Document:

CKSS ASSOCIATES

Exhibit

10.1

 

CKSS ASSOCIATES

 

SALE AND PURCHASE OF PARTNERSHIP INTERESTS

 

JUNE 25, 2001

 

 

AGREEMENT FOR SALE AND PURCHASE

OF PARTNERSHIP INTERESTS

 

dated

June 25, 2001

 

 

among

 

 

KAJIMA DEVELOPMENT CORPORATION

 

SUMITOMO CORPORATION

 

SUMITOMO CORPORATION OF AMERICA

 

as

“Sellers”

 

 

CENTRAL PACIFIC BANK

 

as

“Purchaser”

 

 

CPB PROPERTIES, INC.

 

as

“CPB Properties”

 

 

DOCUMENTS

TABLE OF CONTENTS

 

 

1.                                       AGREEMENT

FOR SALE AND PURCHASE OF PARTNERSHIP INTERESTS dated June 25, 2001 among

Kajima Development Corporation, Sumitomo Corporation and Sumitomo Corporation

of America, as Sellers, and Central Pacific Bank, as Purchaser, and CPB Properties,

Inc., as CPB Properties

 

2.                                       ASSIGNMENT

OF LIMITED PARTNERSHIP INTEREST dated June 12, 2001 By Kajima Development

Corporation; Consent, dated June 25, 2001, by CPB Properties, Inc.; Acceptance,

by Central Pacific Bank

 

3.                                       ASSIGNMENT

OF LIMITED PARTNERSHIP INTEREST dated June 25, 2001 By Sumitomo

Corporation; Consent, dated June 25, 2001, by CPB Properties, Inc.; Acceptance,

by Central Pacific Bank

 

4.                                       ASSIGNMENT

OF LIMITED PARTNERSHIP INTEREST dated June 15, 2001 By Sumitomo Corporation

of America; Consent, dated June 25, 2001, by CPB Properties, Inc.; Acceptance,

by Central Pacific Bank

 

 

 

AGREEMENT

FOR SALE AND PURCHASE

OF PARTNERSHIP INTERESTS

 

                THIS

AGREEMENT is entered into as of the 25th day of June, 2001, by and among KAJIMA DEVELOPMENT CORPORATION, with an

office at 901 Corporate Center Dr., Suite 104, Monterey Park, CA 91754

(“Kajima”); SUMITOMO CORPORATION,

with an office at 8-11, Harumi 1-Chome, Chuo-ku, Tokyo, 104-8610, Japan

(“Sumitomo”); and SUMITOMO CORPORATION OF

AMERICA, with an office at 6 Concourse Parkway, Suite 2150, Atlanta,

GA 30328 (“SCOA”) (collectively, Kajima, Sumitomo and SCOA are hereinafter

referred to as “Sellers”); and CENTRAL

PACIFIC BANK, with an office at 220 South King Street, Honolulu,

Hawaii 96813 (“Purchaser”); and CPB

PROPERTIES, INC., with an office at 220 South King Street, Suite

1501, Honolulu, Hawaii 96813 (“CPB Properties”).

 

RECITALS:

 

A.                                   Kajima and CPB

Properties are the general partners, and Sumitomo and SCOA are the limited

partners, of that certain Hawaii limited partnership known as CKSS Associates

(the “Partnership”), established pursuant to a Limited Partnership Agreement

dated as of July 1, 1981, as amended.

 

B.                                     Purchaser is

the parent company of CPB Properties, Inc.

 

C.                                     The Partnership

is engaged in the business of development and ownership of commercial real

estate, principally in Honolulu, Hawaii.

 

D.                                    Sellers own, in

the aggregate, fifty percent (50%) of the equity of the Partnership.  Their respective interests (collectively,

“Sellers’ Interests”) are as follows:

 

	

  Kajima

  	

   

  	

  16.54123

  	

  %

  
	

  Sumitomo

  	

   

  	

  25.18816

  	

  %

  
	

  SCOA

  	

   

  	

  8.27061

  	

  %

  
	

  Total

  	

   

  	

  50.00000

  	

  %

  

 

E.                                      Sellers desire

to sell to Purchaser and Purchaser desires to purchase from Sellers all of

Sellers’ Interests in accordance with the terms of this Agreement.

 

                NOW,

THEREFORE, the parties agree as follows:

 

                1.  Price.  The price to be paid by Purchaser to Sellers in consideration for

all of the right, title and interest in and to Sellers’ Interests, including

but not limited to Sellers’ capital interests and shares of the Partnership’s

goodwill and future income, shall be EIGHTEEN MILLION FIVE HUNDRED TWENTY-THREE

THOUSAND ONE HUNDRED SIXTY-SIX AND 47/100 UNITED STATES DOLLARS

(US$18,523,166.47) (the “Purchase Price”), which shall be paid in full at

Closing (as such term is hereinafter defined in paragraph 9).  In addition to the Purchase Price, Purchaser

shall assume and become liable for all liabilities existing as of the day of

Closing in

 

 

accordance with paragraph 2, which

liabilities are estimated to be US$15,167,882.36.  The portion of such liabilities attributable to the Sellers’

Interests is estimated to be US$7,583,941.18. 

