. 

	

Date	

 	

	

 	

Signature	

 	

	

 	

 	

 	

 	

 	

 	

 
	

Receipt acknowledged:

CPB Inc.	
 	

 	
 	

 
	

By	
 	

Its	
 	

 	
 	

 
	

Date	
 	

	
 	

 	
 	

 
	

 	
 	

 	
 	

 	
 	

 

8

  

 
 

EXHIBIT B
  
    CPB INC.
  DIRECTORS DEFERRED COMPENSATION PLAN—
  BENEFICIARY DESIGNATION FORM    
  

	

Participant Name 

	

Address 

	

Social Security 
	
 	

Birth Date 

	

Plan Year 
	
 	

 
	

 	
 	

 	
 	

 

    As a participant in the above-named plan, I hereby acknowledge that, in accordance with the right granted to me under the plan to designate and redesignate the
beneficiary or beneficiaries to receive my plan benefit in the event of my death, I hereby designate the following beneficiaries to receive such benefit in the order of priority as indicated: 

	 	Primary Beneficiary:
	

 	

 	

Full name:

	

 	

 	

Street address:

	

 	

 	

City/State/Zipcode:

	

 	

 	

Social Security Number:

	

 	

 	

Relationship to me:

	

    Contingent Beneficiary (i.e., my designated beneficiary in the event the primary beneficiary predeceases me):
	

 	

 	

Full name:

	

 	

 	

Street address:

	

 	

 	

City/State/Zipcode:

	

 	

 	

Social Security Number:

	

 	

 	

Relationship to me:

	

 	

This beneficiary designation form revokes any prior beneficiary designation made by me.

	

Date	
 	

	
 	

Signature	
 	

	

 	
 	

 	
 	

 	
 	

 
	

Receipt acknowledged:

CPB Inc.	
 	

 	
 	

 
	

By	
 	

Its	
 	

 	
 	

 
	

Date	
 	

	
 	

 	
 	

 
	

 	
 	

 	
 	

 	
 	

 

9

QuickLinks

EXHIBIT 10.12

CPB INC. DIRECTORS DEFERRED COMPENSATION PLAN

EXHIBIT A CPB INC. DIRECTORS DEFERRED COMPENSATION PLAN— ELECTION FOR DEFERRAL OF DIRECTORS FEES

EXHIBIT B CPB INC. DIRECTORS DEFERRED COMPENSATION PLAN— BENEFICIARY DESIGNATION FORM

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