Document:

Exhibit 10.20

 

FORM OF
 EXECUTIVE CHANGE-IN-CONTROL RETENTION PLAN OF 
 FIRST HAWAIIAN BANK

 

(as amended as of July 6, 2016)

 

1.             Establishment, Restatement and Purpose.

 

1.1          Establishment and Restatement of Plan.  First Hawaiian Bank (the “Company”), hereby adopts this retention compensation plan known as the Executive Change-in-Control Retention Plan of First Hawaiian Bank (the “Plan”) effective as of May 18, 2015.

 

1.2          Purpose of Plan.  The purpose of the Plan is to advance the interests of the Company and its shareholders by ensuring that the Company will have the continued employment, dedication, and focused attention of its executive officers notwithstanding the possibility, threat, or occurrence of a Change in Control of the Company.  The Plan is intended to provide the Company’s executives with a level of economic security in the event of a Change in Control that protects the compensation and benefit expectations of the executives and is competitive with other organizations.

 

2.             Definitions.

 

Whenever used in the Plan, the following terms shall have the meanings set forth below unless a different meaning is clearly required by the context.

 

2.1          “Base Salary” means the Participant’s annual gross base salary from the Company or a Subsidiary for the applicable Fiscal Year before any deductions, exclusions, deferrals, or contributions on a tax-qualified or non-tax-qualified basis under any plan or program of the Company or a Subsidiary, and excluding bonuses and incentive compensation.  If a Participant is employed for less than a complete Fiscal Year, Base Salary for the Fiscal Year shall be the annualized gross base salary (subject to the adjustments described in the preceding sentence) based on the Participant’s highest base salary rate during such Fiscal Year.  Base Salary shall be determined under this Section 2.1 in accordance with the personnel records and established practices and procedures of the Company.

 

2.2          “Beneficial Owner” or “Beneficial Ownership” has the meaning ascribed to such term in Rule 13d-3 of the General Rules and Regulations under the Exchange Act.

 

2.3          “Board” means the Board of Directors of the Company.

 

2.4          “Cause” means the occurrence of any one or more of the following:

 

(a)           The Participant’s willful failure to perform his or her duties for the Company (other than any such failure resulting from the Participant’s Disability), after written demand for substantial performance has been delivered to the Participant by the Committee that specifically identifies how the Participant has not substantially performed

 

 

his or her duties, and the Participant fails to remedy the situation within fifteen (15) business days of such written demand from the Committee;

 

(b)           Gross negligence in the performance of the Participant’s duties;

 

(c)           The Participant’s conviction of, or plea of nolo contendere, to any felony whatsoever or any other crime involving the personal enrichment of the Participant at the expense of the Company;

 

(d)           The Participant’s willful engagement in conduct that is demonstrably and materially injurious to the Company, monetarily or otherwise;

 

(e)           A material violation of any federal or state banking law or regulation;

 

(f)            A material violation of any provision of the Company’s code of business conduct and ethics (including any successor thereto) or any other Company-established code of conduct to which the Participant is subject; or

 

(g)           Willful violation of any of the covenants contained in Article 9, as applicable.

 

2.5          “CEO” means the Chief Executive Officer of the Company.

 

2.6          “Change in Control” means (i) any transaction as a result of which, immediately thereafter, BNP Paribas and its affiliates are the Beneficial Owners, directly or indirectly, of (A) securities of BancWest Corporation representing no more than 50% or less of the combined voting power of BancWest Corporation’s securities then outstanding or (B) securities of the Company representing no more than 50% or less of the combined voting power of the Company’s securities then outstanding; or (ii) the sale, transfer or other disposition of all or substantially all of the assets of the Company to an unrelated third party.

 

2.7          “Code” means the Internal Revenue Code, as amended from time to time, or any successor thereto.

 

2.8          “Committee” means the Compensation Committee of the Board or any other committee appointed by the Board to be responsible for the administration of the Plan.

 

2.9          “Company” means First Hawaiian Bank, or any successor to the First Hawaiian Bank, its assets or its businesses that becomes bound by this Plan pursuant to Section 13.

 

2.10        “Confidential Information” means any information with respect to the conduct or details of the business of the Company and its Subsidiaries, including, without limitation, information relating to its commercial and retail banking services, mortgage banking services, commercial and consumer loans, merchant credit card services, investments and capital market transactions and strategies, methods of operation, customer and borrower lists, customer account information, deposits, outstanding loans, products (existing and proposed), prices, fees, costs, plans, technology, inventions, trade secrets, know-how, software, marketing methods, policies,

 

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personnel, suppliers, competitors, markets, or other specialized information or proprietary matters of the Company and its Subsidiaries.

 

2.11        “Date of Termination” means the date of a Qualifying Termination.

 

2.12        “Disability” or “Disabled” means the Participant (a) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (b) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Company. In addition to the foregoing, a Participant shall be deemed Disabled as of the date the Social Security Administration determines the Participant to be totally disabled.

 

2.13        “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, or any successor act thereto.

 

2.14        “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor act thereto.

 

2.15        “Excise Tax” means an excise tax imposed by Code section 4999 (or any successor provision thereto) together with any similar tax imposed by state or local law, including any interest or penalties.

 

2.16        “Fiscal Year” means the calendar year.

 

2.17        “Good Reason” means that either the Company is in breach or default with respect to any material obligation under this Plan (including the obligation to require a successor to assume the Plan pursuant to Section 13) or the Participant, without prior written consent:

 

(a)           has incurred a material reduction in base salary, authority, duties or responsibilities, or in the budget over which the Participant has authority at the Company;

 

(b)           has incurred a material reduction in the authority, duties or responsibilities of the Participant’s supervisor; or

 

(c)           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 participant’s base of employment immediately prior to the Change in Control.

 

Provided in each case, that no event or circumstance described in this Section 2.17 shall constitute Good Reason unless (i) the Participant provides the Company notice thereof within ninety (90) days after the occurrence or existence of such event or circumstance, (ii) the Company fails to cure such event or circumstance within thirty (30) days after delivery of such notice and (iii) the Participant’s employment with the Company terminates within thirty (30) days after the expiration of such cure period.

 

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2.18        “Participant” means an officer of the Company or a Subsidiary who both (a) is serving on the Senior Management Committee or holds a more senior title and (b) has been approved as a Participant by the Committee in accordance with Article 3.

 

2.19        “Plan” means the Executive Change-in-Control Retention Plan of First Hawaiian Bank as set forth herein and amended from time to time.

 

2.20        “Qualifying Termination” means within twenty-four (24) months following a Change in Control, (a) the Participant’s employment is involuntarily terminated by the Company and its Subsidiaries without Cause, or (b) the Participant terminates employment from the Company and its Subsidiaries for Good Reason.  The twenty-four month period will be extended by one (1) additional month if the thirty-day cure period in Section 2.17 is triggered in the twenty-third or twenty-fourth month following a Change in Control.  It is intended that any Qualifying Termination shall be an “involuntary Separation from Service,” as defined in Treasury Regulation section 1.409A-1(n).

 

2.21        “Separation from Service” or “Separates from Service” has the meaning ascribed to such term in Treasury Regulation section 1.409A-l(h) and generally means termination of employment from the Company and its Subsidiaries.

 

2.22        “Specified Employee” means an individual who, as of the date of his or her Separation from Service, meets the requirements to be a “key employee” as defined in Code section 416(i)(1)(A)(i), (ii) or (iii) (applied in accordance with the regulations thereunder and without regard to section 416(i)(5)) at any time during the 12-month period ending on the Specified Employee Identification Date.  For purposes of this determination, the Specified Employee Identification Date is each December 31 and the Specified Employee Effective Date is the April 1 following such Identification Date.  If the individual is a key employee as of a Specified Employee Identification Date, the individual is treated as a “key employee” for purposes of this section for the entire 12-month period beginning on the Specified Employee Effective Date.  The terms “Identification Date” and “Effective Date” for purposes of this paragraph have the meanings specified in Treasury Regulation 1.409A-1(i)(3) and (4).

 

2.23        “Subsidiary” means any corporation, partnership, joint venture, limited liability company, or other entity (other than the Company) in an unbroken chain of entities beginning with the Company if each of the entities other than the last entity in the unbroken chain owns directly or indirectly at least 50% of the total combined voting power of another corporation or other entity in such chain.

 

3.             Participation.

 

3.1          Participation Agreement.  An executive officer of the Company or a Subsidiary shall become eligible to participate in the Plan upon the Committee’s designation of the officer as a Participant in writing.  The Participant’s “Effective Date of Participation” shall be the date of the CEO or Committee’s designation of the officer as a Participant.

