Document:

Exhibit
10(zz)

DPL INC.

LONG-TERM
INCENTIVE PLAN  —  PERFORMANCE SHARES AGREEMENT

(Granted
Under the 2006 Equity and Performance Incentive Plan)

This Long-Term
Incentive Plan  —  Performance Shares Agreement (this “Agreement”)
is made as of February ___, 2007 between DPL Inc., an Ohio corporation (“DPL”)
and _________________, an employee of DPL or its Subsidiaries (the “Grantee”).

WHEREAS, the Board
of Directors of DPL has duly adopted the 2006 Equity and Performance Incentive
Plan (the “Plan”), which authorizes DPL to grant to eligible individuals
performance shares, each such performance share being equal in value to one
share of DPL’s common stock, par value of $0.01 per share (the “Common Shares”);

WHEREAS, the DPL’s
shareholders approved the Plan by the affirmative vote of the holders of the
requisite number of outstanding Common Shares at DPL’s 2006 Annual Meeting of
Shareholders (“Shareholder Approval”); and

WHEREAS, the Board
of Directors of DPL has determined that it is desirable and in the best interests
of DPL and its shareholders to approve a long-term incentive program in 2006
and, in connection therewith, to grant the Grantee a certain number of
performance shares, in order to provide the Grantee with an incentive to
advance the interests of DPL, all according to the terms and conditions set
forth herein and in the Plan.

NOW, THEREFORE, in
consideration of the mutual promises and covenants contained herein, the
parties hereto do hereby agree as follows:

ARTICLE I  —
 GRANT OF PERFORMANCE SHARES

Section
1.1  Performance
Shares Granted.  Subject to the terms
of the Plan, DPL hereby grants to the Grantee a targeted number of performance
shares equal to ______________ (the “Target Performance Shares”), payment of
which depends on DPL’s performance as set forth in this Agreement and in the
Statement of Performance Goals (the “Statement of Performance Goals”) approved
by the Compensation Committee of DPL’s Board of Directors (the “Committee”).

Section
1.2  Performance
Measure.  The Grantee’s right to receive
all, any portion of, or more than, the Target Performance Shares will be
contingent upon the achievement of specified levels of Total Shareholder Return
Relative to Peers (“TSR Relative to Peers”), as set forth in the Statement of
Performance Goals and will be measured over the period January 1, 2007 through
December 31, 2009 (“Performance Period”).

 

ARTICLE II 
—  EARNING OF PERFORMANCE SHARES

Section
2.1  Below
Threshold.  If, upon the conclusion
of the Performance Period, TSR Relative to Peers for that Performance Period
falls below the threshold level, as set forth in the Performance Matrix
contained in the Statement of Performance Goals, no performance shares for that
Performance Period shall become earned.

Section
2.2  Between
Threshold and Target.  If, upon the
conclusion of the Performance Period, TSR Relative to Peers equals or exceeds
the threshold level, but is less than the target level, as set forth in the
Performance Matrix contained in the Statement of Performance Goals, the Target
Performance Shares shall become earned based on performance during the
Performance Period, as determined by mathematical interpolation between 50% of
the targeted Target Performance Shares and 100% of the Target Performance
Shares and rounded up to the nearest whole share.

Section
2.3  Between
Target and Intermediate.  If, upon
the conclusion of the relevant Performance Period, TSR Relative to Peers equals
or exceeds the target level, but is less than the intermediate level, as set
forth in the Performance Matrix contained in the Statement of Performance
Goals, the Target Performance Shares shall become earned based on performance
during the Performance Period, as determined by mathematical interpolation
between 100% of the targeted Target Performance Shares and 150% of the Target
Performance Shares and rounded up to the nearest whole share.

Section
2.4  Between
Intermediate and Maximum.  If, upon
the conclusion of the relevant Performance Period, TSR Relative to Peers equals
or exceeds the intermediate level, but is less than the maximum level, as set
forth in the Performance Matrix contained in the Statement of Performance
Goals, the Target Grant Performance Shares shall become earned based on
performance during the Performance Period, as determined by mathematical
interpolation between 150% of the Target Performance Shares and 200% of the
Target Performance Shares and rounded up to the nearest whole share.

Section
2.5  Equals
or Exceeds Maximum.  If, upon the
conclusion of the Performance Period, TSR Relative to Peers for that
Performance Period equals or exceeds the maximum level, as set forth in the
Performance Matrix contained in the Statement of Performance Goals, 200% of the
Targeted Performance Shares for that Performance Period shall become earned.

Section
2.6  Conditions;
Determination of Earned Award. 
Except as otherwise provided herein, the Grantee’s right to receive any
performance shares is contingent upon his or her remaining in the continuous
employ of DPL or a Subsidiary through the end of each Performance Period.  For purposes of this Agreement, the
continuous employ of the Grantee shall not be considered interrupted or
terminated in the case of sick leave, military leave or any other leave of
absence approved by DPL or in the case of transfers between locations of DPL
and its Subsidiaries.  Following the
Performance Periods, the Committee (or the independent members of the Board of
Directors) shall 

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determine whether and to what extent the
goals relating to TSR Relative to Peers have been satisfied for each
Performance Period and shall determine the number of performance shares that
shall have become earned hereunder.

