Document:

<PAGE>
                                                                     EXHIBIT 4.4

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (THE "DEPOSITARY"), OR A NOMINEE THEREOF. THIS
SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER
THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY
TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY
OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO
A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITARY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER,
PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

                                  SAFEWAY INC.
                               5.80% Note Due 2012

No. V-                                                                         $

                                                                       CUSIP No.

         SAFEWAY INC., a Delaware corporation (the "Company," which term
includes any successor corporation under the Indenture hereinafter referred to),
for value received promises to pay to

                           CEDE & CO.                   , or registered assigns,

the principal sum of                                                    DOLLARS

on August 15, 2012, and to pay interest thereon from August 12, 2002, or the
most recent interest payment date to which interest has been paid or provided
for, as the case may be, payable on February 15 and August 15 of each year,
commencing February 15, 2003, at the rate of 5.80% per annum, until the
principal hereof is paid or made available for payment, and (to the extent that
the payment of such interest is permitted by law) to pay interest at the rate
per annum borne by this Security on any overdue principal and on any overdue
installment of interest until paid. The interest so payable, and punctually paid
or duly provided for, on any interest payment date will be paid to the person in
whose name this Security (or one or more predecessor Securities) is registered
at the close of business on the regular record date for such interest, which
shall be the February 1 or August 1, as the case may be, next preceding such
interest payment date (whether or not a Business Day). Any such interest not so
punctually paid or duly provided for will forthwith cease to be payable to the
Holder on such regular record date and may either be paid to the person in whose
name this Security (or one or more predecessor Securities) is registered at the
close
<PAGE>
of business on a special record date for the payment of such defaulted interest
to be fixed by the Company, notice whereof shall be given to the Trustee and the
Holders not less than 10 days prior to such special record date, or be paid at
any time in any other lawful manner. Interest on the Securities shall be
computed on the basis of a 360-day year of twelve 30-day months.

         Principal of and interest on the Securities will be payable in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. The transfer of the
Securities will be registrable, the Securities may be presented for exchange,
and notices and demands to or upon the Company in respect of this Security and
the Indenture may be served, at the office or agency of the Company maintained
for such purpose (which initially will be the Corporate Trust Office located at
101 Barclay Street, New York, New York 10286, Attention: Corporate Trust
Administration); provided that, unless all of the outstanding Securities are
Global Securities, the Company will at all times maintain an office or agency
for such purposes in the Borough of Manhattan, The City of New York; and
provided, further, that, except as provided in the next sentence, payment of
interest may, at the option of the Company, be made by check mailed to the
address of the person entitled thereto. If this Security is a Global Security,
the interest payable on this Security will be paid to Cede & Co., the nominee of
the Depositary, or its registered assigns as the registered owner of this
Security, by wire transfer of immediately available funds on each of the
applicable interest payment dates.

         Reference is hereby made to the further provisions of this Security
which further provisions shall for all purposes have the same effect as if set
forth at this place.

         Unless the certificate of authentication hereon has been executed by
the Trustee by manual signature, this Security shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose.
<PAGE>
         IN WITNESS WHEREOF, the Company has caused this Security to be signed
manually or by facsimile by its duly authorized officers.

Date:

SAFEWAY INC.

BY                                         BY

___________________________________         ___________________________________
Vasant M. Prabhu                           Robert A. Gordon
Executive Vice President and               Senior Vice President, General
Financial Officer                          Counsel and  Chief Secretary

TRUSTEE'S CERTIFICATE
OF AUTHENTICATION

This is one of the 5.80% Notes due
August 15, 2012 described in the
within-mentioned Indenture.

THE BANK OF NEW YORK

BY

___________________________________
AUTHORIZED SIGNATORY
<PAGE>
                                  SAFEWAY INC.
                               5.80% Note Due 2012

1.       General.

         This Security is one of a duly authorized series of securities of the
Company issued and to be issued under an Indenture, dated as of September 10,
1997, as amended, modified or supplemented from time to time (the "Indenture"),
between the Company and The Bank of New York, as Trustee (the "Trustee", which
term includes any successor trustee under the Indenture), to which Indenture and
all indentures supplemental thereto reference is hereby made for a statement of
the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee and the Holders of the Securities, and of the terms
upon which the Securities are, and are to be, authenticated and delivered. This
Security is one of the series designated on the face hereof, originally issued
in $800,000,000 aggregate principal amount, subject to increase in accordance
with the Indenture (herein called the "Securities"). All terms used but not
defined in this Security shall have the meanings assigned to them in the
Indenture.

         No reference herein to the Indenture and no provision of this Security
or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay principal of and interest on this Security
at the times, places and rate, and in the coin or currency, herein prescribed.

2.       Indenture.

         The terms of the Securities include those stated in the Indenture and
those made part of the Indenture by the Officers' Certificate dated August 12,
2002 delivered pursuant thereto and the TIA. The Securities are subject to all
such terms, and the Securityholders are referred to the Indenture and said Act
for a statement of them.

3.       Sinking Fund.

         The Securities are not subject to any sinking fund and the Securities
are not subject to redemption or repurchase by the Company at the option of the
Holders.

4.       Redemption.

         The Securities are redeemable in whole or in part at the option of the
Company at any time at a redemption price equal to the greater of (i) 100% of
the principal amount of the Securities to be redeemed; or (ii) the sum of the
present values of the remaining scheduled payments of principal and interest on
the Securities to be redeemed (exclusive of interest accrued to the date of
redemption) discounted to the date of redemption on a semiannual basis (assuming
a 360-day year consisting of twelve 30-day months) at the then current Treasury
Rate plus 25 basis points. In each case the Company will pay accrued and unpaid
interest on the principal amount being redeemed to the date of redemption.