 

3.2          End of Participation.  Upon Separation from Service prior to a Change in Control, a Participant shall cease to be a Participant and shall no longer be eligible for benefits 

 

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under this Plan.  If a Participant enters into a separation agreement or employment agreement with the Company that designates a date prior to Separation from Service on which the Participant’s participation in this Plan shall cease, the separation agreement or employment agreement shall control.  Subject to any applicable separation or employment agreement, prior to a Participant’s Separation from Service, the Committee may in good faith determine that a Participant has ceased to be in the class of executives eligible for coverage under the Plan, in which case the Committee may terminate the Participant’s participation in the Plan effective upon written notification to the Participant of such determination.  However, notwithstanding the foregoing, a Participant’s participation in the Plan may not be involuntarily terminated (except for Cause) (a) after a member of the Committee has actual knowledge that a third party has taken steps reasonably calculated to effectuate a Change in Control (including, but not limited to, the commencement of a tender offer for the voting stock of the Company or any of its affiliates or the circulation of a proxy to the shareholders of the Company or any of its affiliates) and until the Committee determines in good faith that such third party has fully abandoned or terminated its efforts to effectuate a Change in Control, or (b) within twenty-four (24) months after a Change in Control.  With respect to (b), the foregoing 24-month period shall be extended by one (1) additional month if the thirty-day cure period in Section 2.17 is triggered in the twenty-third or twenty-fourth month following a Change in Control.

 

4.             Benefits.

 

4.1          Right to Benefits.  Following a Qualifying Termination (including for this purpose any termination described in Section 1 of Appendix A or Section 1 of Appendix B), a Participant shall have the rights and be entitled to the benefits described in Sections 4.2 through 4.3.

 

4.2          Severance, Welfare, and Outplacement Benefits and Noncompetition Payments.  A Participant serving as a CEO, President, Chairman or Vice Chairman as of the Participant’s Effective Date of Participation shall be entitled to the benefits and noncompetition payments described in Appendix A, attached hereto.  A Participant serving on the Senior Management Committee, but holding a title other than that of CEO, President, Chairman or Vice Chairman, as of the Participant’s Effective Date of Participation shall be entitled to the benefits and noncompetition payments described in Appendix B, attached hereto.  The Appendices to the Plan are incorporated into the Plan as if set forth fully herein.

 

4.3          Incentive Compensation Plans.  Any award granted to a Participant under the BancWest Corporation Contingent Sustainable and International Scheme, BancWest Corporation Group Sustainability and Incentive Scheme, First Hawaiian Bank Long Term Incentive Plan, First Hawaiian Bank Incentive Plan for Key Employees or any other cash or equity incentive compensation plan shall be governed by the provisions of those plans.

 

5.             Termination for Cause.

 

Nothing in this Plan shall be construed to prevent the Company or its Subsidiaries from terminating a Participant’s employment for any reason or for no reason.  However, if the Company or a Subsidiary (including any successor to the Company or a Subsidiary) wishes to terminate a Participant’s employment for Cause after a Change in Control, the Company (or any 

 

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successor to the Company) must give the Participant a written notice (“Notice of Termination”) that identifies the specific clause in the definition of Cause on which the termination is based and provides a reasonably detailed description of the facts that permit termination under that clause.  If the Company (or any successor to the Company) terminates a Participant’s employment without providing a Notice of Termination, the termination shall be deemed to be a termination without Cause.  If the Company or a Subsidiary terminates a Participant for Cause, the Participant shall not be entitled to the benefits described in Section 4.2.  (The Participant’s rights to the benefits described in Section 4.3 depend on the terms of the applicable plans.)

 

6.             Other Benefits.

 

Neither the provisions of this Plan nor the benefits provided hereunder shall reduce any amounts otherwise payable to the Participant under any other benefit, incentive, retirement, or equity compensation plan, or any employment agreement, or other plan or arrangement of the Company or its Subsidiaries, with the exception that a Participant shall not receive payments under any other group severance plan or program sponsored by First Hawaiian Bank or BancWest Corporation if receiving a payment under this Executive Change-in-Control Retention Plan.

 

Notwithstanding the foregoing, except as otherwise expressly provided pursuant to this Plan, this Plan shall be construed and administered in a manner which avoids duplication of compensation and benefits which may be provided under any other benefit, incentive, retirement, or equity compensation plan, or any employment agreement, or other plan or arrangement of First Hawaiian, Inc., the Company or its Subsidiaries or under any statute, rule or regulation.  In the event a Participant is covered by any other benefit, incentive, retirement, or equity compensation plan, or any employment agreement, or other plan or arrangement of First Hawaiian, Inc., the Company or its Subsidiaries, in effect as of his or her Date of Termination, that may duplicate the payments and benefits provided for in this Plan, the Committee is specifically empowered to reduce or eliminate the duplicative benefits provided for under this Plan or under the other plan, program, policy, employment agreement or other arrangement.  In the event a Participant is covered by any pre-existing employment agreement or other arrangement of First Hawaiian, Inc., the Company or its Subsidiaries, that provides for severance payments that differ in timing or form of payment from those the Participant would otherwise be entitled to under this Plan, the severance payments provided to such Participant pursuant to this Plan will be reformed if and to the extent necessary to comply with Code section 409A.

 

7.             Benefits in the Event of Death.

 

In the event of the death of the Participant after becoming entitled to benefits under this Plan, any benefits that would have been paid to the Participant shall be paid to the Participant’s designated beneficiary(ies).  The beneficiary(ies) of the Participant under the BancWest Corporation 401(k) Savings Plan (or successor plan) shall be deemed to be the Participant’s designated beneficiary(ies) under this Plan, unless a beneficiary or beneficiaries are otherwise designated by the Participant in written form delivered and acceptable to the Committee prior to the Participant’s death.  A Participant may make or change such designation at any time.  In the event of the death of a Participant prior to becoming entitled to benefits under this Plan, no 

 

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benefits shall be paid to the Participant’s beneficiary(ies), estate, or any other person on behalf of the Participant.

 

8.             Tax Withholding, No Gross-ups.

 

The payment of any amount under this Plan shall be subject to such income tax, employment tax and other withholding as the Company determines is required under applicable law.  The Participant is responsible for all taxes that may become payable in connection with Plan participation.  No supplemental “gross up” payments shall be made under this Plan, other than such reimbursements as may be described herein, with the intent of relieving a Participant from any taxes applicable to Plan benefits.

 

9.             Restrictive Covenants.

 

In consideration of the benefits of participation in this Plan, the Participant agrees that, while the Participant is employed by the Company or a Subsidiary and for twelve (12) months following the Participant’s Date of Termination, the Participant shall be bound by the restriction in Sections 9.1 and 9.2.

 

9.1          Nondisclosure.  Unless required or otherwise permitted by law, the Participant shall not disclose to others or use for the benefit of any person or entity other than the Company and its Subsidiaries any Confidential Information or any summary or derivative of that information.

 

9.2          Nondisparagement.  The Participant shall not publicly denigrate or in any manner undertake to publicly discredit the Company or its Subsidiaries or any person or operation associated with the Company or its Subsidiaries.

 

In consideration of the supplemental severance amount provided for in Appendices A or B, as applicable, a Participant must execute a supplemental agreement to comply with covenants not to compete or solicit business or employees (the “Supplemental Participation Agreement”) and shall thereby be bound by the restrictions in Sections 9.3 through 9.5 for twelve (12) months following the Participant’s Date of Termination.

 

9.3          Noncompetition.  The Participant shall not, either directly or indirectly, engage in or invest in, own, manage, operate, finance, control, be employed by, work as a consultant or contractor for, or otherwise be associated with any Financial Institution doing business within the markets of the Company; provided, however, that the Participant may purchase or otherwise acquire up to one percent (1%) of any class of securities of any such Financial Institution (but without otherwise participating in the activities of such enterprise) if such securities are listed on any national or regional securities exchange or have been registered under section 12(g) of the Exchange Act.  The term “Financial Institution” means any commercial bank, savings institution, securities brokerage, mortgage company, insurance broker or other company or organization that competes with the Company or any of its Subsidiaries.

 

9.4          Nonsolicitation of Business.  The Participant shall not solicit business of the same or similar type being carried on by the Company or its Subsidiaries from any company, 

 

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person, or entity known by the Participant to be a customer of the Company or its Subsidiaries, whether or not the Participant had personal contact with such company, person or entity by reason of the Participant’s employment with the Company or a Subsidiary.

 

9.5          Nonsolicitation of Employees.  The Participant shall not, whether for the Participant’s own account or the account of any other person, solicit (other than general, non-targeted solicitation), employ, or otherwise engage as an employee, independent contractor, or otherwise, any person who is an employee of the Company or its Subsidiaries or in any manner induce or attempt to induce any employee of the Company or its Subsidiaries to terminate his or her employment.