ARTICLE III 
—  CHANGE OF CONTROL

If a Change of Control
(as defined in the Plan) occurs following Shareholder Approval of the Plan and
during the Performance Periods, but before the payment of any performance
shares as set forth in Article VII below, DPL shall pay to the Grantee, as soon
as practicable following the Change of Control, a pro rata number of the Target
Performance Shares based on the number of full months that have elapsed during
each Performance Period prior to the Change of Control and the remaining
performance shares will be forfeited.

ARTICLE IV 
—  DISABILITY OR DEATH

If the Grantee’s
employment with DPL or a Subsidiary terminates following Shareholder Approval
of the Plan and during the Performance Periods, but before the payment of any
performance shares as set forth in Article VII below due to (a) “disability”
(as defined in DPL’s long-term disability plan) or (b) death, DPL shall pay to
the Grantee or his or her executor or administrator, as the case may be, as
soon as practicable following such termination of employment, a pro rata number
of the Target Performance Shares based on the number of full months during the
Performance Period during which the Grantee was employed by DPL and the
remaining performance shares will be forfeited.

ARTICLE V  —
 RETIREMENT

If the Grantee’s
employment with DPL or a Subsidiary terminates following Shareholder Approval
of the Plan and during any Performance Period, but before the payment of any
performance shares as set forth in Article VII below due to the Grantee’s
retirement approved by the Committee or the Board, DPL shall pay to the
Grantee, as soon as practicable following the end of each Performance Period,
the performance shares to which the Grantee would have been entitled under
Article II above, had the Grantee remained employed by DPL through the end of
each of the Performance Periods, prorated based on the number of full months
during the Performance Period during which the Grantee was employed by DPL and
the remaining performance shares will be forfeited.

ARTICLE
VI  —  FORFEITING OF PERFORMANCE SHARES

If the Grantee’s
employment with DPL or a Subsidiary terminates before the end of the applicable
Performance Period for any reason other than as set forth in Articles IV and V
above, the performance shares will be forfeited.

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ARTICLE
VII  —  PAYMENT OF PERFORMANCE SHARES

Payment of any
performance shares that become earned as set forth herein will be made in the
form of Common Shares.  Except as
otherwise provided in Articles III, IV and V, payment will be made as soon as
practicable after the last fiscal year of each Performance Period and the
determination by the Committee (or the independent members of the Board of
Directors) of the level of attainment of TSR Relative to Peers, but in no event
shall such payment occur after two and a half months from the end of the
applicable Performance Period. 
Performance shares will be forfeited if they are not earned at the end
of the applicable Performance Period and, except as otherwise provided in this
Agreement, if the Grantee ceases to be employed by DPL or a Subsidiary at any
time prior to such shares becoming earned at the end of each Performance
Period.  To the extent that DPL or any
Subsidiary is required to withhold any federal, state, local or foreign tax in
connection with the payment of earned performance shares pursuant to this
Agreement, it shall be a condition to the receipt of such performance shares
that the Grantee make arrangements satisfactory to DPL or such Subsidiary for
payment of such taxes required to be withheld. 
This tax withholding obligation shall be satisfied by DPL withholding
performance shares otherwise payable pursuant to this award.

ARTICLE
VIII  —  DIVIDENDS

Except as provided in
Section 11.5 below, no dividends shall be accrued or earned with respect to the
performance shares until such performance shares are earned by the Grantee as
provided in Article II hereof.

ARTICLE
IX  —  NON-ASSIGNABILITY

The performance shares
and the Common Shares subject to this grant are personal to the Grantee and may
not be sold, exchanged, assigned, transferred, pledged, encumbered or otherwise
disposed of by the Grantee until they become earned as provided in this
Agreement; provided, however, that the Grantee’s rights with
respect to such performance shares and Common Shares may be transferred by will
or pursuant to the laws of descent and distribution.  Any purported transfer or encumbrance in
violation of the provisions of this Article IX shall be void, and the other
party to any such purported transaction shall not obtain any rights to or
interest in such performance shares or Common Shares.

ARTICLE X  —  ADJUSTMENTS

In the event of any
change in the number of Common Shares by reason of a merger, consolidation,
reorganization, recapitalization, or similar transaction, or in the event of a
stock dividend, stock split, or distribution to shareholders (other than normal
cash dividends), the Committee shall adjust the number and class of shares
subject to outstanding Target Performance Shares and 

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Deferred Units (as defined below) and other value
determinations applicable to outstanding Target Performance Shares and Deferred
Units.  No adjustment provided for in
this Article X shall require DPL to issue any fractional share.

ARTICLE
XI  —  DEFERRAL

Section 11.1  Ability to Defer.  The Grantee may elect to defer receipt of all
or any portion of the earned performance shares, which will be credited to a
bookkeeping account in the Grantee’s name.

Section 11.2  Elections.  An election pursuant Section 11.1 must be
made in writing and delivered to DPL within 30 days of the date of grant of
such performance shares, provided that the election is made at least one year
in advance of the earliest date on which the performance shares could be
earned.  If the Grantee does not file an
election form by the specified date, he or she will receive the performance
shares when they otherwise would have been paid pursuant to Article VII.

Section 11.3  Crediting to Accounts.  If a Grantee elects to defer receipt of the
earned performance shares, there will be credited to the Grantee’s account as
of the day such Common Shares underlying the earned performance shares would
have been paid, a number of deferred units (the “Deferred Units”) equal to the
number of Common Shares that would otherwise have been delivered to the Grantee
pursuant to Article VII on such date. 
The Deferred Units credited to the Grantee’s account (plus any
additional shares credited pursuant to Section 11.5 below) will represent the
number of Common Shares that DPL will issue to the Grantee at the end of the
deferral period.  All Deferred Units will
be 100% vested at all times.