The Purchase Price shall be allocated among the Sellers in proportion to

their respective Sellers’ Interests, as follows:

 

	

  Kajima

  	

   

  	

  $

  	

  6,127,919.14

  	

   

  
	

  Sumitomo

  	

   

  	

  $

  	

  9,331,289.61

  	

   

  
	

  SCOA

  	

   

  	

  $

  	

  3,063,957.72

  	

   

  
	

  Total

  	

   

  	

  $

  	

  18,523,166.47

  	

   

  

 

                2.  Allocation of Purchase Price.  The parties hereby agree that the Purchase

Price shall be allocated among the assets of the Partnership attributable to

Sellers’ Interests as follows:

 

	

  Partnership Asset

  	

   

  	

   

  	

   

  
	

  Cash

  	

   

  	

  1,142,941.97

  	

   

  
	

  Total Receivable from Tenants

  	

   

  	

  494,530.58

  	

   

  
	

  Land, Buildings and Equipments

  	

   

  	

  50,000,000.00

  	

   

  
	

  Total Deferred Cost

  	

   

  	

  395,548.91

  	

   

  
	

  Total Other Assets

  	

   

  	

  181,193.83

  	

   

  
	

  Total partnership Assets

  	

   

  	

  52,214,219.29

  	

   

  
	

  Attributable to Sellers’ Interest (50%):  A

  	

   

  	

  26,107,109.65

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  Partnership Liabilities

  	

   

  	

  15,167,882.36

  	

   

  
	

  Attributable to Sellers’ Interest (50%):  B

  	

   

  	

  7,583,941.18

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  Purchase Price:  A - B

  	

   

  	

  $

  	

  18,523,166.47

  	

   

  
					

 

                Sellers

and Purchaser mutually agree that none of such parties shall take a position on

any tax return that is inconsistent with such allocation.

 

                3.  Responsibility for Taxes on Share of

Profits.  Each party shall be

responsible for any and pay all income taxes on its share of the profits of the

Partnership for the fiscal period ending May 31, 2001, which profits are

included in the above consideration.

 

                4.  Continuation of Partnership Business.  It is the intention of Purchaser,

immediately following Closing, to continue to carry on the business of the

Partnership, in partnership with CPB Properties, Inc.

 

                5.  Release and Indemnification of Sellers.  Purchaser hereby covenants, which covenant

shall survive the Closing, in addition to assuming and becoming liable for all

Partnership debts and liabilities as of Closing, to indemnify and hold harmless

Sellers from such debts and liabilities. 

Further, Purchaser shall use its best efforts to obtain releases of

Sellers from liability for all Partnership debts.

 

2

                6.  Mutual Release.  Except to the extent otherwise set forth

herein, CPB Properties and Sellers mutually release and discharge each other of

all past and present claims and obligations whatsoever arising prior to and

including the Closing date as between the Partnership and the partners and as

between each of the partners.  In

addition to and notwithstanding the foregoing, the parties acknowledge that

Sumitomo and SCOA are limited partners of the Partnership, and, as such, are

not liable for the acts or omissions of the general partners or for any debts,

obligations or liabilities of the Partnership.

 

                7.  Required Amendments.  Sellers shall have prepared and timely

filed, at Sellers’ sole cost and expense, all necessary amendments, reports and

other documents required by law in order to evidence the transfer of the

Sellers’ Interests contemplated hereunder.

 

                8.  Representations and Warranties of

Sumitomo and SCOA.  As limited

partners of the Partnership, Sumitomo and SCOA represent and warrant that they

have not participated in the management, nor by any act or omission created any

debts, obligations or liabilities, in behalf of the Partnership.

 

                9.  Purchaser’s Representations and

Warranties: Closing Obligations. 

Purchaser represents and warrants that it has obtained all approvals and

performed all obligations as may be necessary or desirable to enable it to

consummate the purchase of Sellers’ Interests as contemplated hereunder.

 

                10.  Closing.  The consummation of the purchase and sale of Sellers’ Interests

as contemplated hereunder (“Closing”) shall occur at 10 o’clock in the morning

on June 25, 2001 (Hawaii Standard Time), at the law offices of Devens, Nakano,

Saito, Lee, Wong & Ching, 220 South King Street, Suite 1600, Honolulu,

Hawaii 96813, or at such other time or place or on such other date as may be

mutually agreed upon in writing by Sellers and Purchaser; provided, however,

that in no event shall Closing take place after September 30, 2001.  At Closing, Purchaser shall pay to Sellers

the Purchase Price, by wire transfer or certified check of immediately

available funds, in accordance with Sellers’ written payment instructions, and

Sellers shall deliver to Purchaser any and all instruments necessary for

transfer and assignment of Sellers’ Interests to Purchaser.

 

                11.  Announcements, etc.  Each of the parties to this Agreement shall

have the right, subject to the prior written approval of the other parties, to

issue a public statement announcing the sale or purchase of the Partnership

Interests as contemplated herein; provided, however, that no

disclosure shall be made of the commercial terms of the transactions

contemplated hereby.  Purchaser shall

effect appropriate withdrawal of Sellers’ registration as members of the

Partnership and for that purpose Sellers will execute any and all necessary

documents.

 

                12.  Binding Effect.  The Agreement shall inure to the benefit of

and be binding upon the parties to the Agreement and their respective

successors and permitted assigns.

 

                13.  Nonassignability.  This Agreement and any rights pursuant

hereto shall not be assignable by any party without the prior written consent

of the other parties.

 

3

                

                14.  Applicable Law.  This Agreement and the legal relations

between the parties hereto shall be governed by and construed in accordance

with the laws of the State of Hawaii.