 

10.          Administration.

 

10.1        Administrative Authority.  The Committee shall have the responsibility and authority to administer the Plan.  The Committee shall administer the Plan in accordance with the Committee’s charter and the governance rules and procedures applicable to the Committee.  The Committee shall have plenary authority, in its complete and sole discretion, to: (a) construe and interpret the Plan and its terms and resolve any ambiguities herein; (b) determine the amount and recipient of any payment hereunder; (c) prescribe, amend, and rescind rules and regulations with respect to Plan administration or interpretation; (d) make all other determinations and do all other things necessary or appropriate for the administration of the Plan; and (e) have all other powers granted to it in other sections of this Plan or as otherwise necessary or appropriate to carry out its responsibilities hereunder.  The CEO may exercise all of the power and authorities of the Committee with respect to the administration of the Plan as set forth herein, including, but not limited to, the authority to identify Participants in the Plan.  The finding, decision, determination or action of the Committee or CEO with respect to any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon any and all persons having any interest in the Plan, subject only to the Plan’s claims rules.  No findings, decisions or determinations of any kind made by the Committee or CEO shall be disturbed by a court of law or otherwise unless there is a judicial finding that the Committee or CEO has acted in an arbitrary and capricious manner.

 

10.2        Code section 409A Compliance.  The Company intends the Plan to meet the requirements of Code section 409A (including exemptions thereto), the regulations promulgated thereunder and any additional regulatory guidance provided thereunder by the Treasury Department, and the Committee shall interpret and construe the terms of this Plan in a manner consistent with such intent.  Notwithstanding anything in the Plan to the contrary, any Plan provision that does not meet the requirements of Code section 409A or applicable regulatory guidance thereunder shall be reformed so as to satisfy such requirements if such reformation may be accomplished without substantially adversely affecting a Participant’s benefits, and if in the good faith determination of the Committee such result cannot be achieved, shall be treated as void.  Moreover, for purposes of applying the provisions of Code section 409A to this Plan, each separately identified amount to which a Participant is entitled under this Plan shall be treated as a separate payment.

 

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In addition, to the extent permissible under Code section 409A, any series of installment payments under this Plan shall be treated as a right to a series of separate payments.  To the extent that any expense reimbursements or the provision of any in-kind benefits under the Plan are determined to be subject to Code section 409A (including any exemptions thereto), the amount of any such expenses eligible for reimbursement or the provision of any in-kind benefit in one calendar year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other calendar year (except for any aggregate limitation applicable to medical expenses), in no event shall any expenses be reimbursed after the last day of the calendar year following the calendar year in which the Participant incurred such expenses, and in no event shall any right to reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for another benefit.  Finally, and notwithstanding anything in the Plan to the contrary, any Plan provision that does not meet the requirements of any future federal or state statute or applicable regulatory guidance thereunder shall be reformed so as to satisfy such requirements if such reformation may be accomplished without substantially adversely affecting a Participant’s benefits, and if in the good faith determination of the Committee such result cannot be achieved, shall be treated as void.

 

11.          Claims Procedures.

 

Any individual (a “Claimant”) who has not received benefits under the Plan that he or she believes should be paid may make a claim for such benefits as follows:

 

11.1        Written Claim.  The Claimant shall initiate a claim by submitting to the Company a written claim for the benefits.

 

11.2        Timing of Company Response.  The Committee shall respond to the Claimant within ninety (90) days after receiving the claim.  If the Committee determines that special circumstances require additional time for processing the claim, the Committee may extend the response period by an additional ninety (90) days by notifying the Claimant in writing, prior to the end of the initial 90-day period, that an additional period is required.  The notice of extension must set forth the special circumstances and the date by which the Committee expects to render its decision.

 

11.3        Notice of Decision.  If the Committee denies part or all of the claim, the Committee shall notify the Claimant in writing of such denial.  The Committee shall write the notification in a manner calculated to be understood by the Claimant.  The notification shall set forth: (a) the specific reasons for the denial; (b) a reference to the specific provisions of the Plan on which the denial is based; (c) a description of any additional information or material necessary for the Claimant to perfect the claim and an explanation of why it is needed; (d) an explanation of the Plan’s review procedures and the time limits applicable to such procedures; and (e) a statement of the Claimant’s right to bring a civil action under section 502(a) of ERISA following an adverse benefit determination on review.

 

11.4        Review Procedure.  If the Committee denies part or all of the claim, the Claimant shall have the opportunity for a full and fair review by the Committee of the denial.  To initiate the review, the Claimant, within sixty (60) days after receiving the Committee’s notice of denial, must file with the Committee a written request for review.  The Claimant shall then have the 

 

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opportunity to submit written comments, documents, records and other information relating to the claim.  The Committee shall also provide the Claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant (as defined in applicable ERISA regulations) to the Claimant’s claim for benefits.  In considering the claim on review, the Committee shall take into account all materials and information the Claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.

 

11.5        Committee Response.  The Committee shall respond in writing to the Claimant within sixty (60) days after receiving the request for review.  If the Committee determines that special circumstances require additional time for processing the claim, the Committee may extend the response period by an additional sixty (60) days by notifying the Claimant in writing, prior to the end of the initial 60-day period, that an additional period is required.  The notice of extension must set forth the special circumstances and the date by which the Committee expects to render its decision.  The Committee shall notify the Claimant in writing of its decision on review.  The Committee shall write the notification in a manner calculated to be understood by the Claimant. The notification shall set forth: (a) the specific reasons for the denial; (b) a reference to the specific provisions of the Plan on which the denial is based; (c) a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of all documents, records, and other information relevant (as defined in applicable ERISA regulations) to the Claimant’s claim for benefits; and (d) a statement of the Claimant’s right to bring a civil action under section 502(a) of ERISA after exhausting all administrative claims and review procedures in this Article 11.

 

12.          Amendment or Termination.

 

The Committee may amend or terminate the Plan at any time and in any manner without the consent of any Participant or other affected individual.  Notwithstanding the foregoing, the Plan may not be terminated or amended in any manner that adversely affects the benefits payable (or to be paid) to a Participant (i) if the Participant’s Date of Termination precedes the date on which the amendment or termination was adopted or became effective (except as otherwise provided in Section 10.2) or (ii) for a period of two (2) years following a Change in Control without the written consent of the affected Employee (except as otherwise provided in Section 10.2).  In the event that any member of the Committee has actual knowledge that a third party has taken steps reasonably calculated to effectuate a Change in Control (including, but not limited to, the commencement of a tender offer for the voting stock of the Company or any of its affiliates or the circulation of a proxy to the shareholders of the Company of any of its affiliates), then this Plan and its terms shall remain irrevocably in effect, without amendment, until the Committee determines in good faith that such third party has fully abandoned or terminated its effort to effectuate a Change in Control.

 

13.          Successors.

 

This Plan shall bind any successor of the Company, its assets or its businesses (whether direct or indirect), by purchase, merger, consolidation or otherwise, to the same extent and in the same manner as would the Company be obligated under this Plan if no succession had taken place.  In the case of any transaction in which a successor would not by the foregoing provision

 

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or operation of law be bound by this Plan, the Company or an affiliate thereof shall require such successor expressly and unconditionally to assume and agree to perform the Company’s obligations under this Plan to the same extent and in the same manner as would the Company be required to perform if no such succession had taken place.

 

14.          Third Party Beneficiaries.

 

This Plan shall inure to the benefit of and be enforceable by the Participant’s personal or legal representatives, executors, administrators, successors, heirs, and assigns.

 

15.          Indemnification.

 

In addition to such other rights of indemnification as they may have as members of the Board, the Company shall indemnify the members of the Board and the Committee as well as the CEO against all reasonable expenses, including attorneys’ fees, actually and reasonably incurred in connection with the defense of any action, suit, or proceeding, or in connection with any appeal therein, to which they or any of them may be a party by reason of any action or failure to act under or in connection with the Plan, and against all amounts reasonably paid by them in settlement thereof or paid by them in satisfaction of a judgment in any such action, suit, or proceeding, if such members acted in good faith and in a manner that they believed to be in, and not opposed to, the best interests of the Company.

 

16.          Incapacity.

 

If the Committee finds that any person to whom a benefit is payable under this Plan is legally, physically, or mentally incapable of personally receiving and receipting for such payment, the Committee may direct that such benefit be paid to any person, persons, or institutions who have custody of such person, or are providing necessities of life (including. without limitation, food, shelter, clothing, medical, or custodial care) to such person, to the extent deemed appropriate by the Committee.  Any such payment shall constitute a full discharge of the liability of the Company to the extent thereof.

 

17.          Funding.

 

The amounts payable under this Plan shall be paid in cash from the general assets of the Company, and a Participant shall have no right, title, or interest 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.  To the extent that any person acquires a right to receive a payment under this Plan, such right shall be no greater than the right of an unsecured creditor.

 

18.          FDIC Limitations.

 

If any payment or benefit under this Plan would otherwise be a golden parachute payment within the meaning of section 18(k) of the Federal Deposit Insurance Act (a “Golden Parachute Payment”) that is prohibited by applicable law, then the payments and benefits will be reduced to 

 

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the greatest amount that can be paid to the Participant without there being a prohibited Golden Parachute Payment.  To the extent reasonably practicable, the Company shall seek the approval of the Federal Deposit Insurance Corporation (the “FDIC”), the State of Hawaii Department of Commerce and Consumer Affairs—Division of Financial Institutions and any other bank regulatory body, as necessary, to make any payment to the Participant that would otherwise constitute a Golden Parachute Payment.