Section 11.4  Deferral Period.  The Deferred Units will be subject to a
deferral period beginning on the date of crediting to the Grantee’s account and
ending upon such period as the Grantee may have elected.  The period of deferral will be for a minimum
period of one year, except in the case where the Grantee elects a deferral
period determined by reference to his or her termination of employment.  The Grantee may elect payment in a lump sum
or payment in equal installments.  The
Grantee may change the period of deferral by filing a subsequent election with
DPL at least twelve months before the date of the previously elected payment
date and the newly elected payment date (or payment commencement date) must be
at least five years after the previously elected payment date (or the
previously elected payment commencement date); provided, however,
that such modification shall not be effective unless the Grantee remains an
employee for at least twelve months after the date on which such modification
was made.  During the deferral period,
the Grantee will have no right to transfer any rights under his or her Deferred
Units and will have no other rights of ownership therein.

Section 11.5  Dividend Equivalents.  The Grantee’s account will be credited as of
the last day of each calendar quarter with that number of additional Deferred
Units equal to the amount of cash dividends paid by DPL during such quarter on
the number of Common Shares equivalent to the number of Deferred Units in the
Grantee’s account from time to time during such quarter divided by the Market
Value per Share of one 

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Common Share on the day immediately preceding the last business day of
such calendar quarter.  Such dividend
equivalents, which will likewise be credited with dividend equivalents, will be
deferred until the end of the deferral period for the Deferred Units with
respect to which the dividend equivalents were credited.

Section 11.6  Early Payment.  Notwithstanding the foregoing provisions, (i)
if, upon the Grantee’s termination of employment, the value of the Grantee’s
account is less than $500, the amount of the Grantee’s account will be
immediately paid to the Grantee in Common Shares, (ii) if a Change of Control
occurs, the amount of the Grantee’s account will immediately be paid to the
Grantee in full in Common Shares and (iii) in the event of an unforeseeable
emergency, as defined in Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”), that is caused by an event beyond the control of the
Grantee and that would result in severe financial hardship to the Grantee if
acceleration was not permitted, the Committee will accelerate the payment of
Common Shares to the Grantee in the Grantee’s account, but only up to the
amount necessary to meet the emergency.

ARTICLE
XII  —  COMPLIANCE WITH SECTION 409A OF THE CODE

To the extent applicable,
it is intended that this Agreement and the Plan comply with the provisions of
Section 409A of the Code, so that the income inclusion provisions of Section
409A(a)(1) of the Code do not apply to the Grantee.  This Agreement and the Plan shall be
administered in a manner consistent with this intent, and any provision that
would cause the Agreement or the Plan to fail to satisfy Section 409A of the
Code shall have no force and effect unless and until amended to comply with
Section 409A of the Code (which amendment may be retroactive to the extent
permitted by Section 409A of the Code and may be made by DPL without the
consent of the Grantee).  In particular,
to the extent the Grantee has a right to receive payment pursuant to Article
III or IV and the event triggering the right to payment does not constitute a
permitted distribution event under Section 409A(a)(2) of the Code, then
notwithstanding anything to the contrary in Article III, IV or VII above,
issuance of the Common Shares will be made, to the extent necessary to comply
with Section 409A of the Code, to the Grantee on the earlier of (a) the Grantee’s
“separation from service” with DPL (determined in accordance with Section
409A); provided, however, that if the Grantee is a “specified
employee” (within the meaning of Section 409A), the Grantee’s date of issuance
of the Common Shares shall be the date that is six months after the date of the
Grantee’s separation of service with DPL; (b) the date the payment would
otherwise occur under this Agreement (to the extent it constitutes a permitted
distribution event); or (c) the Grantee’s death.  References to Section 409A of the Code will
also include any proposed, temporary or final regulations, or any other
guidance, promulgated with respect to such Section by the U.S. Department of
the Treasury or the Internal Revenue Service.

ARTICLE
XIII  —  MISCELLANEOUS

Section 13.1  Interpretation.  The contents of this Agreement are subject in
all respects to the terms and conditions of the Plan as approved by the Board
of Directors 

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and the shareholders of DPL, which are controlling.  The interpretation and construction by the
Board and/or the Committee of any provision of the Plan or this Agreement shall
be final and conclusive upon the Grantee, the Grantee’s estate, executor,
administrator, beneficiaries, personal representative and guardian and DPL and
its successors and assigns.  Unless
otherwise indicated, the capitalized terms used in this Agreement shall have
the same meanings as set forth in the Plan.

Section 13.2  Fractional Shares.  Any fractional share earned under this
Agreement will be rounded up or down to the nearest whole share.

Section 13.3  No Right to Employment.  The grant of the performance shares is
discretionary and will not be considered to be an employment contract or a part
of the Grantee’s terms and conditions of employment or of the Grantee’s salary
or compensation.

Section
13.4  Successors
and Assigns.  This Agreement, and the
terms and conditions of the Plan, shall bind, and inure to the benefit of the
Grantee, the Grantee’s estate, executor, administrator, beneficiaries, personal
representative and guardian and DPL and its successors and assigns.