 

                15.  Termination.  This Agreement may be terminated at any

time:

 

(a)                                  by mutual

consent of Sellers and Purchaser;

 

(b)                                 by Purchaser or

any of the Sellers if any court of competent jurisdiction in the United States

shall have issued an order, stay, injunction or decree preventing the

transaction contemplated by this Agreement, and if either (x) such other, stay,

injunction or decree shall become final and non-appealable of (y) such order,

stay, injunction or decree shall remain unlifted for thirty (30) days;

 

(c)                                  by Purchaser,

if there has been a violation or breach by Sellers of any material

representation, warranty, covenant or obligation contained in this Agreement (including

but not limited to the obligation to close by no later than September 30, 2001)

that has not been remedied by them or waived by Purchaser; or

 

(d)                                 by Sellers, if

there has been a violation or breach by Purchaser of any material

representation, warranty, covenant or obligation contained in this Agreement

(including but not limited to the obligation to close by no later than

September 30, 2001) that has not been remedied by them or waived by Sellers.

 

If a party hereto shall terminate this

Agreement pursuant to the provisions hereof, such termination shall be effected

by written notice to the other party.

 

                16.  Equitable Relief.  Sellers and Purchaser acknowledge that they

would not have an adequate remedy at law for money damages in the event that this

Agreement is not performed in accordance with its terms and therefore agree

that the parties hereto shall be entitled to, in addition to any other remedy

or relief available at law or equity, specific enforcement, and injunctive

relief to prevent any violation, of the terms hereof.

 

                17.  Time of Essence.  Time is of the essence in this Agreement.

 

4

                18.  Counterparts.  The parties hereto agree that this

instrument may be executed in counterparts, each of which shall be deemed an

original, and said counterparts shall together constitute one and the same

agreement, binding all of the parties hereto, notwithstanding all of the

parties are not signatory to the original or the same counterparts.  For all purposes, including, without

limitation, recordation, filing and delivery of this instrument, duplicate

unexecuted and unacknowledged pages of the counterparts may be discarded and

the remaining pages assembled as one document.

 

                19.  Entire Agreement.  This Agreement, including any exhibits and

attachments hereto, embodies the entire agreement and understanding of the

parties with respect to the subject matter hereof.  There are no restrictions, promises, representations, warranties,

covenants or undertakings other than those expressly set forth or referred to

herein.  This Agreement supersedes all

prior discussions, agreements and undertakings between the parties with respect

to the subject matter hereof.

 

                IN

WITNESS WHEREOF, the parties have executed this Agreement as of the date first

above written.

 

 

	

  KAJIMA DEVELOPMENT

  CORPORATION

  
	

   

  
	

  By

  	

   /s/   Takashi Ito

  
	

  Takashi Ito

  
	

  Its President

  
	

  Seller

  

 

 

 

 

	

  STATE OF CALIFORNIA

  	

  )

  	

   

  
	

   

  	

  :

  	

  SS.

  
	

  COUNTY OF Los Angeles

  	

  )

  	

   

  

 

                On

this 12th day of June, 2001, before me appeared TAKASHI ITO, to me personally

known, who, being by me duly sworn, did say that he is the President of KAJIMA

DEVELOPMENT CORPORATION, a Delaware corporation, and that the foregoing

instrument was signed in behalf of said corporation by authority of its Board

of Directors, and the said officer acknowledged said instrument to be the free

act and deed of said corporation.

	

  

  	

  /s/ Linda Chen

  	

   

  
	

  Printed/Typed Name:

  	

   

  	

  Linda Chen

  
					

 

 

 

5

 

	

  Notary Public, State of

  California

  
	

  My commission expires:

  

 

 

6

(signatures and acknowledgments continued)

 

	

  SUMITOMO CORPORATION

  
	

  By

  	

   /s/ Takishi Kano

  
	

  Takashi Kano

  
	

  Its General Manager

  
	

  Seller

  

 

 

 

Registration No.  379  of  2001

 

 

NOTARIAL

CERTIFICATE

 

 

This is to certify that Mr. Takashi Kano,

General Manager Building & Overseas Real Estate Business Department of

Sumitomo Corporation Swore before me, in accordance with legal procedure, that

the statement in the attached instrument is truthful, and he signed the

document in my presence.

 

Dated this 14th day of June, 2001.

 

	

  

  	

  /s/ Masayuki Watanabe 

  	

  

  	

   

  
	

  Masayuki Watanabe

  Notary, attached to

  The Tokyo Legal Affairs

  Bureau.

  No.1 - 10, Nihonbashi,

  Kabuto - cho,

  Chuo - ku,Tokyo, Japan.

  	

   

  

 

 

 

 

 

7

	

  CERTIFICATE

  This is to certify that

  the signature affixed above has been provided

  by Notary, duly authorized

  by the Tokyo Legal Affairs Bureau and that

  the  Official Seal appearing on the same is

  genuine.

  
	

   

  	

   

  
	

  Date

  	

  Jun. 14, 2001

  
	

  Toshiaki

  HOUKIN

  Director

  of the Tokyo Legal Affairs Bureau

  

 

 

 

 

APOSTILLE

 

(Convention

de La Haye du 5 octobre 1961)

 

1.  Country:  JAPAN

 

     This public document

 

2.  has been signed by    Toshiaki HOUKIN

 

3.  acting in the capacity of Director of

the Tokyo Legal Affairs Bureau

 

 

4.  bears the seal/stamp of

 

 

 

Certified

 

5.  at Tokyo                                                                                                   6. 