 

19.          Nonassignment.

 

The interests of a Participant hereunder may not be sold, transferred, assigned, pledged, or hypothecated.  No Participant may borrow against his/her interest in the Plan.

 

20.          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.  Except to the extent preempted by ERISA, the provisions of this Plan shall be construed, administered, and enforced according to the laws of the State of Hawaii without giving effect to the conflict of laws principles.

 

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APPENDIX A  -  EXECUTIVE CHANGE-IN-CONTROL RETENTION PLAN

 

Benefits for the CEO, President, Chairman and Vice Chairmen

 

1.             Entitlement to Benefits.

 

A Participant covered by this Appendix A shall be entitled to the benefits described in Section 2 through Section 4 of this Appendix A if the Participant has a Qualifying Termination.  A Participant covered by this Appendix A shall be entitled to the benefits described in Section 6 of this Appendix A if the Participant either (a) is involuntarily terminated by the Company and its Subsidiaries without Cause, or (b) the terminates his or her employment from the Company and its Subsidiaries for Good Reason and such termination does not constitute a Qualifying Termination because the termination occurred outside the Change in Control period.  All payments hereunder shall be subject to the Plan, including tax withholding as provided in Article 8 of the Plan, section 409A requirements as provided in Section 10.2 of the Plan, and the FDIC Limitations as provided under Article 18 of the Plan.

 

2.             Change in Control Severance Benefits.

 

a.             Base Salary and Bonus.  The Company shall pay the Participant the following severance benefit:

 

i.              An amount equal to one (1) times the Participant’s highest annual Base Salary earned at any time during the three (3) complete Fiscal Years immediately preceding the Participant’s Date of Termination or, if shorter, during the Participant’s entire period of employment with the Company and its Subsidiaries; plus

 

ii.             An amount equal to one (1) times the highest of:  (A) the Participant’s actual annual bonus under the Incentive Plan for Key Executives (or any successor plan or any alternative plan or arrangement providing for an annual incentive bonus and designated by the Committee) (the “IPKE”) during the Fiscal Year in which the Participant’s Date of Termination occurs, or (B) the Participant’s target IPKE bonus at the Date of Termination or (C) the highest IPKE bonus actually paid during each of the three (3) complete Fiscal Years immediately preceding the Participant’s Date of Termination or, if shorter, during the Participant’s entire period of employment with the Company and its Subsidiaries.

 

Except as otherwise provided in Section 2(c) below, the Company shall pay the benefits described in this Section 2(a) to the Participant in a lump sum on the last day of the month following the Participant’s Date of Termination.

 

b.             Health Benefits.  If the Participant timely elects to receive continuation coverage under the First Hawaiian Bank Medical Plan, the First Hawaiian Bank Group Dental Plan, the BancWest Corporation Vision Plan or any other successor group medical, dental or vision plan provided by the Company or BancWest Corporation (the 

 

A-1

 

“Health Plans”) pursuant to Code section 4980B and ERISA sections 601—608 (collectively, “COBRA”), the Company will pay a subsidy toward the premium cost of continuation coverage for the Participant and/or any “qualified beneficiary” (as defined under COBRA) equal to the amount of the subsidy paid by the Company for group medical and dental coverage for the Participant and his or her dependents immediately before the Participant’s Date of Termination.  Such subsidy will be applied to coverage commencing on the date of the “qualifying event” (as defined under COBRA) and continue through the end of the twenty-fourth (24th) month following the Participant’s Date of Termination or, if earlier, until the Participant and/or qualified beneficiary lose eligibility for continuation coverage.  Any period of subsidized continuation coverage will not extend, but instead will be considered part of, the continuation coverage period to which the Participant and/or qualified beneficiary are entitled under COBRA and the terms of the Health Plans.

 

c.             Time and Form of Payment.  Notwithstanding the foregoing, if the Participant is a Specified Employee as of the date of his or her Separation from Service, no amounts or benefits payable under this Appendix A shall be paid before the first day of the seventh (7th) month following the Participant’s Separation from Service (or, if earlier, the date of the Participant’s death) if and to the extent that such payment or benefit constitutes deferred compensation (or may be nonqualified deferred compensation) under Code section 409A and such payment delay is required to comply with the requirements of Code section 409A.  Any severance compensation payment delayed by reason of the prior sentence shall be paid out or provided in a single lump sum on the first day following the end of such required deferral period in order to catch up to the original payment schedule.  Such lump sum payment shall include interest over the required deferral period, calculated at the three (3)-month Treasury Bill spot rate, determined as of the Participant’s Date of Termination.

 

3.             Outplacement Benefits.

 

The Company shall reimburse the Participant for the reasonable expenses incurred by the Participant for outplacement including transitional office support (“Outplacement Reimbursements”).  The maximum amount of reimbursement for any Participant shall not exceed $20,000.  Expenses must be incurred within 24 months and submitted for reimbursement within 36 months after the Participant’s Date of Termination.  Such payments shall be made as soon as reasonably practicable after the Participant has provided evidence that such expenses have been incurred, subject to Section 10.2 of the Plan.

 

4.             Supplemental Payment for Restrictive Covenants.

 

a.             Amount.  If Participant executes a Supplemental Participation Agreement to be bound by the terms of Sections 9.3-9.5 for the twelve (12) month period immediately following the Participant’s Date of Termination, and the Participant refrains from engaging in those activities prohibited, the Company shall pay the Participant an amount equal to:

 

A-2

 

i.              one (1) times the Participant’s highest annual Base Salary earned at any time during the three (3) complete Fiscal Years immediately preceding the Participant’s Date of Termination or, if shorter, during the Participant’s entire period of employment with the Company and its Subsidiaries; plus

 

ii.             one (1) times the highest of:  (A) the Participant’s actual annual bonus under the IPKE during the Fiscal Year in which the Participant’s Date of Termination occurs, or (B) the Participant’s target IPKE bonus at the Date of Termination or (C) the highest IPKE bonus actually paid during each of the three (3) complete Fiscal Years immediately preceding the Participant’s Date of Termination or, if shorter, during the Participant’s entire period of employment with the Company and its Subsidiaries.

 

b.             Time and Form of Payment.  The Company shall make the payment described in this Section 4 to the Participant in a lump sum on the last day of the thirteenth (13th) month following the Participant’s Date of Termination.

 

5.             Parachute Payments.

 

In the event that it shall be determined that any payment or distribution to or for the benefit of the Participant under this Plan or under any other plan, contract or agreement of the Company or any affiliate would, but for the effect of this Section 5, be subject to the excise tax imposed by Code section 4999 or any interest or penalties with respect to such excise tax (collectively, such excise tax, together with any such interest or penalties, the “Excise Tax”), then, at the election of the Participant, in the event that the after-tax value of all Payments (as defined below) to the Participant (such after-tax value to reflect the deduction of the Excise Tax and all income or other taxes on such Payments) would, in the aggregate, be less than the after-tax value to the Participant of the Safe Harbor Amount (as defined below), (1) the cash portions of the Payments payable to the Participant under this Plan shall be reduced, in the order in which they are due to be paid, until the Parachute Value (as defined below) of all Payments paid to the Participant, in the aggregate, equals the Safe Harbor Amount, and (2) if the reduction of the cash portions of the Payments, payable under this Plan, to zero would not be sufficient to reduce the Parachute Value of all Payments to the Safe Harbor Amount, then any cash portions of the Payments payable to the Participant under any other plans shall be reduced, in the order in which they are due to be paid, until the Parachute Value of all Payments paid to the Participant, in the aggregate, equals the Safe Harbor Amount, and (3) if the reduction of all cash portions of the Payments, payable pursuant to this Plan and otherwise, to zero would not be sufficient to reduce the Parachute Value of all Payments to the Safe Harbor Amount, then non-cash portions of the Payments shall be reduced, in the order in which they are due to be paid, until the Parachute Value of all Payments paid to the Participant, in the aggregate, equals the Safe Harbor Amount.  As used herein, (x) “Payment” shall mean any payment or distribution in the nature of compensation (constituting a parachute payment within the meaning of Code section 280G(b)(2)) to or for the benefit of the Participant, whether paid or payable pursuant to this Plan or otherwise, (y) “Safe Harbor Amount” shall mean 2.99 times the Participant’s “base amount,” within the meaning of Code section 280G(b)(3), and (z) “Parachute Value” of a Payment shall mean the present value as of the date of the Change in Control (for purposes of Code section 280G) of the portion of such Payment that constitutes a “parachute payment” under Code section 

 

A-3

 

280G(b)(2) for purposes of determining whether and to what extent the Excise Tax will apply to such Payment.  All calculations under this section shall be made reasonably by the Company and the Company’s outside auditor or other consultant selected by the Company at the Company’s expense.  Any reductions of Payments required under this Section 5 shall be made in a manner that complies with Code section 409A.