         "Comparable Treasury Issue" means the United States Treasury security
selected by an Independent Investment Banker as having a maturity comparable to
the remaining term ("Remaining Life") of the Securities to be redeemed that
would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of such Securities.

         "Comparable Treasury Price" means, with respect to any redemption date,
(1) the average of the Reference Treasury Dealer Quotations for such redemption
date, after excluding the highest and lowest Reference Treasury Dealer
Quotations, or (2) if the Trustee obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all such quotations.

         "Independent Investment Banker" means one of the Reference Treasury
Dealers that the Company appoints to act as the Independent Investment Banker
from time to time.
<PAGE>
         "Reference Treasury Dealer" means each of Merrill Lynch, Pierce, Fenner
& Smith Incorporated and Salomon Smith Barney Inc. and their respective
successors, and two other firms that are primary U.S. Government securities
dealers (each a "Primary Treasury Dealer") which the Company specifies from time
to time; provided, however, that if any of them ceases to be a Primary Treasury
Dealer, the Company will substitute another Primary Treasury Dealer.

         "Reference Treasury Dealer Quotations" means, with respect to each
Reference Treasury Dealer and any redemption date, the average, as determined by
the Trustee, of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) quoted in
writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New York
City time, on the third Business Day preceding such redemption date.

         "Treasury Rate" means, with respect to any redemption date, the rate
per year equal to: (1) the yield, under the heading which represents the average
for the immediately preceding week, appearing in the most recently published
statistical release designated "H.15(519)" or any successor publication which is
published weekly by the Board of Governors of the Federal Reserve System and
which establishes yields on actively traded United States Treasury securities
adjusted to constant maturity under the caption "Treasury Constant Maturities,"
for the maturity corresponding to the Comparable Treasury Issue; provided that,
if no maturity is within three months before or after the Remaining Life of the
Securities to be redeemed, yields for the two published maturities most closely
corresponding to the Comparable Treasury Issue shall be determined and the
Treasury Rate shall be interpolated or extrapolated from those yields on a
straight line basis, rounding to the nearest month; or (2) if such release (or
any successor release) is not published during the week preceding the
calculation date or does not contain such yields, the rate per year equal to the
semiannual equivalent yield to maturity of the Comparable Treasury Issue,
calculated using a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for
such redemption date. The Treasury Rate shall be calculated on the third
Business Day preceding the redemption date.

         Notice of redemption will be mailed at least 30 but not more than 60
days before the redemption date to each holder of record of the Securities to be
redeemed at its registered address.

5.       Denominations; Transfer; Exchange.

         This Security is issuable only in registered form without coupons in
minimum denominations of U.S. $1,000 and integral multiples thereof.

         As provided in the Indenture and subject to certain limitations therein
and herein set forth, the transfer, or the exchange for an equal principal
amount, of this Security is registrable with the Registrar upon surrender of
this Security for registration of transfer at the office or agency of the
Registrar.

         No service charge shall be made for any such registration of transfer
or exchange, but the Company may, subject to certain exceptions, require payment
of a sum sufficient to cover any tax or other governmental charge payable in
connection therewith.

6.       Persons Deemed Owners.

         Prior to due presentment of this Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat
the Holder in whose name this Security is registered as the owner thereof for
all purposes, whether or not this Security be overdue, and neither the Company,
the Trustee nor any such agent shall be affected by notice to the contrary.

7.       Unclaimed Money.

         The Trustee and any Paying Agent shall pay to the Company upon request
any money held by them for the payment of principal and interest that remains
unclaimed for two years. After that, Securityholders entitled to the money must
look to the Company for payment as general creditors unless an applicable
abandoned property law designates another person.
<PAGE>
8.       Defeasance Prior to Maturity.

         The Indenture contains provisions for defeasance of (i) the entire
indebtedness of the Securities or (ii) certain covenants and Events of Default
with respect to the Securities, in each case upon compliance with certain
conditions set forth therein.

9.       Amendment; Supplement; Waiver.

         Subject to certain limitations described in the Indenture, the
Indenture permits the Company and the Trustee to enter into a supplemental
indenture with the written consent of the Holders of at least a majority in
principal amount of the outstanding Securities (including consents obtained in
connection with a tender offer or exchange offer for the Securities), for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of the Indenture or of any supplemental indenture or modifying
in any manner the rights of the Securityholders. Subject to certain limitations
described in the Indenture, the Holders of at least a majority in principal
amount of the outstanding Securities by notice to the Trustee (including
consents obtained in connection with a tender offer or exchange offer for the
Securities) may waive compliance by the Company with any provision of the
Indenture or the Securities. Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future
Holders of this Security and of any Security issued upon the registration of
transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Security.

10.      Restrictive Covenants.

         The Indenture imposes certain limitations on the Company's and its
Subsidiaries' ability to create or incur certain Liens on any of their
respective properties or assets and to enter into certain sale and lease-back
transactions and on the Company's ability to engage in mergers or consolidations
or the conveyance, transfer or lease of all or substantially all of its
properties and assets. These limitations are subject to a number of important
qualifications and exceptions and reference is made to the Indenture for a
description thereof.

11.      Defaults and Remedies.

         If an Event of Default shall occur and be continuing, the principal of
the Securities may be declared (or, in certain cases, shall ipso facto become)
due and payable in the manner and with the effect provided in the Indenture.

