Document:

fhb_Ex_10.20

		
			Exhibit 10.20
		

		
			 
		

		
			FIRST HAWAIIAN, INC.
		

		
			2016 OMNIBUS INCENTIVE COMPENSATION PLAN
		

		
			 
		

		
			FORM OF
		

		
			RESTRICTED SHARE AWARD AGREEMENT
		

		
			 
		

		
			This Restricted Share Award Agreement (this “Award Agreement”) evidences an award of restricted shares (the “Restricted Shares”) by First Hawaiian, Inc., a Delaware corporation (“First Hawaiian”), under the First Hawaiian, Inc. 2016 Omnibus Incentive Compensation Plan (as amended, supplemented or modified, from time to time, the “Plan”).  Capitalized terms used but not defined in this Award Agreement have the meanings given to them in the Plan.
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Name of Grantee:

					
					
						_______________ (the “Grantee”).

				
	
					
						Grant Date:

					
					
						_______________ (the “Grant Date”).

				
	
					
						Number of Restricted Shares:

					
					
						______________________.

				

		 

	
					
						

					
						Vesting:

					
					
						One-third of the total number of Restricted Shares granted will vest on each of the first, second and third anniversaries of the Grant Date (each date, a “Vesting Date”), provided, that, except as otherwise provided herein, if the Grantee’s employment with First Hawaiian is terminated for any reason, any unvested Restricted Shares will automatically be cancelled by or revert to First Hawaiian and the Grantee will forfeit any rights or interests in such Restricted Shares without compensation.

					
						 

					
						Notwithstanding the foregoing:

					
						A.    In the event the employment of the Grantee is terminated by reason of death or Disability, the Restricted Shares will immediately vest in full as of the date of such termination;

					
						 

					
						B.    In the event the employment of the Grantee is terminated by reason of Retirement, the Restricted Shares will immediately vest on a pro-rata basis, determined by multiplying the number of Restricted Shares that were otherwise scheduled to vest on the next Vesting Date by the number of full months for which the Grantee was continuously employed at First Hawaiian since the previous Vesting Date, and dividing the product by 12; and

					
						 

					
						C.    Upon a Change in Control, the Restricted Shares will be treated in accordance with the Plan.

				
	
					
						Delivery:

					
					
						As of the Grant Date, one or more Certificates representing the Restricted Shares will be registered in the name of the Grantee, but will be held by First Hawaiian or its designated agent until the applicable vesting date. Notwithstanding the foregoing, First Hawaiian may, in its sole and absolute discretion and in accordance with the terms of the Plan and applicable law, issue the Restricted Shares in the form of uncertificated shares credited to a book entry account, subject to the restrictions on transferability imposed by this Award Agreement. 

					
						 

					
						No later than 30 days after the applicable vesting date, First Hawaiian will deliver to the Grantee evidence of ownership of one Share for each vested Restricted Share, subject to applicable tax withholding.

				

		 

	
					
						

					
						Non-Transferability of the Restricted Shares:

					
					
						Prior to the applicable vesting date, the Restricted Shares may not be sold, exchanged, transferred, assigned, pledged, hypothecated, fractionalized, hedged or otherwise disposed of (including through the use of any cash-settled instrument) in any manner other than by will or by the laws of descent and distribution, and any attempt to sell, exchange, transfer, assign, pledge, hypothecate, fractionalize, hedge or otherwise dispose of the Shares delivered in respect of the Restricted Shares in violation of this Award Agreement shall be void and of no effect and First Hawaiian shall have the right to disregard the same on its books and records and advise the registrar and transfer agent to place a stop order against the transfer of such Shares. 

					
						 

					
						First Hawaiian may affix to Certificates or to the book entry account holding Shares issued pursuant to this Award Agreement any legend that the Committee reasonably determines to be necessary or advisable to reflect the transfer restrictions.

				
	
					
						Dividends:

					
					
						The Grantee will be the beneficial owner of the Restricted Shares and shall have the rights of a shareholder of First Hawaiian with respect to the Shares, including full voting rights and the right to receive all dividends without restrictions at the times and in the manner paid to shareholders generally.

				
	
					
						All Other Terms:

					
					
						As set forth in the Plan.