 

6.             Non-Change in Control Severance Benefits.

 

a.             Base Salary and Bonus.  The Company shall pay the Participant the following severance benefit:

 

i.              An amount equal to two (2) times the Participant’s highest annual Base Salary earned at any time during the three (3) complete Fiscal Years immediately preceding the Participant’s Separation from Service or, if shorter, during the Participant’s entire period of employment with the Company and its Subsidiaries; plus

 

ii.             An amount equal to two (2) times the highest of:  (A) the Participant’s actual annual bonus under the IPKE during the Fiscal Year in which the Participant’s Separation from Service occurs, or (B) the Participant’s target IPKE bonus at the Separation from Service or (C) the highest IPKE bonus actually paid during each of the three (3) complete Fiscal Years immediately preceding the Participant’s Separation from Service or, if shorter, during the Participant’s entire period of employment with the Company and its Subsidiaries.

 

Except as otherwise provided in Section 6(b) below, the Company shall pay the benefits described in this Section 6(a) to the Participant in a lump sum on the last day of the month following the Participant’s Separation from Service.

 

b.             Time and Form of Payment.  Notwithstanding the foregoing, if the Participant is a Specified Employee as of the date of his Separation from Service, no amounts or benefits payable under this Section 6 shall be paid before the first day of the seventh (7th) month following the Participant’s Separation from Service (or, if earlier, the date of the Participant’s death) if and to the extent that such payment or benefit constitutes deferred compensation (or may be nonqualified deferred compensation) under Code section 409A and such payment delay is required to comply with the requirements of Code section 409A.  Any severance compensation payment delayed by reason of the prior sentence shall be paid out or provided in a single lump sum on the first day following the end of such required deferral period in order to catch up to the original payment schedule.  Such lump sum payment shall include interest over the required deferral period, calculated at the three (3)-month Treasury Bill spot rate, determined as of the Participant’s Separation from Service.

 

A-4

 

APPENDIX B  -  EXECUTIVE CHANGE-IN-CONTROL RETENTION PLAN

 

Benefits for Members of the Senior Management Committee (other than the CEO, President, Chairman and Vice Chairmen)

 

1.             Entitlement to Benefits.

 

A Participant covered by this Appendix B shall be entitled to the benefits described in Section 2 through Section 4 of this Appendix B if the Participant has a Qualifying Termination.  A Participant covered by this Appendix B shall be entitled to the benefits described in Section 6 of this Appendix B if the Participant either (a) is involuntarily terminated by the Company and its Subsidiaries without Cause, or (b) the terminates his or her employment from the Company and its Subsidiaries for Good Reason and such termination does not constitute a Qualifying Termination because the termination occurred outside the Change in Control period.  All payments hereunder shall be subject to the Plan, including tax withholding as provided in Article 8 of the Plan, Section 409A requirements as provided in Section 10.2 of the Plan, and the FDIC Limitations as provided under Article 18 of the Plan.

 

2.             Change in Control Severance Benefits.

 

a.             Base Salary and Bonus.  The Company shall pay the Participant the following severance benefit:

 

i.              An amount equal to one-half (0.5) times the Participant’s highest annual Base Salary earned at any time during the three (3) complete Fiscal Years immediately preceding the Participant’s Date of Termination or, if shorter, during the Participant’s entire period of employment with the Company and its Subsidiaries; plus

 

ii.             An amount equal to one-half (0.5) times the highest of:  (A) the Participant’s actual annual bonus under the Incentive Plan for Key Executives (or any successor plan or any alternative plan or arrangement providing for an annual incentive bonus and designated by the Committee) (the “IPKE”) during the Fiscal Year in which the Participant’s Date of Termination occurs, or (B) the Participant’s target IPKE bonus at the Date of Termination or (C) the highest IPKE bonus actually paid during each of the three (3) complete Fiscal Years immediately preceding the Participant’s Date of Termination or, if shorter, during the Participant’s entire period of employment with the Company and its Subsidiaries.

 

Except as otherwise provided in Section 2(c) below, the Company shall pay the benefits described in this Section 2(a) to the Participant in a lump sum on the last day of the month following the Participant’s Date of Termination.

 

b.             Health Benefits.  If the Participant timely elects to receive continuation coverage under the First Hawaiian Bank Medical Plan, the First Hawaiian Bank Group Dental Plan, the BancWest Corporation Vision Plan or any other successor group 

 

B-1

 

medical, dental or vision plan provided by the Company or BancWest Corporation (the “Health Plans”) pursuant to Code section 4980B and ERISA sections 601—608 (collectively, “COBRA”), the Company will pay a subsidy toward the premium cost of continuation coverage for the Participant and/or any “qualified beneficiary” (as defined under COBRA) equal to the amount of the subsidy paid by the Company for group medical and dental coverage for the Participant and his or her dependents immediately before the Participant’s Date of Termination.  Such subsidy will be applied to coverage commencing on the date of the “qualifying event” (as defined under COBRA) and continue through the end of the twelfth (12th) month following the Participant’s Date of Termination or, if earlier, until the Participant and/or qualified beneficiary lose eligibility for continuation coverage.  Any period of subsidized continuation coverage will not extend, but instead will be considered part of, the continuation coverage period to which the Participant and/or qualified beneficiary are entitled under COBRA and the terms of the Health Plans.

 

c.             Time and Form of Payment.  Notwithstanding the foregoing, if the Participant is a Specified Employee as of the date of his or her Separation from Service, no amounts or benefits payable under this Appendix B shall be paid before the first day of the seventh (7th) month following the Participant’s Separation from Service (or, if earlier, the date of the Participant’s death) if and to the extent that such payment or benefit constitutes deferred compensation (or may be nonqualified deferred compensation) under Code section 409A and such payment delay is required to comply with the requirements of Code section 409A.  Any severance compensation payment delayed by reason of the prior sentence shall be paid out or provided in a single lump sum on the first day following the end of such required deferral period in order to catch up to the original payment schedule.  Such lump sum payment shall include interest over the required deferral period, calculated at the three (3)-month Treasury Bill spot rate, determined as of the Participant’s Date of Termination.

 

3.             Outplacement Benefits.

 

The Company shall reimburse the Participant for the reasonable expenses incurred by the Participant for outplacement including transitional office support (“Outplacement Reimbursements”).  The maximum amount of reimbursement for any Participant shall not exceed $20,000.  Expenses must be incurred within 24 months and submitted for reimbursement within 36 months after the Participant’s Date of Termination.  Such payments shall be made as soon as reasonably practicable after the Participant has provided evidence that such expenses have been incurred, subject to Section 10.2 of the Plan.

 

4.             Supplemental Payment for Restrictive Covenants.

 

a.             Amount.  If Participant executes a Supplemental Participation Agreement to be bound by the terms of Sections 9.3-9.5 for the twelve (12) month period immediately following the Participant’s Date of Termination, and the Participant refrains from engaging in those activities prohibited, the Company shall pay the Participant an amount equal to:

 

B-2

 

i.              one-half (0.5) times the Participant’s highest annual Base Salary earned at any time during the three (3) complete Fiscal Years immediately preceding the Participant’s Date of Termination or, if shorter, during the Participant’s entire period of employment with the Company and its Subsidiaries; plus

 

ii.             one-half (0.5) times the highest of:  (A) the Participant’s actual annual bonus under the IPKE during the Fiscal Year in which the Participant’s Date of Termination occurs, or (B) the Participant’s target IPKE bonus at the Date of Termination or (C) the highest IPKE bonus actually paid during each of the three (3) complete Fiscal Years immediately preceding the Participant’s Date of Termination or, if shorter, during the Participant’s entire period of employment with the Company and its Subsidiaries.

 

b.             Time and Form of Payment.  The Company shall make the payment described in this Section 4 to the Participant in a lump sum on the last day of the thirteenth (13th) month following the Participant’s Date of Termination.

 

5.             Parachute Payments.

 

In the event that it shall be determined that any payment or distribution to or for the benefit of the Participant under this Plan or under any other plan, contract or agreement of the Company or any affiliate would, but for the effect of this Section 5, be subject to the excise tax imposed by Code section 4999 or any interest or penalties with respect to such excise tax (collectively, such excise tax, together with any such interest or penalties, the “Excise Tax”), then, at the election of the Participant, in the event that the after-tax value of all Payments (as defined below) to the Participant (such after-tax value to reflect the deduction of the Excise Tax and all income or other taxes on such Payments) would, in the aggregate, be less than the after-tax value to the Participant of the Safe Harbor Amount (as defined below), (1) the cash portions of the Payments payable to the Participant under this Plan shall be reduced, in the order in which they are due to be paid, until the Parachute Value (as defined below) of all Payments paid to the Participant, in the aggregate, equals the Safe Harbor Amount, and (2) if the reduction of the cash portions of the Payments, payable under this Plan, to zero would not be sufficient to reduce the Parachute Value of all Payments to the Safe Harbor Amount, then any cash portions of the Payments payable to the Participant under any other plans shall be reduced, in the order in which they are due to be paid, until the Parachute Value of all Payments paid to the Participant, in the aggregate, equals the Safe Harbor Amount, and (3) if the reduction of all cash portions of the Payments, payable pursuant to this Plan and otherwise, to zero would not be sufficient to reduce the Parachute Value of all Payments to the Safe Harbor Amount, then non-cash portions of the Payments shall be reduced, in the order in which they are due to be paid, until the Parachute Value of all Payments paid to the Participant, in the aggregate, equals the Safe Harbor Amount.  As used herein, (x) “Payment” shall mean any payment or distribution in the nature of compensation (constituting a parachute payment within the meaning of Code section 280G(b)(2)) to or for the benefit of the Participant, whether paid or payable pursuant to this Plan or otherwise, (y) “Safe Harbor Amount” shall mean 2.99 times the Participant’s “base amount,” within the meaning of Code section 280G(b)(3), and (z) “Parachute Value” of a Payment shall mean the present value as of the date of the Change in Control (for purposes of Code section 

 

B-3

 

280G) of the portion of such Payment that constitutes a “parachute payment” under Code section 280G(b)(2) for purposes of determining whether and to what extent the Excise Tax will apply to such Payment.  All calculations under this section shall be made reasonably by the Company and the Company’s outside auditor or other consultant selected by the Company at the Company’s expense.  Any reductions of Payments required under this Section 5 shall be made in a manner that complies with Code section 409A.