Section 13.5  Governing Law.  This Agreement shall be governed by the laws
of the State of Ohio (but not including the choice of law rules thereof).

Section 13.6  Amendment.  Any amendment to the Plan shall be deemed to
be an amendment to this Agreement to the extent that the amendment is
applicable hereto.  The terms and
conditions of this Agreement may not be modified, amended or waived, except by
an instrument in writing signed by a duly authorized executive officer at DPL.  Notwithstanding the foregoing, no amendment
shall adversely affect the Grantee’s rights under this Agreement without the
Grantee’s consent.

ARTICLE
XIV  —  NOTICES

All notices under this
Agreement to DPL must be delivered personally or mailed to DPL at its principal
office, addressed to the attention of the Corporate Secretary.  DPL’s address may be changed at any time by
written notice of such change to the Grantee. 
All notices under this Agreement to the Grantee will be delivered
personally or mailed to the Grantee at his or her address as shown from time to
time in DPL’s records.

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IN WITNESS WHEREOF, the parties hereto have duly
executed this Long Term Incentive Plan  —
 Performance Shares Agreement, or caused
this Long-Term Incentive Plan  —  Performance
Shares Agreement to be duly executed on their behalf, as of the day and year
first above written.

	
  

  	
  DPL INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name: Paul M. Barbas

  
	
   

  	
  Title: President and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Grantee

  

 

 8Exhibit 10.16

RETENTION AGREEMENT

Between Bank of Hawaii
and Neal C. Hocklander dated May 3, 2004, as revised December 16, 2005

This Retention Agreement (“Agreement”) is between Neal
C. Hocklander (“you”) of 375 Lelekepue Place, Honolulu, Hawaii 96821, and Bank
of Hawaii Corporation and Bank of Hawaii (collectively, the “Bank”) of 130
Merchant Street, Honolulu, Hawaii 96813. The purpose of this Agreement is to
describe the terms of your retention and transition from employment with the
Bank.

1.              Separation
from employment.    Unless  your 
employment is sooner  terminated voluntarily
or for “cause” as provided in Paragraphs 3.e and 7, the date of your separation
from employment (“Separation Date”) is scheduled to occur on June 30, 2006. The
final determination of your Separation Date will be made by the Bank, in its
discretion, based upon the needs of the Bank in achieving the goals of the Bank’s
Retention Program. The Bank may advance your Separation Date to any date before
June 30, 2006, or may extend your Separation Date to any date within three
months after June 30, 2006. Any Separation Date after September 30, 2006, will
require mutual agreement of the parties in writing.

2.              Duties and compensation until your Separation Date.   You
agree to continue to work diligently in your current position through the
Separation Date, at which time you will be relieved of all duties and
responsibilities.

a.              You
will be paid your normal salary and benefits through the Separation Date. You
will participate in the Executive Incentive Plan for calendar years 2004, 2005,
and 2006, with the amount payable for 2006 pro-rated based on your Separation
Date.

b.             In the
event you voluntarily terminate employment prior to the Separation Date, you
will receive only your salary and vested benefits through the date of your termination
of employment.

c.              You
will not participate in any other incentive, retention, bonus, or stock plan in
2004, 2005 or 2006. You will not participate in any incentive, retention,
bonus, or stock plan on or after the Separation Date. You acknowledge and agree
that no compensation or other payment except as specified in this Agreement and
in the Restricted Stock Unit (‘RSU”) Grants (granted on October 23, 2003 and
April 30, 2004) is or will be owed to you after the Separation Date.

3.              Return of Bank materials upon termination of
employment and resignation from positions.  On or
prior to the Separation Date, you:

a.              Will
return to the Bank any information you have about the Bank’s practices, customers,
strategies, procedures, or trade secrets, including but not limited to,
customer data, lists and accounts, growth plans, business plans, and marketing
strategies (collectively, the “Bank Information”). You will not retain any
copies of the Bank Information in any form or medium.

Neal
C. Hocklander

b.             You
will also return any Bank property you have, including American Express card,
keys, cell phone, or other Bank equipment.

c.              You will resign any positions you hold as a
director, officer, or other management official of any Bank affiliate or
subsidiary, or as trustee or fiduciary of any Bank benefit plan or trust,
effective on the Separation Date.

d.             In
the event your employment is terminated prior to your Separation Date (1) voluntarily,
or (2) for “cause” pursuant to Paragraph 6, you will comply with these
requirements as of your termination date (“Termination Date”).

4.              Retention Payment and
other benefits.    If you
perform your duties to the Bank’s satisfaction through June 30, 2006,
(including your compliance with the requirements in Paragraph 3, above, and if
you comply with the requirements of this Paragraph and Paragraphs 5, 8, 10, and
11, below, and Exhibit “A” to the Agreement), you will receive a Retention
Payment equal to twenty-four (24) months of your base monthly salary as of
January 1, 2006, and the additional benefits described in this Paragraph 4.

a.              The
Retention Payment will be paid in a single lump sum in 2007, no later than March
15, 2007.

b.             You will
be entitled to health insurance coverage under an insured preferred provider
plan with the same percentage of shared premiums as prior to your Separation
Date (except that there will be no pre-tax employee premiums) for a period of
twenty-four (24) months after your Separation Date. If you are employed elsewhere
before the twenty-four month period ends, the health insurance coverage will
terminate at the time of your new employment. When the health insurance
coverage ends under this paragraph, you will receive notice of your right to
COBRA continuation coverage. After the Separation Date, you will no longer be
eligible for contributions or benefit accruals under any of the Bank’s tax-qualified
retirement plans or nonqualified deferred compensation plans. Any outstanding
stock option(s) will expire in accordance with the terms of the option(s).

c.              To
compensate you for benefits lost because of changes to this Agreement to comply
with Section 409A of the Internal Revenue Code, you will be entitled to an
additional cash payment under this revised Agreement equal to $103,500. This additional
cash payment will be paid to you in 2007, no later than March 15, 2007.