JUN. 14. 2001

 

7.  by the Ministry of

Foreign Affairs

 

8.  01  — 

No    002165

 

9.  Seal/stamp:                                                                 10.  Signature:

 

 

	

  

  	

  /s/

  T. Mochizuki

  
	

  Takeshi

  MOCHIZUKI

  
	

  For

  the Minister for Foreign Affairs

  

 

 

 

 

 

(signatures and acknowledgments continued)

 

	

  SUMITOMO CORPORATION OF

  AMERICA

  
	

   

  
	

  By

  	

   /s/ Y. Awakawa

  
	

  Yutaka Awakawa

  
	

  Its Vice President

  
	

  Seller

  

 

 

	

   

  	

  STATE OF GEORGIA

  	

  )

  	

   

  
	

   

  	

   

  	

  :

  	

  SS.

  
	

  COUNTY OF Fulton

  	

  )

  	

   

  

 

                On

this 15 day of JUNE, 2001, before me appeared YUTAKA AWAKAWA, to me personally

known, who, being by me duly sworn, did say that he is the Vice President of

SUMITOMO CORPORATION OF AMERICA, a New York corporation, and that the foregoing

instrument was signed in behalf of said corporation by authority of its Board

of Directors, and the said officer acknowledged said instrument to be the free

act and deed of said corporation.

 

	

  /s/ Amy L. Adams

  
	

   

  
	

  Printed/Typed Name:

  	

  Amy L. Adams

  
	

  Notary Public, State of

  Georgia

  
	

  My commission expires:

  
	

   

  	

  Notary Public, Fulton

  County, Georgia

  
	

   

  	

  My commission Expires

  April 28, 2002

  
			

 

 

8

(signatures and acknowledgments continued)

 

	

  CENTRAL PACIFIC BANK

  
	

   

  
	

  By

  	

  /s/ J. Saito

  
	

  JOICHI SAITO

  
	

  Its Chairman and Chief Executive Officer

  
	

  Purchaser

  

                                                                                                                                                           

 

	

   

  	

  STATE OF HAWAII

  	

  )

  	

   

  
	

   

  	

   

  	

  :

  	

  SS.

  
	

  CITY AND COUNTY OF

  HONOLULU

  	

  )

  	

   

  

 

                On

this 25th day of JUNE, 2001, before me appeared JOICHI SAITO, to me personally

known, who, being by me duly sworn, did say that he is the Chairman and Chief

Executive Officer of CENTRAL PACIFIC BANK, a Hawaii corporation, and that the

foregoing instrument was signed in behalf of said corporation by authority of

its Board of Directors, and the said officer acknowledged said instrument to be

the free act and deed of said corporation.

 

	

   

  	

  L.S.

  
	

  /s/ Margaret E Lui

  	

   

  
	

   

  	

   

  
	

  Printed/Typed Name:

  	

  Margaret E. Lui

  
	

  Notary Public, State of

  Hawaii

  
	

  My commission expires:

  2/19/04

  

 

 

9

(signatures and acknowledgments continued)

 

	

  CPB PROPERTIES, INC.

  
	

   

  
	

  By

  	

  /s/ N. Shibuya

  
	

  Naoaki Shibuya

  
	

  Its President

  

 

 

 

	

   

  	

  STATE OF HAWAII

  	

  )

  	

   

  
	

   

  	

   

  	

  :

  	

  SS.

  
	

  CITY AND COUNTY OF

  HONOLULU

  	

  )

  	

   

  

 

                On

this 25th day of JUNE, 2001, before me appeared NAOAKI SHIBUYA, to me

personally known, who, being by me duly sworn, did say that he is the President

of CPB PROPERTIES, INC., a Hawaii corporation, and that the foregoing

instrument was signed in behalf of said corporation by authority of its Board

of Directors, and the said officer acknowledged said instrument to be the free

act and deed of said corporation.

 

	

   

  	

  L.S.

  
	

  /s/ Margaret E Lui

  	

   

  
	

   

  	

   

  
	

  Printed/Typed Name:

  	

  Margaret E. Lui

  
	

  Notary Public, State of

  Hawaii

  
	

  My commission expires:

  2/19/04

  

 

 

10

ASSIGNMENT OF LIMITED PARTNERSHIP INTEREST

 

dated June 12, 2001

 

By:  KAJIMA

DEVELOPMENT CORPORATION

 

 

 

 

CONSENT

 

dated

June 25, 2001

 

By:  CPB

PROPERTIES, INC.

 

 

 

 

ACCEPTANCE

 

By:  CENTRAL

PACIFIC BANK

 

 

ASSIGNMENT OF LIMITED PARTNERSHIP INTEREST

 

 

                KAJIMA

DEVELOPMENT CORPORATION, of Monterey Park, California, hereinafter called

“Assignor”, for and in consideration of the sum of ONE DOLLAR ($1.00) and other

good and valuable consideration to it paid by CENTRAL PACIFIC BANK, whose post

office address is 220 South King Street, Honolulu, Hawaii, hereinafter called

“Assignee”, the receipt of which is hereby acknowledged, does by these presents

sell, assign, transfer, set over and deliver unto Assignee, its successors and

assigns, all of Assignor’s 16.54123% general partnership interest in and to

that certain partnership known as CKSS Associates, a Hawaii Limited

Partnership, under that certain Limited Partnership Agreement dated July 1,

1981.

 

                TO

HAVE AND TO HOLD the same unto Assignee, its successors and assigns, forever.

 

                IN

WITNESS WHEREOF, the Assignor has hereunto executed these presents this 12th

day of June, 2001.