 

6.             Non-Change in Control Severance Benefits.

 

a.             Base Salary and Bonus.  The Company shall pay the Participant the following severance benefit:

 

i.              An amount equal to one (1) times the Participant’s highest annual Base Salary earned at any time during the three (3) complete Fiscal Years immediately preceding the Participant’s Separation from Service or, if shorter, during the Participant’s entire period of employment with the Company and its Subsidiaries; plus

 

ii.             An amount equal to one (1) times the highest of:  (A) the Participant’s actual annual bonus under the IPKE during the Fiscal Year in which the Participant’s Separation from Service occurs, or (B) the Participant’s target IPKE bonus at the Separation from Service or (C) the highest IPKE bonus actually paid during each of the three (3) complete Fiscal Years immediately preceding the Participant’s Separation from Service or, if shorter, during the Participant’s entire period of employment with the Company and its Subsidiaries.

 

Except as otherwise provided in Section 6(b) below, the Company shall pay the benefits described in this Section 6(a) to the Participant in a lump sum on the last day of the month following the Participant’s Separation from Service.

 

b.             Time and Form of Payment.  Notwithstanding the foregoing, if the Participant is a Specified Employee as of the date of his Separation from Service, no amounts or benefits payable under this Section 6 shall be paid before the first day of the seventh (7th) month following the Participant’s Separation from Service (or, if earlier, the date of the Participant’s death) if and to the extent that such payment or benefit constitutes deferred compensation (or may be nonqualified deferred compensation) under Code section 409A and such payment delay is required to comply with the requirements of Code section 409A.  Any severance compensation payment delayed by reason of the prior sentence shall be paid out or provided in a single lump sum on the first day following the end of such required deferral period in order to catch up to the original payment schedule.  Such lump sum payment shall include interest over the required deferral period, calculated at the three (3)-month Treasury Bill spot rate, determined as of the Participant’s Separation from Service.

 

B-4Exhibit 10.21

 

FORM OF

 

FIRST HAWAIIAN, INC.

 

LONG-TERM INCENTIVE PLAN

 

(As amended and restated effective [  ])

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
Page
    
	
 
    	
Article 1.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
ESTABLISHMENT,   PURPOSE, AND DURATION
    	
 
    
	
 
    	
 
    	
 
    
	
1.1
    	
Establishment of the   Plan
    	
1
    
	
1.2
    	
Purpose of the Plan
    	
1
    
	
1.3
    	
Duration of the Plan
    	
1
    
	
 
    	
 
    	
 
    
	
 
    	
Article 2.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Definitions and   Construction
    	
 
    
	
 
    	
 
    	
 
    
	
2.1
    	
Definitions
    	
1
    
	
2.2
    	
Gender and Number
    	
2
    
	
2.3
    	
Severability
    	
2
    
	
 
    	
 
    	
 
    
	
 
    	
Article 3.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Administration
    	
 
    
	
 
    	
 
    	
 
    
	
3.1
    	
The Committee
    	
3
    
	
3.2
    	
Authority of the   Committee
    	
3
    
	
3.3
    	
Decisions Binding
    	
3
    
	
 
    	
 
    	
 
    
	
 
    	
Article 4.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Eligibility and   Participation
    	
 
    
	
 
    	
 
    	
 
    
	
4.1
    	
Eligibility
    	
3
    
	
4.2
    	
Actual Participation
    	
3
    
	
 
    	
 
    	
 
    
	
 
    	
Article 5.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Awards
    	
 
    
	
 
    	
 
    	
 
    
	
5.1
    	
Grant of Awards
    	
4
    
	
5.2
    	
Awards
    	
4
    
	
5.3
    	
Earned PSUs
    	
5
    
	
5.4
    	
Vesting of Earned PSUs
    	
5
    
	
5.5
    	
Delivery of Awards
    	
5
    
	
5.6
    	
Termination of   Employment Due to Death, Disability, or Retirement
    	
5
    
	
5.7
    	
Nonassignability
    	
5
    

 

i

 

	
5.8
    	
Clawback/Repayment
    	
5
    
	
 
    	
 
    	
 
    
	
 
    	
Article 6.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Beneficiary   Designation
    	
 
    
	
 
    	
 
    	
 
    
	
6.1
    	
Beneficiary   Designations
    	
6
    
	
 
    	
 
    	
 
    
	
 
    	
Article 7.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Rights of   Employees
    	
 
    
	
 
    	
 
    	
 
    
	
7.1
    	
Employment
    	
6
    
	
7.2
    	
Participation
    	
6
    
	
7.3
    	
Interest in Particular   Property
    	
6
    
	
7.4
    	
Additional Incentive   Plans
    	
6
    
	
 
    	
 
    	
 
    
	
 
    	
Article 8.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Change in   Control
    	
 
    
	
 
    	
 
    	
 
    
	
8.1
    	
Consequences of Change   in Control
    	
6
    
	
 
    	
 
    	
 
    
	
 
    	
Article 9.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Amendment,   Modifications, and Termination
    	
 
    
	
 
    	
 
    	
 
    
	
9.1
    	
Amendment,   Modification, and Termination
    	
7
    
	
9.2
    	
Awards Previously   Granted
    	
7
    
	
 
    	
 
    	
 
    
	
 
    	
Article 10.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Tax Treatment
    	
 
    
	
 
    	
 
    	
 
    
	
10.1
    	
Tax Withholding
    	
7
    
	
10.2
    	
No Liability With   Respect to Tax Qualification or Adverse Tax Treatment
    	
7
    
	
 
    	
 
    	
 
    
	
 
    	
Article 11.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Indemnification
    	
 
    
	
 
    	
 
    	
 
    
	
11.1
    	
Indemnification
    	
7
    
	
 
    	
 
    	
 
    
	
 
    	
Article 12.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Successors
    	
 
    
	
 
    	
 
    	
 
    
	
12.1
    	
Successors
    	
8
    

 

ii

 

	
 
    	
Article 13.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Requirements of   Law
    	
 
    
	
 
    	
 
    	
 
    
	
13.1
    	
Requirements of Law
    	
8
    
	
13.2
    	
Section 409A
    	
8
    
	
13.3
    	
Subject to Any   Section 162(m) Plan
    	
8
    
	
13.4
    	
Dispute Resolution
    	
8
    
	
13.5
    	
Governing Law
    	
9
    
	
13.6
    	
Jurisdiction
    	
9
    

 

iii

 

FORM OF

 

FIRST HAWAIIAN, INC.

 

LONG-TERM INCENTIVE PLAN

 

As amended and restated effective [  ]

 

Article 1.

 

ESTABLISHMENT, PURPOSE, AND DURATION

 

1.1                               Establishment of the Plan.  Effective as of January 1, 2008, First Hawaiian Bank adopted the “First Hawaiian Bank Long-Term Incentive Plan” (the “Plan”), which was amended and restated as of January 1, 2013.  First Hawaiian Bank is a direct and wholly-owned subsidiary of First Hawaiian, Inc. (or any successor thereto as provided in Article 12 herein, “First Hawaiian”).  First Hawaiian hereby assumes the Plan and, effective solely for Awards granted on or after the IPO Date, amends and restates the Plan in its entirety and retitles the plan as the “First Hawaiian, Inc. Long-Term Incentive Plan.”

 

1.2                               Purpose of the Plan.  The purpose of the Plan is to promote the success, and enhance the value, of First Hawaiian by linking the personal interests of Participants to those of First Hawaiian and its shareholders, and by providing Participants with an incentive to remain Employees of First Hawaiian and/or the Bank and to help it accomplish financial and other goals over the long term.  The Plan is further intended to enable First Hawaiian and the Bank to motivate, attract, and retain the services of Participants upon whose judgment, interest, and special effort the successful conduct of its operation is largely dependent.