5.              When you are entitled to the retention and other
benefits granted by this Agreement. The salary, benefits,
Retention Payment, and/or RSU Grant provided to you under this Agreement is
expressly conditioned upon your:

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a.              Compliance
with the terms of this Agreement, including your waiver of ALL CLAIMS you have
or might have against the Bank and the Bank Releasees described in Paragraph 8
through the Separation Date; and

b.             (1)
agreement to, and signing of, the Release of Claims (“Release”) attached as Exhibit
“A” on the Separation Date and (2) adherence to that Release without revocation.

6.              Effect of this Agreement on other severance
arrangements. Unless your employment is terminated for “cause”
as defined in the next Paragraph, it will be terminated by way of resignation.
You understand and agree that you are not entitled to benefits under our Basic
Staff Severance Plan for termination by resignation. By acceptance of this Agreement
and in consideration of the monetary consideration provided to you under this Agreement
(“Monetary Consideration”), you are waiving and releasing any claim for benefits
under that Plan. In addition, the Key Executive Change-in-Control Severance Agreement
entered into by and between you and the Bank effective April 27, 2001, shall be
deemed to have been terminated as of the Separation Date. Furthermore, if a
Change in Control occurs prior to your Separation Date and you become entitled
to benefits under the Key Executive Change-in-Control Severance Agreement, you
will receive the benefits under the Change-in-Control Severance Agreement, but
will not be entitled to any of the benefits provided under this Agreement. The
Bank makes no representation to you concerning your possible entitlement to
unemployment insurance benefits, and will truthfully report, should
unemployment compensation authorities ask, that the termination of your
employment was voluntary (or involuntary, if termination was for “cause”.)

7.                     When your employment may be terminated for cause.
You agree and understand that your employment with the Bank may be terminated
for “cause” at any time on or before the Separation Date.

a.                     “Cause” is defined to include:    (1) your violation of the Bank’s Employee Handbook,
to include the Bank’s Code of Ethics and Conduct (the “Code”), a copy of which
has been provided to you; (2) your breach of the terms of this Agreement; (3)
your failure to successfully complete your transition objectives or to make
satisfactory progress toward your annual performance objectives through the
Separation Date, as determined by the Bank’s Chief Executive Officer; or (4)
your violation of the Code of Business Ethics and Conduct of the New York Stock
Exchange (the “NYSE Code”), a copy of which has been provided to you. You
understand and acknowledge that the provisions of the Code or the NYSE Code may
be changed from time to time between the date on which you sign this Agreement
(its “Execution Date”) and the Separation Date, and you agree that your
violation of any of those changed provisions prior to the Separation Date will
constitute grounds for terminating your employment for “cause”.

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b.             Termination
for “cause” may be with or without notice. In the event that you are terminated
for “cause,” you will forfeit all Monetary Consideration that has not been paid
to you as of the Termination Date.

c.              Your duties under this Agreement,
including the information disclosure restrictions of Paragraph 11 (subsections
a and b) and the release of all claims as provided in Paragraphs 5 and 8.a,
shall remain in the event you are terminated for “cause”. You agree that the
payment to you of salary and benefits and/or other consideration on or after
the date you sign this Agreement (the “Execution Date”) shall be good and
sufficient consideration to require your adherence to the promises you have
made in this Agreement even if you are terminated for “cause” and forfeit any
unpaid or unvested Monetary Consideration.

8.              Waiver of any claims YOU
may have.  You waive, release, and
forego any and all claims that you have or might have through the Execution
Date of this Agreement against the Bank and any of its predecessors,
subsidiaries, related entities, officers, directors, shareholders, agents,
attorneys, employees, successors, or assigns (the “Bank Releasees”), including
without restriction any claims arising from or related to your employment with
the Bank and/or your separation from employment with the Bank.

a.              The
released claims include, but are not limited to, claims arising under statutory
or common law in the United States (including federal, state, or local
jurisdictions) or any foreign country. The released claims include, but are not
limited to, claims under anti-discrimination statutes such as Title VII of the
Civil Rights Act, the federal Age Discrimination in Employment Act (“ADEA”),
and Hawaii’s civil rights laws (Hawaii Revised Statutes Chapter 368 and 378);
claims under wage and hour laws; claims under the laws of contract and tort
(such as claims for breach of contract, infliction of emotional distress,
defamation, invasion of privacy, wrongful termination, etc.); claims based upon
the Hawaii Whistleblowers’ Protection Act, H.R.S. § 378-61, et seq.; claims under
the Sarbanes-Oxley Act of 2002, including Section 806 (18 U.S.C. § 1514A) of
the Corporate and Criminal Fraud Accountability Act of 2002 (Title VIII of
Sarbanes-Oxley Act of 2002); and claims for attorneys’ fees and/or costs. THIS RELEASE COVERS ALL CLAIMS THAT ARE BASED UPON ANY
EVENT THAT OCCURRED THROUGH THE EXECUTION DATE OF THIS AGREEMENT.

b.             You further agree
that you will execute upon your Separation Date a further Release covering
claims from the Execution Date through your Separation Date in the form
attached hereto as Exhibit A. The Release is expressly incorporated into this
Agreement as part of the Agreement.