12.      Proceedings.

         As provided in and subject to the provisions of the Indenture, the
Holder of this Security shall not have the right to institute any proceeding,
judicial or otherwise, with respect to the Indenture or for the appointment of a
receiver or trustee, or for any other remedy under the Indenture, unless such
Holder shall have previously given the Trustee written notice of a continuing
Event of Default with respect to the Securities and unless also the Holders of
at least a majority in principal amount of the Securities at the time
outstanding shall have made written request, and offered reasonable indemnity,
to the Trustee to institute such proceedings as trustee, and the Trustee shall
not have received from the Holders of a majority in principal amount of
Securities at the time outstanding a direction inconsistent with such request,
and shall have failed to institute such proceeding, within 60 days. The
foregoing shall not apply to any suit instituted by the Holder of this Security
for the enforcement of any payment of the principal hereof or any interest
hereon on or after the respective due dates expressed herein.

13.      Trustee Dealings with Company.

         The Trustee under the Indenture, in its individual or any other
capacity, may deal with the Company or an Affiliate of the Company with the same
rights it would have if it were not Trustee.
<PAGE>
14.      No Recourse Against Others.

         A past, present or future director, officer, employee, shareholder or
incorporator, as such, of the Company or any successor corporation shall not
have any liability for any obligations of the Company under this Security or the
Indenture or for any claim based on, in respect of, or by reason of such
obligations or their creation. Each Securityholder by accepting a Security
waives and releases all such liability. The waiver and release are part of the
consideration of issuance of the Securities.

15.      Governing Law.

         The internal laws of the State of New York shall govern the Indenture
and the Securities.
<PAGE>
                                  ABBREVIATIONS

         The following abbreviations, when used in the inscription on the face
of this Security, shall be construed as though they were written out in full
according to applicable laws or regulations:

<TABLE>
<S>                                       <C>
TEN COM-as tenants in common              UNIF GIFT MIN ACT - ______ Custodian _____
TEN ENT-as tenants by the entireties                          (Cust)           (Minor)
JT TEN -as joint tenants with right of    under Uniform Gifts to Minors
        survivorship and not as tenants   Act_____________________
        in common                                 (State)
</TABLE>

         Additional abbreviations may also be used though not in the above list.

____________________________________________________________________________
                                   ASSIGNMENT

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
  unto

PLEASE INSERT SOCIAL SECURITY OR
                  OTHER
IDENTIFYING NUMBER OF ASSIGNEE
________________________________
|             |

        ________________________________________________________________
          (Please print or typewrite name and address including postal
                             zip code of assignee)

        ________________________________________________________________
this Security and all rights thereunder hereby irrevocably constituting and
appointing

____________________________________________________________________, Attorney,
to transfer this Security on the books of the Trustee, with full power of
substitution in the premises.

Dated:_____________________         _______________________________________

                                    ________________________________________
                                    Notice: The signature(s) on this Assignment
                                    must correspond with the name(s) as written
                                    upon the face of this Security in every
                                    particular, without alteration or
                                    enlargement or any change whatsoever.<PAGE>

                                                                    EXHIBIT 10.1

                               CB BANCSHARES, INC.
                   SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT
                              FOR RONALD K. MIGITA

                         (EFFECTIVE AS OF JUNE 1, 2002)

<PAGE>

                               CB BANCSHARES, INC.
                   SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT
                              FOR RONALD K. MIGITA

                THIS AGREEMENT is adopted this 1st day of June, 2002, by and
between CB Bancshares, Inc., a Hawaii corporation (the "Company"), and Ronald K.
Migita, President and Chief Executive Officer of CB Bancshares, Inc. (the
"Executive").

                                    RECITALS

                The Executive is a member of a select group of management or
highly compensated employees who contribute materially to the continued growth,
development, and future business success of the Company. In order to promote the
loyalty, diligence, and performance of the Executive and to support the economic
security of the Executive during retirement, the Company desires to provide to
the Executive a supplemental executive retirement benefit.

                This Agreement is intended to be an unfunded nonqualified
deferred compensation arrangement for purposes of the Internal Revenue Code of
1986, as amended (the "Code"), and the Employee Retirement Income Security Act
of 1974, as amended ("ERISA"). This Agreement is intended to constitute a "top
hat" arrangement described in ERISA Section 201(2) and, therefore, exempt from
the coverage, funding, and fiduciary requirements of ERISA. All benefits payable
under this Agreement shall be paid out of the general assets of the Company.

                                    AGREEMENT

                That in consideration of the following agreements hereinafter
contained the Company and the Executive agree as follows:

                                    ARTICLE 1
                                   DEFINITIONS

                Whenever used in this Agreement, the following words and phrases
shall have the meanings specified:

        1.1 "Actuarial Equivalent" means a form of benefit different in time,
period, or manner of payment from a given form of benefit, but having the same
value as of a given date of determination based on a 7% interest assumption and
the IAM 1983 Mortality Table.

<PAGE>

        1.2 "Beneficiary" means such term as described in Article 4.

        1.3 "Change of Control" shall mean any of the following: (a) any person
(as defined in Section 3(a)(9) of the Securities Exchange Act of 1934, as
amended from time to time ("Exchange Act") and as used in Sections 13(d) and
14(d) thereof), excluding the Company, any majority owned subsidiary of the
Company (a "Subsidiary"), and any employee benefit plan sponsored or maintained
by the Company or any Subsidiary (including any trustee of such plan acting as
trustee), but including a "group" as defined in Section 13(d)(3) of the Exchange
Act (a "Person"), becomes the beneficial owner of shares of the Company having
at least 20% of the total number of votes that may be cast for the election of
directors of the Company (the "Voting Shares"); (b) the shareholders of the
Company shall approve any merger, consolidation or other business combination of
the Company, sale of the Company's assets or combination of the foregoing
transactions (a "Transaction") other than a Transaction involving only the
Company and one or more of its Subsidiaries, or a Transaction immediately
following which the shareholders of the Company immediately prior to the
Transaction continue to have a majority of the voting power in the resulting
entity excluding for this purpose any shareholder owning directly or indirectly
more than 10% of the shares of the other company involved in the merger; or (c)
within any 24 month period beginning or after December, 1995, the persons who
were directors of the Company immediately before the beginning of such period
(the "Incumbent Directors") shall cease (for any reason other than death) to
constitute at least a majority of the Board of Directors of the Company or the
board of directors of any successor to the Company, provided that any director
who was not a director as of December, 1995, shall be deemed to be an Incumbent
Director if such director was elected to the Board by, or on the recommendation
of or with the approval of, at least two-thirds of the directors who then
qualified as Incumbent Directors either actually or by prior operation of this
Section 1.3. Notwithstanding the foregoing, no Change of Control shall be deemed
to have occurred for the purposes of this Agreement by reason of any actions or
events in which the Executive participates in a capacity other than in the
capacity as Executive (or as a director of the Company or a Subsidiary, where
applicable.)