 

Awards under the Plan are issued under the First Hawaiian, Inc. 2016 Omnibus Incentive Compensation Plan (as amended from time to time or any successor omnibus incentive compensation plan, the “Omnibus Plan”), the terms of which are incorporated in the Plan. Capitalized terms used in the Plan but not otherwise defined in the Plan have the meaning ascribed to them in the Omnibus Plan.

 

1.3                               Duration of the Plan.  Subject to prior termination by law, or by the Board or Committee pursuant to the right of termination reserved under Article 9 herein, the Plan shall continue in effect indefinitely.

 

Article 2.

 

Definitions and Construction

 

2.1                               Definitions.  Whenever used in the Plan, the following terms shall have the meanings set forth below and, when the meaning is intended, the initial letter of the word is capitalized:

 

(a)                                 “Award” means, individually or collectively, an award granted under the Plan.

 

(b)                                 “Bank” means First Hawaiian Bank (including any and all Subsidiaries).

 

1

 

(c)                                  “Board” means the Board of Directors of First Hawaiian.

 

(d)                                 “Change in Control” is as defined in the Omnibus Plan.

 

(e)                                  “Code” means the Internal Revenue Code of 1986, as amended from time to time.

 

(f)                                   “Committee” means the committee, as specified in Article 3, appointed by the Board to administer the Plan with respect to grants of Awards.

 

(g)                                  “Director” means any individual who is a member of the Board.

 

(h)                                 “Employee” means any full-time, nonunion employee of First Hawaiian, the Bank or a Subsidiary of First Hawaiian or the Bank.  A member of the Board or the board of directors of a Subsidiary of First Hawaiian who is not otherwise employed by First Hawaiian or a Subsidiary of First Hawaiian shall not be considered an Employee under the Plan.

 

(i)                                     “IPO Date” means the date of the initial public offering of common stock, par value $0.01 per share, of First Hawaiian, Inc. in an offering by BNP Paribas USA, Inc., a subsidiary of BNP Paribas.

 

(j)                                    “Key Employees” means those officers and other Employees whom the Committee determines have the potential to favorably impact the long-term results or success of First Hawaiian.  Whether any individual Employee is a Key Employee shall be determined in the sole discretion of the Committee.

 

(k)                                 “Participant” means an Employee who has an outstanding Award granted under the Plan.

 

(l)                                     “Retirement” means a Participant’s separation from service on or after either the (1) attainment of age 65, or (2) attainment of age 55 and completion of at least five years of credited service with First Hawaiian or its affiliates.

 

(m)                             “Subsidiary” of a parent entity means any corporation in which the parent owns directly, or indirectly through subsidiaries, at least fifty percent (50%) of the total combined voting powers of all classes of stock, or any other entity (including, but not limited to, partnerships and joint ventures) in which the parent owns at least fifty percent (50%) of the combined equity thereof.

 

2.2                               Gender and Number.  Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include the singular and the singular shall include the plural.

 

2.3                               Severability.  In the event any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included.

 

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Article 3.

 

Administration

 

3.1                               The Committee.  The Plan shall be administered by the Compensation Committee of the Board, or by any other committee appointed by the Board.

 

3.2                               Authority of the Committee.  The Committee shall have full power except as limited by law or by the Articles of Incorporation or Bylaws of First Hawaiian, and subject to the provisions herein: to select Key Employees to whom Awards are granted; to determine the size and types of Awards; to determine the terms and conditions of such Awards in a manner consistent with the Plan; to cancel and reissue any Awards granted hereunder; to construe and interpret the Plan and any agreement or instrument entered into under the Plan; to establish, amend, or waive rules and regulations for the Plan’s administration; and (subject to the provisions of Article 9 herein) to amend the terms and conditions of any outstanding Award to the extent such terms and conditions are within the discretion of the Committee as provided in the Plan.  Further, the Committee shall make all other determinations which may be necessary or advisable for the administration of the Plan.

 

The Chief Executive Officer of First Hawaiian may exercise all of the powers and authorities of the Committee with respect to the administration of the Plan set forth in this Section 3.2; provided that the Chief Executive Officer may not grant, amend or determine the terms and conditions of an Award for any Employee under the Committee’s purview.  In addition, the Committee may delegate some or all of its powers and authorities with respect to the administration of the Plan to such other persons as it deems appropriate.

 

All determinations, decisions, interpretations and other actions by the Committee or its delegates, or the Chief Executive Officer of First Hawaiian, shall be final, conclusive and binding on all persons.

 

3.3                               Decisions Binding.  All determinations and decisions made by the Committee pursuant to the provisions of the Plan and all related orders or resolutions of the Board shall be final, conclusive, and binding on all persons, including First Hawaiian, its stockholders, Employees, Participants, and their estates and beneficiaries.

 

Article 4.

 

Eligibility and Participation

 

4.1                               Eligibility.  Persons eligible to participate in the Plan include all Key Employees, as determined by the Committee, including Employees who are members of the Board.

 

4.2                               Actual Participation.  Subject to the other provisions of the Plan, the Committee may, from time to time, select from all eligible Key Employees those to whom the Awards shall be granted and shall determine the nature and amount of each Award.  No Employee shall have any right to be granted an Award under the Plan.  In addition, nothing in the Plan shall interfere with or limit in any way the right of First Hawaiian or a Subsidiary of First Hawaiian to

 

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terminate any Participant’s employment at any time, nor confer upon any Participant any right to continue in the employ of First Hawaiian or a Subsidiary of First Hawaiian.

 

Article 5.

 

Awards

 

5.1                               Grant of Awards.  Subject to the terms of the Plan, Awards may be granted to eligible Employees at any time and from time to time, as shall be determined by the Committee.  Subject to the terms of the Plan, the Committee shall have complete discretion in determining the target Award granted to each Participant.

 

5.2                               Awards.

 

(a)                                 Performance Share Units.  Unless otherwise provided by the Committee, Awards issued under the Plan consist of performance share units (“PSUs”) providing holders with the opportunity to earn Shares based on achievement of performance criteria during the Performance Period.  PSUs will be subject to the terms and conditions of the Plan and the Omnibus Plan and will be issued only to the extent permissible under relevant laws, regulatory restrictions and agreements applicable to First Hawaiian, and the Committee may establish another form of Award to the extent it determines appropriate for some or all Participants.  Each PSU will constitute an unfunded and unsecured promise of First Hawaiian to deliver (or cause to be delivered) one Share (or, at the election of First Hawaiian, cash equal to the Fair Market Value thereof) as provided in Section 5.5.  Until such delivery, a holder of PSUs will have only the rights of a general unsecured creditor and no rights as a shareholder of First Hawaiian.

 

(b)                                 Award Agreements.  Each Award granted under the Plan shall be evidenced by an award agreement that shall contain such provisions and conditions as the Committee deems appropriate; provided that, except as otherwise expressly provided in an award agreement, if there is any conflict between any provision of the Plan and an award agreement, the provisions of the Plan shall govern.  By accepting an Award pursuant to the Plan, a Participant thereby agrees that the Award shall be subject to all of the terms and provisions of the Plan, the Omnibus Plan and the applicable award agreement.  Awards shall be accepted by a Participant signing the applicable award agreement, and returning it to First Hawaiian.  Failure by a Participant to do so within 90 days from the date of the award agreement shall give First Hawaiian the right to rescind the Award.

 

(c)                                  Performance Periods.  The time period during which the performance goals apply shall be called a “Performance Period.”  Unless otherwise provided by the Committee, the Plan will operate for successive overlapping three-year Performance Periods beginning on January 1 of each year, with the first Performance Period being from January 1, 2016 through December 31, 2018.

 

(d)                                 Performance Goals.  The number of PSUs earned for any Performance Period will be based on one or more performance goals for Awards, as established by the Committee with respect to such Performance Period.  The Committee may establish weightings, thresholds, targets and maximums for the performance goals.

 

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5.3                               Earned PSUs.  Within 90 days following the end of the Performance Period, the Committee will assess performance against each performance goal and determine the number of PSUs earned.  The date the Committee determines the number of earned PSUs is the “Determination Date.”  For the avoidance of doubt, the Committee retains discretion to reduce any earned Award to zero.

 

5.4                               Vesting of Earned PSUs.  Except as provided in Section 5.6, and subject to the other terms and conditions of the Plan and the applicable award agreement a Participant must be employed with First Hawaiian through the Determination Date (the “Scheduled Vesting Date”) in order to be eligible to receive any earned PSUs.  In the event that a Participant terminates employment with First Hawaiian prior to the Scheduled Vesting Date for any reason other than those reasons set forth in Section 5.6, no portion of the Award will be earned and no payment or delivery of PSUs shall be made by First Hawaiian to the Participant, unless the Committee, in its sole discretion, determines that all or any portion of such Awards should instead be treated as earned.