9.              How we will
respond to employment verification requests.   The Bank and you agree that
any inquiries regarding verification of your employment will be handled through
Bank of Hawaii, Human Resources.   As is
its practice, Human Resources will only

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release information confirming your dates of
employment and position title to requesters or if we are required to report
further information by law, regulation, or court order.

10.                  Neither of us will make negative comments about the
other.  The
Bank agrees that neither its executive officers nor its directors will make any
disparaging, negative, or derogatory statements about you. You agree that you
will not make any disparaging, negative, or derogatory comments about the Bank
or the Bank Releasees.

11.                   Your agreement
to keep secrets and not to compete.  You further agree as follows:

a.             Unless
required or otherwise permitted by law, you will not disclose to others or use
the Bank Information or any summary or derivative of that information.

b.            Unless
required or otherwise permitted by law, you will not disclose to others the terms
of this Agreement or the benefits being paid under it or the fact of their payment
except that you may disclose this information to your spouse or to your attorney,
accountant, or other professional advisor to whom you must make the disclosure
in order for them to render professional services to you. You will instruct
anyone to whom you make a permitted disclosure that he or she is to maintain
the confidentiality of this information just as you must.

c.             You
acknowledge that your services under this Agreement are of a special, unique,
unusual, extraordinary, and intellectual character and that you will have access
to Bank Information of extremely confidential and sensitive nature crucial to
the Bank’s success. You further acknowledge and agree that if you were to engage
in the conduct prohibited by Subparagraphs 11.d, 11.e or 11.f, the Bank would be irreparably harmed.

d.            In
consideration of your acknowledgements, 
our mutual  promises and the Monetary
Consideration, you agree that — for the duration of the term of your active
employment by the Bank and for a period of twenty-four (24) full months following
the earlier of your Separation Date or Termination Date (the “Non-Compete
Period”) — you will 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 in the state of Hawaii; provided, however, that you may purchase or otherwise
acquire up to one percent 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 Securities Exchange Act of
1934. The term “Financial Institution” is defined as any commercial bank, savings
institution, securities brokerage, mortgage company, insurance broker, or other
company or organization that competes in the state of Hawaii with the Bank or
any of its subsidiaries or related companies or entities (the “Bank or Related Entities”).

 5
 

e.              You
agree that at any time following the Execution Date of this Agreement through
twelve (12) full months following the end of the Non-Compete Period you will
not solicit business of the same or similar type being carried on by the Bank
or Related Entities from any company, person, or entity known by you to be a
customer of the Bank or Related Entities, whether or not you had personal contact
with such company, person, or entity by reason of your employment with the
Bank.

f.              You
will not, whether for your own account or the account of any other person at any
time following the Execution Date of this Agreement through twelve (12) full months
following the end of the Non-Compete Period solicit, employ, or otherwise
engage as an employee, independent contractor, or otherwise, any person who is
an employee of the Bank or in any manner induce or attempt to induce any
employee of the Bank to terminate his or her employment with the Bank.

g.             You agree
to notify the Bank in writing if you accept employment at any time between the
Execution Date of this Agreement and one year following the end of the
Non-Compete Period. You further agree that the Bank may notify your new employer
of the terms of Paragraphs 10, 11, and 13 of this Agreement and, at the Bank’s
election, furnish the employer with a copy of this Agreement or relevant portions
thereof.

12.                  Where notices are to be sent. Any
notice required or permitted by this Agreement shall be in writing sent to the
following addressees: For you, 375 Lelekepue Place, Honolulu, Hawaii 96821; for
the Bank, Bank of Hawaii, Human Resources #320, P. O. Box 2900, Honolulu, HI
96846-6000.

13.                  Enforcing this Agreement. To
the extent permitted by law, if you breach any of your obligations under this
Agreement, the Bank will be entitled to recover the benefits paid under this
Agreement and to obtain all other relief provided by law or equity. You
acknowledge and agree that your breach of Paragraphs 3, 10, or 11 will result
in irreparable harm to the Bank for which it will have no adequate remedy at
law and for which the Bank will be entitled to immediate injunctive relief.

14.                  Interpretation of this Agreement. In
deciding any question about the parties’ intent in creating this Agreement, the
following rules will be applied:

a.              If any
covenant of Paragraph 11 is held by a court to be unreasonable, arbitrary, or
against public policy, the covenant will be considered to be divisible with
respect to scope, time, and/or geographic area, and enforced to the greatest
extent permissible under law. If any provision of this Agreement is deemed to
be unlawful, the provision will be deemed deleted from this Agreement and the
remainder of the Agreement will continue in effect.

 6
 

b.             The
paragraph headings and other guides in this Agreement, as well as any cover letter
or other documents accompanying it, are only intended to improve the readability
of the Agreement, and not to alter its substance.

c.              This
Agreement is formed at Honolulu, Hawaii, and is to be interpreted and enforced
under the applicable federal and Hawaii state laws.

d.             This
Agreement represents the complete agreement of the parties and supersedes any
and all prior agreements.

e.              This
Agreement may only be amended in writing signed by both you and the Bank.

f.              This
Agreement is not intended to be and is not an admission of any fact or wrongdoing
or liability by any of the parties.