        1.4 "Code" means the Internal Revenue Code of 1986, as amended.

        1.5 "Disability" means the Executive's suffering a sickness, accident or
injury which has been determined by the carrier of any individual or group
disability insurance policy covering the Executive, or by the Social Security
Administration, to be a disability rendering the Executive totally and
permanently disabled. The Executive must submit proof to the Company of the
carrier's or Social Security Administration's determination upon the request of
the Company.

        1.6 "Early Termination Date" means the date on which the Executive
incurs a Termination of Employment which is prior to the Executive's Normal
Retirement Date and which is for reasons other than death, Disability,
Termination for Cause, or Termination for Good Reason following a Change of
Control.

                                       2.
<PAGE>

        1.7 "Effective Date" means June 1, 2002.

        1.8 [Reserved]

        1.9 "Involuntary Termination" means that the Executive ceases to be
employed by the Company at the direction of the Company and without the written
consent of the Executive.

        1.10 "Normal Retirement Date" means the Executive's 65th birthday.

        1.11 [Reserved]

        1.12 [Reserved]

        1.13 "Termination for Cause" means such term as described in Article 5.

        1.14 "Termination for Good Reason" means the Executive ceases to be
employed by the Company due to the occurrence of any of the following events
without the Executive's express written consent following a Change of Control:
(a) without the Executive's express written consent, the assignment to the
Executive of any duties inconsistent with his positions, duties,
responsibilities and status with the Company, or a change in the Executive's
reporting responsibilities, titles or offices, or any removal of the Executive
from or any failure to re-elect the Executive to any of such positions, except
in connection with the Executive's Termination for Cause, Disability, retirement
on or after his Normal Retirement Date, or as a result of his death; (b) a
reduction by the Company in the Executive's base salary as in effect on the date
hereof or as the same may be increased from time to time; (c) without the
Executive's express written consent the failure by the Company to continue any
action which would adversely affect the Executive's participation in or
materially reduce the Executive's benefits under any of such plans, or the
failure by the Company to provide the Executive with the number of paid vacation
days to which the Executive is then entitled on the basis of years of service
with the Company in accordance with the Company's normal vacation policy in
effect on the date hereof; (d) the Company requiring the Executive to be based
anywhere other than in the community where the Executive is currently based at
the time of a change in control, except for required travel on Company business
to an extent substantially consistent with the Executive's present business
travel obligations, or in the event the Executive consents to a proposed
relocation, the failure by the Company to pay (or reimburse the Executive) for
all reasonable moving expenses incurred by the Executive relating to a change of
his or her principal residence in connection with such relocation and to
indemnify the Executive against any loss of the fair market value of such
residence as determined by a real estate appraiser designated by the Executive
and reasonably satisfactory to the Company realized on the sale of the
Executive's principal residence in connection with any such change of residence.

        1.15 "Termination of Employment" means that the Executive ceases to be
employed by the Company for any reason, voluntary or involuntary, other than by
reason of a leave of absence approved by the Company and the Executive.

                                       3.
<PAGE>

        1.16 "Year of Service" means each consecutive 12-month period of service
ending on the anniversary date of the Executive's date of hire and during which
the Executive is employed on a full-time basis by the Company for at least 1,000
hours of service, inclusive of approved leaves of absence. Unless otherwise
provided herein, Years of Service shall include all Years of Service beginning
from the Executive's date of hire.

                                    ARTICLE 2
                                LIFETIME BENEFITS

        2.1 Normal Retirement Benefit. Upon the Executive's Termination of
Employment on or after his Normal Retirement Date for reasons other than death,
the Company shall pay to the Executive the "Normal Retirement Benefit" described
in this Section 2.1 in lieu of any other benefit under this Agreement.

        2.1.1 Amount of Benefit. The Normal Retirement Benefit under this
        Section 2.1 is the annual amount equal to $50,000 payable for a term
        certain of 18 years commencing as of the first day of the month
        following the Executive's Termination of Employment. The Board of
        Directors of the Company may, in its sole discretion, increase the
        Normal Retirement Benefit described in this Section 2.1.1.

        2.1.2 Payment of Benefit. The Company shall pay the Normal Retirement
        Benefit to the Executive in the specified form of the distribution
        option elected by the Executive in accordance with the attached Exhibit
        1. As reflected in Exhibit 1, prior to the commencement of any payment,
        the Executive may be allowed to elect an additional form of distribution
        option or modify a previously elected form of distribution option, but
        such election shall be allowed, if at all, only at the time and in the
        manner specifically approved by the Board of Directors at its complete
        discretion.

        2.1.3 Benefit Increases. Commencing on the first anniversary of the
        first Normal Retirement Benefit payment, and continuing on each
        subsequent anniversary, Board of Directors of the Company, in its sole
        discretion, may increase the benefit by 3%.

        2.2 Early Termination Benefit. Upon the Executive's Termination of
Employment on an Early Termination Date, the Company shall pay to the Executive
the "Early Termination Benefit" described in this Section 2.2 in lieu of any
other benefit under this Agreement.