 

5.5                               Delivery of Awards.  After the applicable Performance Period has ended, First Hawaiian will deliver (or cause to be delivered) to the Participant Shares (or, at the election of First Hawaiian, cash equal to the Fair Market Value thereof) in respect of any earned PSUs as promptly as administratively practicable following the Scheduled Vesting Date, but no later than 60 days following the applicable Scheduled Vesting Date.  Subject to Section 5.6, a Participant must be employed on the Scheduled Vesting Date in order to be entitled to receive a delivery of the earned PSUs.

 

5.6                               Termination of Employment Due to Death, Disability, or Retirement.  Unless otherwise provided in an award agreement, in the event the employment of a Participant is terminated by reason of death, Disability or Retirement during a Performance Period, the Participant’s Award will immediately vest in a prorated number of PSUs based on the Participant’s date of termination of employment relative to the length of the Performance Period, and the Shares (or cash) corresponding to the earned PSUs (based on the performance for the whole Performance Period as adjudicated on the Determination Date) will be delivered to the Participant on the dates specified in Section 5.5.

 

5.7                               Nonassignability.  No Award (or any rights and obligations thereunder) granted to any person under the Plan may be sold, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of or hedged, in any manner (including through the use of any cash-settled instrument), whether voluntarily or involuntarily and whether by operation of law or otherwise, other than by will or by the laws of descent and distribution, except as may be otherwise provided in the award agreement.  Any sale, exchange, transfer, assignment, pledge, hypothecation, or other disposition in violation of the provisions of this Section 5.7 will be null and void and any Award which is hedged in any manner will immediately be forfeited. All of the terms and conditions of the Plan and the award agreements will be binding upon any permitted successors and assigns.

 

5.8                               Clawback/Repayment.  Notwithstanding anything to the contrary herein, Awards and any payments or deliveries under the Plan will be subject to forfeiture and/or repayment to the extent provided in any policy of First Hawaiian as in effect from time to time.

 

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Article 6.

 

Beneficiary Designation

 

6.1                               Beneficiary Designations.  Each Participant under the Plan may, from time to time, name any beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under the Plan is to be paid in case of his or her death before he or she receives any or all of such benefit.  Each such designation shall revoke all prior designations by the same Participant, shall be in a form prescribed by First Hawaiian, and will be effective only when filed by the Participant in writing with the Secretary of First Hawaiian during the Participant’s lifetime.  In the absence of any such designation, benefits remaining unpaid at the Participant’s death shall be paid to the Participant’s estate.

 

Article 7.

 

Rights of Employees

 

7.1                               Employment.  Nothing in the Plan shall interfere with or limit in any way the right of First Hawaiian or any Subsidiary of First Hawaiian to terminate any Participant’s employment at any time, nor confer upon any Participant any right to continue in the employ of First Hawaiian or any Subsidiary of First Hawaiian.

 

7.2                               Participation.  No Employee shall have the right to be selected as a Key Employee or to receive an Award under the Plan, or, having been so selected, to be selected to receive a future Award.

 

7.3                               Interest in Particular Property.  No Participant shall have, under any circumstances, any interest whatsoever, vested or contingent, in any particular property or asset of First Hawaiian or any Subsidiary of First Hawaiian, or in any particular share or shares of First Hawaiian that may be held by First Hawaiian or any Subsidiary of First Hawaiian by virtue of any Award.

 

7.4                               Additional Incentive Plans.  The Plan shall not be deemed a substitute for, and shall not preclude the establishment or continuation of any other plan, practice, or arrangement that may now or hereafter be provided for the payment of compensation, special awards, or employee benefits to Employees of First Hawaiian and its Subsidiaries generally, or to any class or group of Employees, including without limitation, any savings, thrift, profit-sharing, pension, retirement, excess benefit, insurance, health care plans, or other employee benefit plans.  Any such arrangements may be authorized by First Hawaiian and its Subsidiaries and payment thereunder made independently of the Plan.

 

Article 8.

 

Change in Control

 

8.1                               Consequences of Change in Control.  Upon the occurrence of a Change in Control, unless otherwise specifically prohibited by the terms of Article 13 or provided for in an

 

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award agreement, Awards outstanding under the Plan will be treated in accordance with Section 3.6 of the Omnibus Plan.

 

Article 9.

 

Amendment, Modifications, and Termination

 

9.1                               Amendment, Modification, and Termination.  At any time and from time to time, the Board (or the Committee unless precluded from doing so by the resolutions or Bylaw provisions establishing its powers) may terminate, amend, or modify the Plan.

 

9.2                               Awards Previously Granted.  No termination, amendment, or modification of the Plan shall in any manner materially adversely affect any Award previously granted under the Plan, without the written consent of the Participant holding such Award.

 

Article 10.

 

Tax Treatment

 

10.1                        Tax Withholding.  First Hawaiian (or, if applicable, a Subsidiary of First Hawaiian which employs the Participant) shall have the power and the right to deduct or withhold, or require a Participant to remit to First Hawaiian (or Subsidiary of First Hawaiian) an amount sufficient to satisfy Federal, state and local taxes (including the Participant’s FICA obligation) required by law to be withheld with respect to any grant of an Award or payment made under or as a result of the Plan or any other taxable event resulting from the Plan.

 

10.2                        No Liability With Respect to Tax Qualification or Adverse Tax Treatment. Notwithstanding anything to the contrary contained herein, in no event shall First Hawaiian be liable to a Participant on account of the failure of any Award or amount payable under the Plan to (a) qualify for favorable United States or foreign tax treatment or (b) avoid adverse tax treatment under United States or foreign law, including, without limitation, Section 409A.

 

Article 11.

 

Indemnification

 

11.1                        Indemnification.  Each person who is or shall have been a member of the Committee, or of the Board, shall be indemnified and held harmless by First Hawaiian 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 First Hawaiian’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 First Hawaiian 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 First Hawaiian’s Articles of Incorporation or Bylaws, as a matter

 

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of law, or otherwise, or any power that First Hawaiian may have to indemnify them or hold them harmless.

 

Article 12.

 

Successors

 

12.1                        Successors.  All obligations of First Hawaiian under the Plan, with respect to Awards granted hereunder, shall be binding on any successor thereto, 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 First Hawaiian.

 

Article 13.

 

Requirements of Law

 

13.1                        Requirements of Law.  The granting of Awards and payments made under the Plan shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.

 

13.2                        Section 409A.  Each payment or delivery in respect of an Award will be treated as a separate payment or delivery for purposes of Section 409A, and amounts payable shall be deemed not to be a “deferral of compensation” subject to Section 409A to the extent provided in the “short-term deferral” exception in Treasury Regulation Section 1.409A-1(b)(4).  For the avoidance of doubt, all Awards under the Plan are intended to satisfy such short-term deferral exception.  To the extent any payment under the Plan constitutes “deferred compensation” subject to Section 409A, the Plan will be interpreted, administered and construed to, comply with Section 409A with respect to such payment.  The Committee will have full authority to give effect to the intent of this Section 13.2.  If any payment or delivery to be made under any Award (or any other payment or delivery under the Plan) would be subject to the limitations in Section 409A(a)(2)(b) of the Code, the payment or delivery will be delayed until six months after the Participant’s separation from service (or earlier death) in accordance with the requirements of Section 409A.

 

13.3                        Subject to Any Section 162(m) Plan.  First Hawaiian may, in any year, propose a Section 162(m) compliant performance incentive award plan (the “Section 162(m) Plan”).  If a Section 162(m) Plan is proposed and approved by First Hawaiian stockholders in accordance with Section 162(m)(4)(C) of the Code and Treasury Regulation Section 1.162-27(e)(4), the Plan will function as a sub-plan under the Section 162(m) Plan, whereby performance compensation amounts payable under the Section 162(m) Plan can be paid in part by accruing awards with respect to a Performance Period.

 

13.4                        Dispute Resolution.  The Committee may condition any Award under the Plan upon the Participant’s agreement that all disputes concerning Awards under the Plan be settled by arbitration or another procedure prescribed by the Committee.

 

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13.5                        Governing Law.  To the extent not preempted by Federal law, the Plan, and all agreements hereunder, shall be construed in accordance with and governed by the laws of the State of Hawaii.

 

13.6                        Jurisdiction.  First Hawaiian and each Participant, as a condition to such Participant’s participation in the Plan, hereby irrevocably submit to the exclusive jurisdiction of any state or federal court located in the County of Honolulu, State of Hawaii, over any suit, action or proceeding arising out of or relating to or concerning the Plan.  First Hawaiian and each Participant, as a condition to such Participant’s participation in the Plan, acknowledge that the forum designated by this Section 13.6 has a reasonable relation to the Plan and to the relationship between such Partcipant and First Hawaiian.  Notwithstanding the foregoing, nothing herein will preclude First Hawaiian from bringing any action or proceeding in any other court for the purpose of enforcing the provisions of this Section 13.6.

 

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To record the adoption of the Plan, First Hawaiian, Inc. has executed this document this [  ], 2016.

 

	
 
    	
FIRST HAWAIIAN, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
[Robert S.   Harrison
    
	
 
    	
Chairman   and Chief Executive Officer]
    

 

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