15.           Older Workers Benefit Protection Act notice.  The following is required
by the Older Workers Benefit Protection Act (“OWBPA”):

This Agreement includes a waiver of any claims you may
have under the Age Discrimination in Employment Act (“ADEA”) through the
Execution Date of the Agreement. You have up to 21 days from the date of this
letter to accept the terms of this Agreement, although you may accept it at any
time within those 21 days. To properly weigh the advantages and disadvantages
of signing this Agreement and waiving your ADEA claims, you are advised to
consult an attorney about this Agreement prior to signing. If you want to
accept the Agreement prior to the expiration of the 21 days, you will need to
indicate your waiver of the 21-day consideration period by signing in the space
indicated below.

To accept this Agreement, please date, sign, and return it to the Bank’s
Executive Vice President & Director of Human Resources. (An extra copy for your file is provided). Once
you do so, pursuant to the OWBPA, you will still have an additional seven days
in which to revoke your acceptance. To revoke, you must send the Bank’s
Executive Vice President & Director of Human Resources a written statement
of revocation by registered mail, return receipt requested. If you revoke your
acceptance of this Agreement, the Agreement will be void, and you will not
receive the Monetary Consideration provided under the Agreement.

BANK OF HAWAII CORPORATION and

BANK OF HAWAII

	
  By:

  	
  /s/ Allan R. Landon

  	
   

  
	
   

  	
  Allan R. Landon

  
	
   

  	
  Chairman of the
  Board, CEO, and President

  

 

 7
 

By signing this Agreement, I acknowledge that I
have had the opportunity to review it carefully with an attorney of my choice;
that I have read and understand its terms; and that I voluntarily agree to
them.

	
  Dated:

  	
         12-22-05

  	
   

  	
  /s/ Neal C. Hocklander

  
	
   

  	
   

  	
   

  	
  Neal C. Hocklander

  

 

Pursuant to 29 C.F.R. §
1625.22(e)(6), I hereby knowingly and voluntarily waive the twenty-one (21) day
pre-execution consideration period set forth in Older Workers Benefit Protection
Act (29 U.S.C. § 626(f)(l)(F)(i)).

	
  Dated:

  	
         12-22-05

  	
   

  	
  /s/ Neal C. Hocklander

  
	
   

  	
   

  	
   

  	
  Neal C. Hocklander

  

 

 8

EXHIBIT A

[TO BE SIGNED ON THE SEPARATION DATE]

RELEASE OF
CLAIMS

In consideration of the payments and other consideration provided for by
the agreement (“Agreement”) dated May 3, 2004, as revised December 16, 2005,
which is attached hereto and expressly incorporated herein, 1 hereby
voluntarily and knowingly waive, release, and forever forego any and all
claims, whether or not now known, suspected or claimed, that I ever had, now
have, or may later claim to have had against Bank of Hawaii (the “Bank”) and any
of its predecessors, subsidiaries, related entities, officers, directors,
shareholders, agents, insurers, attorneys, employees, successors, or assigns
(the “Bank Releasees”) through the date of my signature below (the “Release
Date”), including without limitation all claims arising from or related to my
employment with the Bank and/or the separation of my employment with the Bank.

These
claims include, but are not limited to, claims arising under statutory or
common law in the United States (including federal, state, or local
jurisdictions) or any foreign country. The released claims include, but are not
limited to, claims under anti-discrimination statutes such as Title VII of the
Civil Rights Act, the federal Age Discrimination in Employment Act (“ADEA”),
and Hawaii’s civil rights laws (Hawaii Revised Statutes Chapter 368 and 378);
claims under wage and hour laws; claims under the laws of contract and tort
(such as claims for breach of contract, infliction of emotional distress,
defamation, invasion of privacy, wrongful termination, etc.); claims based upon
the Hawaii Whistleblowers’ Protection Act, H.R.S. § 378-61, et seq.; claims
under the Sarbanes-Oxley Act of 2002, including Section 806 (18 U.S.C. § 1514A) of the Corporate and Criminal
Fraud Accountability Act of 2002 (Title VIII of Sarbanes-Oxley Act of 2002);
and claims for attorneys’ fees and/or costs. This Release covers all claims
that are based upon any event, action, or inaction that occurred or was to have
occurred through the Release Date.

I
hereby acknowledge (I) that I have been advised to consult with an attorney
prior to signing this Release, (2) that I have been given more than twenty-one
days prior to signing in which to consider this Release, (3) that I have been
advised that this Release covers ALL CLAIMS (including employment-related
claims generally and ADEA claims specifically) I might have against the Bank or
the Bank Releasees through the date of this Release; and (4) that I have seven
days after signing this Release (“the Revocation Period”) in which to revoke my
agreement to this Release. I understand that I may revoke my agreement by
notifying the Bank at any time during the Revocation Period. If I elect to
revoke my agreement to this Release, the Agreement will be void, and I will not
receive the Monetary Consideration provided under the Agreement.

UNDERSTOOD
AND AGREED:

	
   

  	
   

  	
   

  	
   

  
	
  Neal C. Hocklander

  	
  Date

  

 

Pursuant to 29 C.F.R. § 1625.22(e)(6), I hereby
knowingly and voluntarily waive the twenty-one (21) day pre-execution
consideration period set forth in Older Workers Benefit Protection Act (29
U.S.C. § 626(F)(l)(F)(i)).