        2.2.1 Amount of Benefit. The Early Termination Benefit under this
        Section 2.2 shall be equal to the Executive's projected Normal
        Retirement Benefit which is accrued as of the date of the Executive's
        Termination of Employment and payable commencing as of the first day of
        the month following his Normal Retirement Date.

        2.2.2 Payment of Benefit. The Company shall pay the Early Retirement
        Benefit to the Executive in the Actuarial Equivalent form of equal
        monthly installments

                                       4.
<PAGE>

        over a 216-month term commencing as of the first day of the month
        following the Executive's Normal Retirement Date.

        2.3 Disability Benefit. Upon the Executive's Termination of Employment
due to Disability prior to his Normal Retirement Date, the Company shall pay to
the Executive the "Disability Benefit" described in this Section 2.3 in lieu of
any other benefit under this Agreement.

        2.3.1 Amount of Benefit. The Disability Benefit under this Section 2.3
        shall be equal to the Executive's Normal Retirement Benefit projected to
        his Normal Retirement Date and payable commencing as of the first day of
        the month following his Normal Retirement Date.

        2.3.2 Payment of Benefit. The Company shall pay the Disability Benefit
        to the Executive in the Actuarial Equivalent form of equal monthly
        installments over a 216-month term commencing as of the first day of the
        month following the Executive's Normal Retirement Date.

        2.4 Change of Control Benefit. Upon the Executive's Involuntary
Termination of Employment or Termination for Good Reason prior to his Normal
Retirement Date and within 36 months following the occurrence of a Change of
Control, the Company shall pay to the Executive the "Change of Control Benefit"
described in this Section 2.4 in lieu of any other benefit under this Agreement.

        2.4.1 Amount of Benefit. The Change of Control Benefit under this
        Section 2.4 shall be equal to the Executive's Normal Retirement Benefit
        projected to his Normal Retirement Date and, for this purpose,
        calculated as if the Executive has incurred a Termination of Employment
        at his Normal Retirement Date. As such, the Change of Control Benefit
        shall be determined as the face amount of the projected Normal
        Retirement Benefit at the Normal Retirement Date, but commencing at the
        time described below in Section 2.4.2 without downward adjustment for
        the time value of money.

        2.4.2 Payment of Benefit. The Company shall pay the Normal Retirement
        Benefit to the Executive in the specified form of the distribution
        option elected by the Executive in accordance with the attached Exhibit
        1. As reflected in Exhibit 1, prior to the commencement of any payment,
        the Executive may be allowed to elect an additional form of distribution
        option or modify a previously elected form of distribution option, but
        such election shall be allowed, if at all, only at the time and in the
        manner specifically approved by the Board of Directors at its complete
        discretion.

        2.4.3 Excess Parachute Payment. If any benefit payable under this
        Agreement would create an excise tax under the excess parachute rules of
        Code Sections 280G and 4999, the Company shall pay to the Executive an
        additional amount (the "Gross-up") equal to the excise penalty tax
        amount divided by the sum of one minus the sum

                                       5.
<PAGE>

        of the penalty tax rate plus the executive's marginal income tax rate.
        The Gross-up shall be paid in a lump sum within 60 days of Termination
        of Employment following Change in Control.

                In the event the Internal Revenue Service adjusts the excise tax
        computation of the Company, as provided in this Section 2.4.3 herein,
        such that the Executive is liable for the payment of a greater excise
        tax under Code Sections 280G and 4999, or such that the Executive does
        not receive the full benefit that he would have received, the Company
        shall reimburse the Executive for the full amount necessary to make the
        Executive whole, including the value of the excise tax and all
        corresponding interest and penalties due to the Internal Revenue
        Service.

                                    ARTICLE 3
                                 DEATH BENEFITS

        3.1 Death During Active Service. If the Executive dies while in the
active service of the Company, the Company shall pay to the Executive's
Beneficiary the "Preretirement Death Benefit" described in this Section 3.1 in
lieu of any other benefit under this Agreement. The Company shall not pay any
Preretirement Death Benefit under this Section 3.1 if the Executive has received
any lifetime benefit payment provided under Article 2.

        3.1.1 Amount of Benefit. The Preretirement Death Benefit under this
        Section 3.1 shall be equal to the Executive's Normal Retirement Benefit
        projected to his Normal Retirement Date and payable commencing as of the
        first day of the month following his Normal Retirement Date.

        3.1.2 Payment of Benefit. Upon the Executive's Death, the Company shall
        pay the Preretirement Death Benefit to the Executive's Beneficiary in
        the form of the Actuarial Equivalent form of equal monthly installments
        over a 20-year term commencing as of the first day of the month
        following date of the Executive's Death.

        3.2 Death During Payment of a Lifetime Benefit. If the Executive dies
after any lifetime benefit payments have commenced under Article 2 but before
receiving all such payments, the Company shall pay the remaining benefit
payments to the Executive's Beneficiary at the same time and in the same amounts
they would have been paid to the Executive had the Executive survived. However,
only the benefit payments required under the Executive's form of distribution
option shall be paid (e.g., no payment to the Executive's Beneficiary if the
Executive had elected a life annuity form of distribution).

        3.3 Death After Termination of Employment But Before Payment of a
Lifetime Benefit Commences. If the Executive is entitled to the commencement of
any lifetime benefit payments under Article 2, but dies prior to the
commencement of such benefit payments, the Company shall pay the same benefit
payments to the Executive's Beneficiary that the Executive was entitled to prior
to death. However, only the benefit payments required under the

                                       6.
<PAGE>

Executive's form of distribution option shall be paid (e.g., no payment to the
Executive's Beneficiary if the Executive had elected a life annuity form of
distribution).