 

 

	

  KAJIMA DEVELOPMENT

  CORPORATION

  
	

   

  
	

  By

  	

   

  	

  /s/ Takashi Ito

  
	

  Takashi Ito

  
	

  Its President

  

 

 

	

   

  	

  STATE OF CALIFORNIA

  	

  )

  	

   

  
	

   

  	

   

  	

  :

  	

  SS.

  
	

   

  	

  COUNTY OF Los Angeles

  	

  )

  	

   

  
						

 

                On

this 12th day of June, 2001, before me appeared TAKASHI ITO, to me personally

known, who, being by me duly sworn, did say that he is the President of KAJIMA

DEVELOPMENT CORPORATION, a Delaware corporation, and that the foregoing

instrument was signed in behalf of said corporation by authority of its Board

of Directors, and the said officer acknowledged said instrument to be the free

act and deed of said corporation.

 

	

  

  	

  /s/ Linda Chen

  
	

   

  
	

  Printed/Typed Name:

  	

   

  	

  Linda Chen

  
	

  Notary Public, State of

  California

  
	

  My commission expires:

  9/24/01

  

 

 

 

 

 

CONSENT

 

 

                The

undersigned, being the sole remaining general partner of CKSS Associates, a

Hawaii limited partnership, hereby consents to Kajima Development Corporation

assigning all of its general partnership interest to Central Pacific Bank.

 

                DATED,

this 25th day of June, 2001.

	

  CPB PROPERTIES, INC.

  
	

   

  
	

  By

  	

   

  	

  /s/ N. Shibuya

  
	

  Naoaki Shibuya

  
	

  Its President

  

 

 

 

	

   

  	

  STATE OF HAWAII

  	

  )

  	

   

  
	

   

  	

   

  	

  :

  	

  SS.

  
	

  CITY AND COUNTY OF

  HONOLULU

  	

  )

  	

   

  

 

                On

this 25th day of JUNE, 2001, before me appeared NAOAKI SHIBUYA, to me

personally known, who, being by me duly sworn, did say that he is the President

of CPB PROPERTIES, INC., a Hawaii corporation, and that the foregoing

instrument was signed in behalf of said corporation by authority of its Board

of Directors, and the said officer acknowledged said instrument to be the free

act and deed of said corporation.

 

 

	

   

  	

  L.S.

  
	

  /s/ Margaret E Lui

  	

   

  
	

   

  	

   

  
	

  Printed/Typed Name:

  	

   

  	

  Margaret E. Lui

  
	

  Notary Public, State of

  Hawaii

  
	

  My commission expires:

  2/19/04

  
			

 

 

ACCEPTANCE

 

 

                The

undersigned, CENTRAL PACIFIC BANK, Assignee of the partnership interest of

KAJIMA DEVELOPMENT CORPORATION, Assignor, hereby accepts the assignment of

general partnership interest of the Limited Partnership Agreement of CKSS

Associates, dated July 1, 1981.

	

  CENTRAL PACIFIC BANK

  
	

   

  
	

  By

  	

  /s/ J Saito

  
	

  JOICHI SAITO

  
	

  Its Chairman and Chief Executive Officer

  

 

 

	

   

  	

  STATE OF HAWAII

  	

  )

  	

   

  
	

   

  	

   

  	

  :

  	

  SS.

  
	

  CITY AND COUNTY OF

  HONOLULU

  	

  )

  	

   

  

 

                On

this 25th day of JUNE, 2001, before me appeared JOICHI SAITO, to me personally

known, who, being by me duly sworn, did say that he is the Chairman and Chief

Executive Officer of CENTRAL PACIFIC BANK, a Hawaii corporation, and that the

foregoing instrument was signed in behalf of said corporation by authority of

its Board of Directors, and the said officer acknowledged said instrument to be

the free act and deed of said corporation.

	

   

  	

  L.S.

  
	

  /s/ Margaret E Lui

  	

   

  
	

   

  	

   

  
	

  Printed/Typed Name:

  	

   

  	

  Margaret E. Lui

  
	

  Notary Public, State of

  Hawaii

  
	

  My commission expires:

  2/19/04

  
			

 

 

 

 

 

ASSIGNMENT OF LIMITED PARTNERSHIP INTEREST

 

dated June 25, 2001

 

By:  SUMITOMO

CORPORATION

 

 

 

 

CONSENT

 

dated

June 25, 2001

 

By:  CPB

PROPERTIES, INC.

 

 

 

 

ACCEPTANCE

 

By:  CENTRAL

PACIFIC BANK

 

 

ASSIGNMENT

OF LIMITED PARTNERSHIP INTEREST

 

 

                SUMITOMO

CORPORATION, of Tokyo, Japan, hereinafter called “Assignor”, for and in

consideration of the sum of ONE DOLLAR ($1.00) and other good and valuable

consideration to it paid by CENTRAL PACIFIC BANK, whose post office address is

220 South King Street, Honolulu, Hawaii, hereinafter called “Assignee”, the

receipt of which is hereby acknowledged, does by these presents sell, assign,

transfer, set over and deliver unto Assignee, its successors and assigns, all

of Assignor’s 25.18816% limited partnership interest in and to that certain

partnership known as CKSS Associates, a Hawaii Limited Partnership, under that

certain Limited Partnership Agreement dated July 1, 1981.

 

                TO

HAVE AND TO HOLD the same unto Assignee, its successors and assigns, forever.

 

                IN

WITNESS WHEREOF, the Assignor has hereunto executed these presents this 25th

day of June, 2001.