				

		
			 
		

		
			The Plan is incorporated herein by reference.  Except as otherwise set forth in the Award Agreement, the Award Agreement and the Plan constitute the entire agreement and understanding of the parties with respect to the Restricted Shares.  In the event that any provision of the Award Agreement is inconsistent with the Plan, the terms of the Plan will control.  Except as specifically provided herein, in the event that any provision of this Award Agreement is inconsistent with any employment agreement between the Grantee and First Hawaiian (“Employment Agreement”), the terms of the Employment Agreement will control.  By accepting this Award, the Grantee agrees to be subject to the terms and conditions of the Plan.
		

		
			 
		

		
			This Award Agreement may be executed in counterparts, which together will constitute one and the same original.
		

		
			

		 

		

		
			IN WITNESS WHEREOF, the parties have caused this Award Agreement to be duly executed and effective as of the Grant Date.
		

		
			FIRST HAWAIIAN, INC.
		

		
			 
		

		
			 
		

		
			By: ______________________________
		

		
			Name:
		

		
			Title:
		

		
			 
		

		
			[NAME OF GRANTEE]
		

		
			__________________________________Exhibit

Exhibit 4.4

Description of Rights of Shareholders
 
 General
 
Our authorized capital stock consists of 105,000,000 shares, including 80,000,000 shares of common stock, $0.01 par value per share, and 25,000,000 shares of preferred stock, $0.01 par value per share. 

Our common stock is the only class of our securities registered under Section 12 of the Securities Exchange Act of 1934. As of February 27, 2020, there were 56,657,508 shares of our common stock issued and outstanding. Our common stock trades on the New York Stock Exchange under the trading symbol “FBC.” Our transfer agent is Computershare Shareholder Services.
 
Each share of common stock shall have the same relative powers, preferences and rights as, and shall be identical in all respects with, all the other shares of common stock. Holders of our common stock have no conversion rights, and are not entitled to any preemptive or subscription rights. Our common stock is not subject to redemption or any further calls or assessments. Our common stock does not have cumulative voting rights in the election of directors. In addition to the board of directors, the shareholders, by an affirmative vote of the majority of the outstanding shares of capital stock, may also adopt, repeal, alter, amend or rescind our bylaws.
 
Voting rights

Each holder of common stock is entitled to one vote for each share held by such shareholder. Holders of our common stock are not permitted to take any action by written consent. Except as otherwise provided in our articles of incorporation, bylaws, or applicable law, a majority of the votes cast at a meeting is required to take any action. Directors are elected by a vote of a majority of the votes cast with respect to the director at any meeting for the election of directors, provided that if the number of nominees exceeds the number of directors to be elected, the directors are elected by the vote of a plurality of the shares represented at the meeting and entitled to vote on the election of directors.

Dividend policies
 
Holders of our common stock are entitled to receive dividends, if any, as may be declared by our board of directors out of assets legally available therefor after payment to holders of any outstanding shares of any class having preference over the common stock as to the payment of dividends. The amount of and nature of any dividends declared on our common stock will be determined by our board of directors in their sole discretion. The funds used to pay any dividends to our shareholders are obtained primarily as dividends from our subsidiary bank. Our ability to pay dividends is therefore subject to regulatory restrictions on dividend payments by our subsidiary bank and on our subsidiary bank having available funds to pay such dividends.
 
Liquidation rights
 
In the event we liquidate, dissolve or wind up, each holder of our common stock would be entitled to receive a pro rata portion of all assets available for distribution, after we pay or provide for payment of all our debts and liabilities and of any amounts owing to holders of any outstanding shares of any class having preference over the common stock in such event.
 
Issuance of additional shares
 
In the future, the authorized but unissued and unreserved shares of common stock will be available for general corporate purposes. The purposes may include, but are not limited to, possible issuance as stock dividends, in connection with mergers or acquisitions, under a cash dividend reinvestment or stock purchase plan, in a public or private offering, or pursuant to future employee benefit plans. Subject to the rules and regulations of the New York Stock Exchange, generally no stockholder approval would be required for the issuance of these additional shares, although certain transactions or employee benefit plans may otherwise be required to be approved by our shareholders.

1

Modification of Rights of Shareholders

Our board of directors may amend our bylaws, and thereby modify the rights of holders of common stock as set forth therein, by vote of a majority of the board of directors and without any vote of or consent by the shareholders.

19675870

2

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