                                    ARTICLE 4
                                  BENEFICIARIES

                The Executive shall designate a Beneficiary by filing a written
designation with the Company in a manner similar to the attached Exhibit 2. The
Executive may revoke or modify the designation at any time by filing a new
designation. However, a designation shall only be effective if signed by the
Executive and received by the Company during the Executive's lifetime. The
Executive's Beneficiary designation shall be deemed automatically revoked if the
Beneficiary predeceases the Executive, or if the Executive names a spouse as
Beneficiary and the marriage is subsequently dissolved. If the Executive dies
without a valid beneficiary designation, all payments shall be made to the
personal representative of the Executive's estate.

                                    ARTICLE 5
                                     VESTING

        5.1 Vesting. The Executive shall maintain a 100% vested and
nonforfeitable interest in all benefits provided under this Agreement, and such
benefits shall not be conditioned on the performance of future service.

        5.2 Termination for Cause. However, notwithstanding the above Section
5.1 or any other provision of this Agreement to the contrary, the Company shall
not pay, and the Executive shall not be entitled to, any benefit under this
Agreement if the Company terminates the Executive's employment for cause as
follows: (a) an act or acts of dishonesty or gross misconduct on the Executive's
part which result or are intended to result in material damage to the Company's
business or reputation or (b) repeated material violations by the Executive of
the Executive's obligations under Section 4 of the Change of Control Agreement,
currently in effect as of the Effective Date between the Company and the
Executive ("COC Agreement"), which violations are demonstrably willful and
deliberate on the Executive's part and which result in material damage to the
Company's business or reputation.

        5.3 Suicide or Misstatement. The Company shall not pay, and the
Executive shall not be entitled to, any benefit under this Agreement if the
Executive commits suicide within three years after the date of this Agreement.
In addition, the Company shall not pay, and the Executive shall not be entitled
to, any benefit under this Agreement if the Executive has made any material
misstatement of fact on any application for any benefits provided by the Company
to the Executive.

        5.4 Competition After Termination of Employment. The Company shall not
pay, and the Executive shall not be entitled to, any benefit under this
Agreement if the Executive

                                       7.
<PAGE>

within three years from Termination of Employment and without the prior written
consent of the Company, engages in, becomes interested in, directly or
indirectly, as a sole proprietor, as a partner in a partnership, or as a
substantial shareholder in a corporation, or becomes associated with, in the
capacity of employee, director, officer, principal, agent, trustee or in any
other capacity whatsoever, in any enterprise in the State of Hawaii which
enterprise is, or may be deemed to be, competitive with any business carried on
by the Company as of the date of Termination of Employment. This section shall
not apply following a Change in Control.

                                    ARTICLE 6
                                 ADMINISTRATION

        6.1 Authority of Board. The Board of Directors shall maintain the
authority and discretion to control and manage the operation and administration
of the Agreement. In its discretion, the Board of Directors shall make such
rules, interpretations, and computations and take such other actions to
administer the Agreement, as it may deem appropriate. The rules,
interpretations, computations, and other actions of the Board of Directors shall
be binding and conclusive on all persons. In administering the Agreement, the
Board of Directors shall have the authority to: (a) require, as a condition to
receiving benefits under the Agreement, such information as it may reasonably
require for the proper administration of the Agreement; (b) make and enforce
such rules and regulations as it deems to be necessary for the administration of
the Agreement; (c) interpret the Agreement; (d) determine the amount and timing
of benefits payable to any person in accordance with the provisions of the
Agreement; and (e) direct all payments to be made pursuant to the Agreement.

                The Board of Directors is granted the authority to name an
individual or individuals from time to time to carry out one or more of the
duties described above. The expenses of the Board of Directors, or the
individual or individuals described in the preceding sentence, shall be paid
directly by the Company.

        6.2 Incapacity. If a benefit is payable to a minor, to a person declared
incompetent, or to a person incapable of handling the disposition of his or her
property, the Company may pay such benefit to the guardian, legal
representative, or person having the care or custody of such minor, incompetent
person, or incapable person. The Company may require proof of incompetence,
minority, or guardianship as it may deem appropriate prior to distribution of
the benefit. Such distribution shall completely discharge the Company from all
liability with respect to such benefit.

        6.3 Change of Control Agreement. In accordance with Section 8 of the COC
Agreement, the benefits provided under this Agreement shall not be prevented or
limited by the provisions of the COC Agreement, and shall only be enhanced or
improved to the extent provided under such COC Agreement. Further, this
Agreement shall not prevent or limit any payment or benefit to the Executive
that may apply under the COC Agreement.

                                       8.
<PAGE>

                                    ARTICLE 7
                                     FUNDING

        7.1 Unfunded Plan. All amounts payable in accordance with the Agreement
shall be paid in cash from the general funds of the Company and no special or
separate fund, other than a "rabbi trust" established pursuant to Section 7.2
below, shall be established, and no other segregation of assets shall be made to
assure the payment of any amounts payable in accordance with the Agreement. The
Executive shall have no right, title, or interest whatsoever in or to any
investment that the Company may make to aid it in meeting its obligations
hereunder, including, but not limited to, deemed investments. Nothing contained
in the Agreement, and no action taken pursuant to its provisions shall create or
be construed to create a trust of any kind, or a fiduciary relationship between
the Company and the Executive or any other person. To the extent that any person
acquires a right to receive payments from the Company hereunder, such right
shall be no greater than the right of an unsecured creditor.

        7.2 Rabbi Trust Allowed. The Company may, for administrative reasons,
establish a "rabbi trust" for the benefit of Executive under the Agreement. If
such a trust is established, its assets shall be used exclusively for the
purposes set forth in the Agreement and the applicable trust agreement, subject
to the following conditions:

                (a) The creation of said trust shall not cause the Agreement to
be other than "unfunded" for purposes of Title I of ERISA;

                (b) The Company shall be treated as the "grantor" of said trust
for purposes of Code Section 677; and

                (c) The trust agreement shall provide that its assets may be
used to satisfy claims of the Company's general creditors in the event of
insolvency, and the rights of such general creditors in such circumstances are
enforceable by them under federal and state law.