 

	

  SUMITOMO CORPORATION

  
	

   

  
	

  By

  	

   

  	

  /s/ T. Kano

  
	

  Takashi Kano

  
	

  Its General Manager

  
	

   

  
	

  Seller

  

 

 

Registration No.  380  of 2001

 

 

NOTARIAL

CERTIFICATE

 

 

This is to certify that Mr. Takashi Kano,

General Manager Building & Overseas Real Estate Business Department of

Sumitomo Corporation swore before me, in accordance with legal procedure, that

the statement in the attached instrument is truthful, and he signed the

document in my presence.

 

Dated this 14th day of June, 2001.

	

  

  	

  /s/ Masayski Watanabe

  	

  

  	

   

  
	

  Masayski

  Watanabe

  
	

  Notary, attached to

  
	

  The Tokyo Legal Affairs Bureau.

  
	

  No. 1-10, Nihonbashi, Kabuto - cho,

  
	

  Chuo - ku, Tokyo, Japan.

  

 

 

 

 

 

 

	

  CERTIFICATE

  
	

  This is to certify that the signature affixed above has been provided

  
	

  by Notary, duly authorized

  by the Tokyo Legal Affairs Bureau and that

  
	

  the Official Seal

  appearing on the same is genuine.

  
	

  Date JUN. 14. 2001

  
	

  Toshiaki

  HOUKIN

  
	

  Director

  of the Tokyo Legal Affairs Bureau

  

 

 

 

APOSTILLE

 

(Convention

de La Haye du 5 octobre 1961)

 

1.  Country:  JAPAN

 

     This public

document

 

2.  has been signed by    Toshiaki HOUKIN

 

3.  acting in the capacity of Director of

the Tokyo Legal Affairs Bureau

 

 

4.  bears the seal/stamp of

 

 

 

Certified

 

5.  at Tokyo                                                                       6. 

JUN. 14. 2001

 

7.  by the Ministry of

Foreign Affairs

 

8.  01  — 

No    002169

 

9.  Seal/stamp:                                                                 10.  Signature:

	

  

  	

  /s/

  T. Mochizuki

  
	

  Takeshi

  MOCHIZUKI

  
	

  For

  the Minister for Foreign Affairs

  

 

 

 

 

 

 

 

CONSENT

 

 

                The

undersigned, being the sole remaining general partner of CKSS Associates, a

Hawaii limited partnership, hereby consents to Sumitomo Corporation assigning

all of its limited partnership interest to Central Pacific Bank.

 

                DATED,

this 25th day of June, 2001.

	

  CPB PROPERTIES, INC.

  
	

   

  
	

  By

  	

   

  	

  /s/ N. Shibuya

  
	

  Naoaki Shibuya

  
	

  Its President

  

 

 

 

	

   

  	

  STATE OF HAWAII

  	

  )

  	

   

  
	

   

  	

   

  	

  :

  	

  SS.

  
	

  CITY AND COUNTY OF

  HONOLULU

  	

  )

  	

   

  

 

                On

this 25th day of JUNE, 2001, before me appeared NAOAKI SHIBUYA, to me

personally known, who, being by me duly sworn, did say that he is the President

of CPB PROPERTIES, INC., a Hawaii corporation, and that the foregoing

instrument was signed in behalf of said corporation by authority of its Board

of Directors, and the said officer acknowledged said instrument to be the free

act and deed of said corporation.

 

	

   

  	

  L.S.

  
	

  /s/ Margaret E Lui

  	

   

  
	

   

  	

   

  
	

  Printed/Typed Name:

  	

   

  	

  Margaret E. Lui

  
	

  Notary Public, State of

  Hawaii

  
	

  My commission expires:

  2/19/04

  
			

 

 

ACCEPTANCE

 

 

                The

undersigned, CENTRAL PACIFIC BANK, Assignee of the partnership interest of

SUMITOMO CORPORATION, Assignor, hereby accepts the assignment of limited

partnership interest of the Limited Partnership Agreement of CKSS Associates,

dated July 1, 1981.

	

  CENTRAL PACIFIC BANK

  
	

   

  
	

  By

  	

   

  	

   /s/ J Saito

  
	

  JOICHI SAITO

  
	

  Its Chairman and Chief Executive Officer

  

 

 

 

	

   

  	

  STATE OF HAWAII

  	

  )

  	

   

  
	

   

  	

   

  	

  :

  	

  SS.

  
	

  CITY AND COUNTY OF

  HONOLULU

  	

  )

  	

   

  

 

                On

this 25th day of JUNE, 2001, before me appeared JOICHI SAITO, to me personally

known, who, being by me duly sworn, did say that he is the Chairman and Chief

Executive Officer of CENTRAL PACIFIC BANK, a Hawaii corporation, and that the

foregoing instrument was signed in behalf of said corporation by authority of

its Board of Directors, and the said officer acknowledged said instrument to be

the free act and deed of said corporation.

	

   

  	

  L.S

  
	

  /s/ Margaret E Lui.

  	

   

  
	

   

  	

   

  
	

  Printed/Typed Name:

  	

   

  	

  Margaret E. Lui

  
	

  Notary Public, State of

  Hawaii

  
	

  My commission expires:

  2/19/04

  
			

 

 

 

 

ASSIGNMENT

OF LIMITED PARTNERSHIP INTEREST

 

dated June 15, 2001

 

By:  SUMITOMO

CORPORATION OF AMERICA

 

 

 

 

CONSENT

 

dated

June 25, 2001

 

By:  CPB

PROPERTIES, INC.