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
  Neal C. Hocklander

  

 

 

ALLAN
R. LANDON

CHAIRMAN OF THE BOARD

CHIEF EXECUTIVE OFFICER

July
29, 2005

Neal
Hocklander

Vice Chairman

Information, Operations and Human Resources

Dear
Neal,

We
have held a number of discussions regarding the transition of the Managing
Committee and the impact that transition might have on your future with the
Bank of Hawaii. Now that the final pieces of the transition are becoming clear,
I felt it important to review the planned role for you with the Bank going forward.

Under
your Retention Agreement with the Bank, you have an inactive service date (“ISD”)
of June 30, 2006. We have
agreed that your ISD will remain June 30, 2006, but that your duties will
change effective January 1, 2006. We also agreed that in the fourth quarter,
2005 an announcement will be made that
effective January 1, 2006 your management responsibilities for the Information,
Operations and Human Services Group will transition to Dave Thomas and
me.

During
the six months of your active service between January 1, 2006, and your ISD,
you will provide assistance to Dave, the Director of Human Resources and
me with a focus on further developing the executive team, building the next three year plan
and executive compensation issues. Your inactive service with the Bank will begin on July 1, 2006,
with duties as described in your Retention Agreement. Your compensation will continue as provided
in the Retention Agreement except you will not be eligible to receive any equity compensation for 2006—other than the RSU
award to be paid on March 31, 2006, for your work in 2005. You will
continue to be a participant (on a prorated annual basis) in the EIP through
June 30, 2006.

The foregoing actions are
subject to the approval of the Board of Directors or a properly delegated Committee of the Board. Changes to your Retention
Agreement will be reflected in a formal Revised Retention Agreement once approval has been obtained. Please note that
the inactive service payments provided
for in your Retention Agreement may be subject to the requirements of Section
409 A of the Internal Revenue Code,
in which case the Revised Retention Agreement may rquire deferral of the payments
until six months following your ISD.

Neal, I want to express my
sincere appreciation as well as that of the Board of Directors and the Managing Committee for your willingness to help
the Bank through our MC transition. Your hard work, dedication and leadership have made a difference
at BOH and a great example to us all.

I look
forward to continuing to work with you through 2005 and in your new role in
2006 and beyond. If you
have questions don’t hesitate to contact me.

	
  

  	
  Sincerely,

  
	
   

  	
  /s/ Allan R.
  Landon

  

130 Merchant Street •
Honolulu, HI 96813 • Tel (808) 537-8888 • Fax (808) 538-4626 • boh.com

ALLAN R. LANDON

ChaIrman of the board

CHIEF EXECUTIVE OFFICER                                                            June 30, 2006

Mr. Neal C. Hocklander

Vice Chairman

Executive Administration #210

Dear Neal,

You and I have had
several conversations regarding your employment with Bank of Hawaii. I am
delighted that you have decided to continue active employment, on a part-time
basis, from July 1, 2006 through the end of the year. Accordingly, we have
agreed to extend your Separation Date through December 31, 2006.

We have agreed that your
focus over the next six months will be to:

·             Provide support and
act as an advisor to me;

·             Assist with the
recruitment and integration of the General Counsel;

·             Assist with other
Managing Committee transitions;

·             Prepare the executive
management staffing plan for 2007-2009;

·            Work
with me and an external consultant to develop and plan a “tearn development” experience
for the Managing Committee;

·            Provide
consultation to the Director of Human Resources to strengthen HR operations and
services and develop the HR three-year plan; 

·            Advise
the Director of Human Resources on HR & Compensation Committee matters and
assist with executive compensation program strategy and development;

·            Advise
the Managing Committee and Human Resources on matters of organization development/design,
executive development and HR strategy;

·            Attend
Board, Managing Committee and other meetings while in Hawaii and telephonically,
as necessary; and, 

·              Other duties, as necessary and appropriate.

Furthermore, we have
agreed that you will be in Hawaii for approximately two weeks each month and be
available for consultation (via phone, e-mail and/or fax) while on the
mainland.  For your continued service,
you will be paid $14,583 per month, which is half of your current base salary,
and you will remain a participant in the 2006 Executive Incentive Plan. We have
also agreed to reduce the “Additional Cash Award” payment as stated in the
April 30, 2004 Service-Based Restricted Stock Unit Agreement by 50% for the
period covering July 1 – December 31, 2006. Additionally, the Bank will make
available its condo for you and your family through December 31, 2006 and share
in the cost of your transportation expenses to and from Hawaii. Except as
modified by this letter agreement, your Retention Agreement dated May 3, 2004
and revised December 16, 2005 will continue to apply. Your performance of
services after June 30, 2006 will confirm your acceptance of the terms of this
letter.

Neal, it is my
pleasure to continue to work together to strengthen our executive leadership
team and ease the Bank through the upcoming changes. Thank you for your
commitment and support. As we approach 2007, let’s discuss the need to continue
this arrangement.

	
  

  	
  Sincerely,

  
	
   

  	
  /s/ Allan R.
  Landon

  

 

130 Merchant Street •
Honolulu, HI 96813 • Tel (808) 537-8888 • Fax (808) 538-4626 • boh.com

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