                It is intended that such a trust be consistent with tax law
requirements preventing inclusion in income for income tax purposes prior to
actual payment of benefits under the Agreement. If such a trust is established,
then prior to the payment of benefits to the Executive, there shall be no actual
transfer of assets to the Executive under the Agreement and trust, and the
Agreement and trust shall confer no current benefit that would be immediately
taxable to the Executive under the constructive receipt rule or economic benefit
doctrine under the tax laws.

                                    ARTICLE 8
                            AMENDMENT AND TERMINATION

        8.1 Amendment or Termination. This Agreement may be amended or
terminated only by written mutual agreement between the Company and the
Executive.

                                       9.
<PAGE>

        8.2 Reorganization of the Company. The Company shall not merge or
consolidate into or with another company, or reorganize, or sell substantially
all of its assets to another company, firm, or person unless such succeeding or
continuing company, firm, or person agrees to assume and discharge the
obligations of the Company under this Agreement. Upon the occurrence of such
event, the term "Company" as used in this Agreement shall be deemed to refer to
the successor or survivor company.

                                    ARTICLE 9
                          CLAIMS AND REVIEW PROCEDURES

        9.1 Claims Procedure. An Executive or Beneficiary (the "Claimant") who
has not received benefits under the Agreement that he or she believes should be
paid may make a claim for such benefits as follows:

        9.1.1 Initiation -- Written Claim. The Claimant may initiate a claim by
        submitting to the Company a written claim for benefits.

        9.1.2 Timing of Company Response. The Company shall respond to such
        Claimant within 90 days after receiving the claim. If the Company
        determines that special circumstances require additional time for
        processing the claim, the Company may extend the response period by an
        additional 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 shall set forth the special circumstances and
        the date by which the Company expects to render its decision.

        9.1.3 Notice of Decision. If the Company denies part or all of the
        claim, the Company shall notify the Claimant in writing of such denial.
        The Company 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 Agreement on which the denial is based; (c)
        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 Agreement's review procedures and the time
        limits applicable to such procedures; (e) and a statement of the
        claimant's right to bring a civil action under ERISA Section 502(a)
        following an adverse benefit determination on review.

                                      10.
<PAGE>

        9.2 Review Procedure. If the Company denies part or all of the claim,
the Claimant shall have the opportunity for a full and fair review by the
Company of the denial, as follows:

        9.2.1 Initiation -- Written Request. In order to initiate the review,
        the Claimant, within 60 days after receiving the Company's notice of
        denial, may file with the Company a written request for review.

        9.2.2 Additional Submissions -- Information Access. The Claimant shall
        then have the opportunity to submit written comments, documents,
        records, and other information relating to the claim. The Company 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.

        9.2.3 Considerations on Review. In considering the review, the Company
        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.

        9.2.4 Timing of Company Response. The Company shall respond in writing
        to such claimant within 60 days after receiving the request for review.
        If the Company determines that special circumstances require additional
        time for processing the claim, the Company can extend the response
        period by an additional 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 Company expects to render its
        decision.

        9.2.5 Notice of Decision. The Company shall notify the Claimant in
        writing of its decision on review. The Company 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 Agreement 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 ERISA Section 502(a).

                                   ARTICLE 10
                                  LEGAL STATUS

        This Agreement is intended to constitute a nonqualified deferred
compensation agreement which is not subject to the qualification requirements of
Code Section 401(a). Further, this Agreement is intended to constitute an "top
hat" arrangement within the meaning of ERISA 201(2) and is not subject to the
coverage, funding, and fiduciary requirements of

                                      11.
<PAGE>

ERISA. Finally, until the occurrence of a distribution event and the actual
payment to the Executive of a benefit hereunder, it is intended that there has
been no transfer of any benefit to the Executive under Code Section 83 and no
benefit is subject to inclusion for income tax purposes.

                                   ARTICLE 11
                                  MISCELLANEOUS

        11.1 Binding Effect. This Agreement shall bind the Executive and the
Company, and their beneficiaries, survivors, executors, successors,
administrators and transferees.

        11.2 No Guarantee of Employment. This Agreement is not an employment
policy or contract. It does not give the Executive the right to remain an
employee of the Company, nor does it interfere with the Company's right to
discharge the Executive. It also does not require the Executive to remain an
employee nor interfere with the Executive's right to terminate employment at any
time.

        11.3 Nontransferability. Benefits under this Agreement cannot be sold,
transferred, assigned, pledged, attached, or encumbered in any manner.

        11.4 Notice. Any notice, consent, or demand required or permitted to be
given under the provisions of this Agreement by one party to another shall be in
writing, shall be signed by the party giving or making the same, and may be
given either by delivering the same to such other party personally, or by
mailing the same, by United States certified mail, postage prepaid, to such
party, addressed to their last known address as shown on the records of the
Company. The date of such mailing shall be deemed the date of such mailed
notice, consent, or demand.

        11.5 Tax Withholding. The Company shall withhold any taxes that are
required to be withheld from the benefits provided under this Agreement.

        11.6 Applicable Law. The Agreement and all rights hereunder shall be
governed by the laws of the State of Hawaii, except to the extent preempted by
the laws of the United States of America.

        11.7 Entire Agreement. This Agreement constitutes the entire agreement
between the Company and the Executive as to the subject matter hereof. No rights
are granted to the Executive by virtue of this Agreement other than those
specifically set forth herein.