 

 

 

 

ACCEPTANCE

 

By:  CENTRAL

PACIFIC BANK

 

 

ASSIGNMENT

OF LIMITED PARTNERSHIP INTEREST

 

 

                SUMITOMO

CORPORATION OF AMERICA (“SCOA”), of Atlanta, Georgia, hereinafter called

“Assignor”, for and in consideration of the sum of ONE DOLLAR ($1.00) and other

good and valuable consideration to it paid by CENTRAL PACIFIC BANK, whose post

office address is 220 South King Street, Honolulu, Hawaii, hereinafter called

“Assignee”, the receipt of which is hereby acknowledged, does by these presents

sell, assign, transfer, set over and deliver unto Assignee, its successors and

assigns, all of Assignor’s 8.27061% limited partnership interest in and to that

certain partnership known as CKSS Associates, a Hawaii Limited Partnership,

under that certain Limited Partnership Agreement dated July 1, 1981.

 

                TO

HAVE AND TO HOLD the same unto Assignee, its successors and assigns, forever.

 

                IN

WITNESS WHEREOF, the Assignor has hereunto executed these presents this 15th

day of June, 2001.

 

	

  By

  	

   

  	

   /s/ Y. Awakawa

  
	

  Yutaka Wakawa

  
	

  Its Vice President

  

 

 

 

	

   

  	

  STATE OF GEORGIA

  	

  )

  	

   

  
	

   

  	

   

  	

  :

  	

  SS.

  
	

  COUNTY OF  Fulton

  	

  )

  	

   

  

 

                On

this 15 day of JUNE, 2001, before me appeared YUTAKA AWAKAWA, to me personally

known, who, being by me duly sworn, did say that he is the Vice President of

SUMITOMO CORPORATION OF AMERICA, a New York corporation, and that the foregoing

instrument was signed in behalf of said corporation by authority of its Board

of Directors, and the said officer acknowledged said instrument to be the free

act and deed of said corporation.

 

	

  /s/ Amy L. Adams

  
	

  Printed/Typed Name:

  	

   

  	

  Amy L. Adams

  
	

  Notary Public, State of

  Georgia

  
	

  My commission expires:

  	

  Notary

  Public, Fulton County, Georgia

  
	

  My

  Commission Expires April 28, 2002

  	 

 

 

 

 

 

CONSENT

 

 

                The

undersigned, being the sole remaining general partner of CKSS Associates, a

Hawaii limited partnership, hereby consents to Sumitomo Corporation of America

assigning all of its limited partnership interest to Central Pacific Bank.

 

                DATED,

this 25th day of June, 2001.

	

  CPB PROPERTIES, INC.

  
	

   

  
	

  By

  	

   

  	

  /s/ N. Shibuya

  
	

  Naoaki Shibuya

  
	

  Its President

  

 

	

   

  	

  STATE OF HAWAII

  	

  )

  	

   

  
	

   

  	

   

  	

  :

  	

  SS.

  
	

  CITY AND COUNTY OF

  HONOLULU

  	

  )

  	

   

  

 

 

                On

this 25th day of JUNE, 2001, before me appeared NAOAKI SHIBUYA, to me

personally known, who, being by me duly sworn, did say that he is the President

of CPB PROPERTIES, INC., a Hawaii corporation, and that the foregoing

instrument was signed in behalf of said corporation by authority of its Board

of Directors, and the said officer acknowledged said instrument to be the free

act and deed of said corporation.

	

   

  	

  L.S

  
	

  /s/ Margaret E Lui

  	

   

  
	

   

  	

   

  
	

  Printed/Typed Name:

  	

   

  	

  Margaret E. Lui

  
	

  Notary Public, State of

  Hawaii

  
	

  My commission expires: 2/19/04

  
			

 

 

 

ACCEPTANCE

 

 

                The

undersigned, CENTRAL PACIFIC BANK, Assignee of the partnership interest of

SUMITOMO CORPORATION OF AMERICA, Assignor, hereby accepts the assignment of

limited partnership interest of the Limited Partnership Agreement of CKSS

Associates, dated July 1, 1981.

	

  CENTRAL PACIFIC BANK

  
	

   

  
	

  By

  	

   

  	

   /s/ J Saito

  
	

  JOICHI SAITO

  
	

  Its Chairman and Chief Executive Officer

  

 

 

 

	

   

  	

  STATE OF HAWAII

  	

  )

  	

   

  
	

   

  	

   

  	

  :

  	

  SS.

  
	

  CITY AND COUNTY OF

  HONOLULU

  	

  )

  	

   

  

 

 

                On

this 25th day of JUNE, 2001, before me appeared JOICHI SAITO, to me personally

known, who, being by me duly sworn, did say that he is the Chairman and Chief

Executive Officer of CENTRAL PACIFIC BANK, a Hawaii corporation, and that the

foregoing instrument was signed in behalf of said corporation by authority of

its Board of Directors, and the said officer acknowledged said instrument to be

the free act and deed of said corporation.

	

   

  	

  L.S

  
	

  /s/ Margaret E Lui

  	

   

  
	

   

  	

   

  	

   

  
	

  Printed/Typed Name:

  	

   

  	

  Margaret E. Lui

  
	

  Notary Public, State of

  Hawaii

  
	

  My commission expires:

  2/19/04TERMINATION OF SHARE PURCHASE AGREEMENT

EXHIBIT 10.2

 

 

TERMINATION

OF SHARE PURCHASE AGREEMENT

 

                This

Termination of Share Purchase Agreement (this "Termination

Agreement") is made and entered into as of October 22, 2001, by and

between The Sumitomo Bank, Limited, a Japan corporation ("Sumitomo")

and CPB Inc., a Hawaii corporation (the "Company").

 

RECITALS

 

                WHEREAS,

the parties entered into that certain Share Purchase Agreement dated as of

November 20, 1986 (the "Agreement") in order to maintain the

Company's relationship with Sumitomo by providing Sumitomo with the opportunity

to acquire securities of the Company on the same terms as of any securities of

the Company issued to third parties and thus maintain 13.734% ownership of the

Company;

 

                WHEREAS,

pursuant to the Agreement, among other things, the Company agreed to (a) give

written notice to Sumitomo prior to issuing or reissuing any and all securities

of the Company and give Sumitomo a first right of refusal to purchase up to

13.734% of such securities, (b) give written notice to Sumitomo of grants of

stock options pursuant to any employee incentive plan of the Company

("Employee Stock Notice") and, simultaneous with the Employee Stock

Notice, issue to Sumitomo warrants to purchase stock of the Company that if

exercised would bring Sumitomo's stock ownership up to 13.734% and (c) give

written notice to Sumitomo of the exercise of any stock options issued pursuant

to an employee incentive plan of the Company;

 

                WHEREAS,

pursuant to the Agreement, the Company issued to Sumitomo certain warrants to

purchase shares of common stock of the Company, $1.25 stated value,

("Common Stock"), including (a) a warrant, dated December 16, 1996,

representing the right to purchase 74,680 shares of Common Stock (the

"1996 Warrant") and (b) a warrant, Warrant No. 97-1, dated June 15,

1998, representing the right to purchase 40,343 shares of Common Stock (the

"1998 Warrant"); and

 

                WHEREAS,

Sumitomo is no longer a shareholder of the Company, and the parties desire to

(a) terminate the Agreement, (b) cancel the 1996 Warrant, the 1998 Warrant and

any and all other outstanding warrant(s) issued pursuant to the Agreement

(collectively, with the 1996 Warrant and 1998 Warrant, the

"Warrants") and (c) set forth their full and complete understanding

and agreement with respect to the termination of the Agreement and the

cancellation of the Warrants.

 

                NOW,

THEREFORE, in the light of the foregoing facts and the mutual undertakings set

forth herein and for the mutual reliance of the parties hereto, the parties

hereby agree as follows:

 

AGREEMENT

 

                                1.             Termination of Agreement.  Notwithstanding any provisions to the

contrary contained in the Agreement, and subject to the terms and conditions

hereinafter set forth, the Agreement shall be terminated effective as of the

date first above written.  Upon the 

1

 

effective date of termination of the

Agreement, the parties shall thereafter be relieved and released from any

further liability and obligation thereunder.

 

                                2.             Cancellation of Warrants.  Notwithstanding any provisions to the

contrary contained in the Agreement and/or the Warrants, and subject to the

terms and conditions hereinafter set forth, the Warrants shall be cancelled

effective as of the date first above written. 

Upon the effective date of cancellation of the Warrants, the Company

shall thereafter be relieved and released from any further liability and

obligation thereunder, and Sumitomo shall no longer be entitled to any rights

thereunder.

 

                                3.             Governing Law.  This Termination Agreement is entered into

and shall be performed in, and interpreted according to the laws of the State

of Hawaii.

 

                                4.             Conflicts.  This Termination Agreement is the final,

complete and exclusive agreement of the parties with respect to the subject matter

hereof and supersedes and merges all prior discussions between the parties.

 

                                5.             Headings.  The descriptive headings of the several

sections of this Termination Agreement are inserted for convenience only and do

not constitute a part of this Termination Agreement.

 

                                6.             Counterparts.  This Termination Agreement may be executed

in one or more counterparts, all of which shall be considered one and the same

agreement and shall become effective when one or more counterparts have been

signed by each of the parties hereto and delivered to each of the other parties

hereto.

 

                                7.             Entire Agreement.  This Termination Agreement constitutes the

entire agreement between the parties hereto with respect to the termination of

the Agreement and the cancellation of the Warrant, and supersedes all prior

agreements and understandings, whether written or oral, between the parties

with respect to the subject matter of this Termination Agreement.

 

                                8.             Successors.  This Termination Agreement shall be binding

upon and inure to the benefit of the parties, their successors, and all persons

hereafter having or holding an interest therein, whether as assignees or

otherwise.

 

                                9.             Amendments.  This Termination Agreement may not be

amended except by a written agreement that is signed by both parties.

 

                                IN

WITNESS WHEREOF, the parties have executed this Termination Agreement as of the

date first written above.

 

	

  "SUMITOMO"

  	

   

  	

  "COMPANY"

  
	

   

  	

   

  	

   

  
	

   

  	

  /s/ Shuntaro Higashi

  	

   

  	

   

  	

   

  	

  /s/ Naoaki Shibuya

  	

   

  
	

  By:

  	

  Shuntaro Higashi

  	

   

  	

   

  	

  By:

  	

  Naoaki Shibuya

  	

   

  
	

  Its:

  	

  Director and General

  Manager

  	

   

  	

  Its:

  	

  President

  
	

   

  	

  Planning Department

  	

   

  	

   

  
	

   

  	

  International Banking Unit

  	

   

  	

   

  

 

 

2

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