        11.8 Named Fiduciary. The Company shall be the named fiduciary and plan
administrator under this Agreement. It may delegate to others certain aspects of
the management and operational responsibilities including the employment of
advisors and the delegation of ministerial duties to qualified individuals.

                                      12.
<PAGE>

        11.9 Construction. The headings of the Articles in this Agreement is
provided for convenience only and will not affect its construction or
interpretation. All references to "Article" or "Articles" refer to the
corresponding Article or Articles of this Agreement. Wherever any words are used
under the Agreement in the masculine, feminine, or neuter gender, they shall be
construed as though they were also used in another gender in all cases where
they would so apply.

               IN WITNESS WHEREOF, the Company and the Executive have signed
this Agreement on the date first written above.

COMPANY:

CB BANCSHARES, INC.                     EXECUTIVE:

BY /s/ DEAN K. HIRATA                   /s/ RONALD K. MIGITA
  --------------------------------      ----------------------------------------
TITLE: SENIOR VICE PRESIDENT AND        RONALD K. MIGITA
       CHIEF FINANCIAL OFFICER

                                      13.
<PAGE>

                                    EXHIBIT 1
                               CB BANCSHARES, INC.
                   SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT
                              FOR RONALD K. MIGITA

                            FORM OF BENEFIT ELECTION

        As the Executive under the above-named agreement ("Agreement"), and in
accordance with Sections 2.1 and 2.4 of the Agreement, I understand that I am
required to elect the Actuarial Equivalent form of distribution of my Normal
Retirement Benefit and Change of Control Benefit, respectively, as of the date
of the Agreement. I understand that this election is irrevocable and that I am
not entitled to change the form of distribution hereby elected. However, I
understand that, prior to the commencement of the distribution of my benefit,
the Company shall allow me to file a petition with the Company which may request
a change in the form of distribution, and the Board of Directors, in its sole
and complete discretion, may accept or reject such a request. I hereby elect the
form of distribution as indicated below (check appropriate boxes):

        SECTION 2.1 OF THE AGREEMENT -- NORMAL RETIREMENT BENEFIT

        [ ]     Equal monthly installments over a period of 18 years commencing
                as of the first day of the month following termination of
                employment.

        [ ]     Equal monthly installments over a period of 10 years commencing
                as of the first day of the month following termination of
                employment.

        [ ]     Equal monthly installments over a period of 15 years commencing
                as of the first day of the month following termination of
                employment.

        [ ]     Single lump sum payment within 30 days following termination of
                employment.

        [ ]     Joint and 50% survivor annuity commencing as of the first day of
                the month following termination of employment.

        [ ]     Joint and 100% survivor annuity commencing as of the first day
                of the month following termination of employment.

        SECTION 2.4. OF THE AGREEMENT -- CHANGE OF CONTROL BENEFIT

        [ ]     Equal monthly installments over a period of 20 years commencing
                as of the first day of the month following termination of
                employment.

        [ ]     Single lump sum payment within 30 days following termination of
                employment.

Dated 8/6/02                            Signature /s/ RONALD K. MIGITA
      ----------------                           -------------------------------

                                        RECEIPT ACKNOWLEDGED:
                                        CB BANCSHARES, INC.

Dated                                   By /s/ DEAN K. HIRATA
      ----------------                    --------------------------------------
                                          Its

<PAGE>

                                    EXHIBIT 2
                               CB BANCSHARES, INC.
                   SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT
                              FOR RONALD K. MIGITA

                          BENEFICIARY DESIGNATION FORM

Executive's Name Ronald K. Migita
                 ---------------------------------------------------------------

Address 98-868 Naukewai Place, Aiea, HI 96701-2783
        ------------------------------------------------------------------------

Social Security Number ###-##-####           Birth Date June 9, 1941
                      ---------------------             ------------------------

        As the Executive under the above-named agreement ("Agreement"), I hereby
acknowledge that, in accordance with the right granted to me under the Agreement
to designate and redesignate the beneficiary or beneficiaries to receive my
Agreement benefit in the event of my death following my termination of
employment and prior to the complete distribution of my retirement benefit, I
hereby designate the following beneficiaries to receive such benefit in the
order of priority as indicated:

        Primary Beneficiary:
                            ----------------------------------------------------
        Full name:         Lella Etsuko Migita
                  --------------------------------------------------------------
        Street address:     98-868 Naukewai Place
                       ---------------------------------------------------------
        City/State/Zip code:         Aiea, HI 96701-2783
                            ----------------------------------------------------
        Social Security Number: ###-##-####
                               -------------------------------------------------
        Relationship to me:          Spouse
                           -----------------------------------------------------
        Contingent Beneficiary (i.e., my designated beneficiary in the event my
        primary beneficiary predeceases me):
        Ronald K. Migita and Lella E. Migita, as Co-Trustees of the Ronald K.
        Full name:        Migita Trust dated October 26, 1992
                  --------------------------------------------------------------
        Street address:    98-868 Naukewai Place
                      ----------------------------------------------------------
        City/State/Zip code:      Aiea, HI 96701-2783
                           -----------------------------------------------------
        Social Security Number:
                               -------------------------------------------------
        Relationship to me:
                           -----------------------------------------------------

I understand that I may change these beneficiary designations by filing a new
written designation with the Company. I further understand that the designations
will be automatically revoked if the beneficiary predeceases me, or, if I have
named my spouse as beneficiary and our marriage is subsequently dissolved. I
understand that any beneficiary designation is not valid unless received by the
Company prior to my death.

Dated 8/6/02                            Signature /s/ RONALD K. MIGITA
      ---------------------------                -------------------------------

                                        RECEIPT ACKNOWLEDGED:
                                        CB BANCSHARES, INC.

Dated                                   By /s/ DEAN K. HIRATA
     ----------------------------          -------------------------------------
                                           Its

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