Document:

Exhibit 10.17

 

RESTRICTED STOCK UNIT GRANT UNDER THE

BANK OF HAWAII CORPORATION

2004 STOCK AND INCENTIVE COMPENSATION
PLAN

SERVICE-BASED
RESTRICTED STOCK UNIT AGREEMENT

This Agreement (“Agreement”), effective as of April
30, 2004, (“Grant Date”), is made by Bank of Hawaii Corporation (“Company”) to
Neal Hocklander, as grantee (“Grantee”), who is an employee of the Company or
one of its subsidiaries.

WHEREAS, the Company maintains the Bank of Hawaii
Corporation 2004 Stock and Incentive Compensation Plan, effective as of April
30, 2004 (“Plan”), under which the Plan’s Committee may award “restricted stock
units” of Company common stock (“Company Stock”) under Article 8 of the Plan to
employees of the Company or any of its subsidiaries, subject to the terms, conditions,
and restrictions as the Committee may determine in accordance with the Plan.

WHEREAS, the Committee has determined that it would be
in the best interest of the Company to grant restricted stock units to Grantee
as an incentive for retention and to achieve certain of the Company’s
management and financial goals, and this grant is made in connection with the
prior restricted stock grant made under the Bank of Hawaii Corporation Stock
Option Plan of 1994, effective as of January 1, 1994, and provides for
additional restricted stock units for the performance periods through an
extended retention date.

NOW, THEREFORE, the parties hereto agree as follows:

1.              Grant
of Restricted Stock Units.

a.              Amount.  The Company grants to Grantee 25,000
restricted stock units of Company Stock (“Stock Units”), where each restricted
stock unit shall be equivalent in value to one share of Company Stock.

b.             Vesting. The
Stock Units shall become vested and nonforfeitable as of the date on which the
Committee determines that Grantee has met the applicable service and
performance conditions as follows: (i) 5,000 Stock Units shall be conditioned
upon Grantee’s continuous service for the period beginning on April 30, 2004,
and ending on September 30, 2004, and Grantee’s achievement of annual
performance objectives and transition performance objectives for the period
beginning on the April 30, 2004, and ending on September 30, 2004; and (ii) 5,000 Stock Units shall be conditioned
upon Grantee’s continuous service for the period beginning on April 30, 2004,
and ending on March 31, 2005, and Grantee’s achievement of annual performance
objectives and transition performance objectives for the period beginning on
April 30, 2004, and ending on March 31, 2005; and (iii) 15,000 Stock Units shall be conditioned upon Grantee’s
continuous service for the period beginning on April 30, 2004, and ending on
March 31, 2006, and Grantee’s achievement of annual performance objectives and
transition performance objectives for the period beginning on April 30, 2004,
and ending

 1
 

on March 31, 2006. The stated period over which the
service and performance conditions apply to a given block of Stock Units shall
be referred to herein as the “Performance Period” for such block of Stock
Units. Grantee’s performance objectives are those that are approved by the
Committee and communicated to Grantee for the Performance Period. For purposes
of this Agreement, the determinations and approvals of the Chief Executive
Officer of the Company may apply in lieu of the Committee’s action with respect
to establishing and assessing the achievement of service and performance
conditions.

c.              Dividends.   Grantee shall also be entitled to the
payment of the amount of dividends in cash that would have been earned on the
Stock Units if such Stock Units were in fact issued and outstanding Company
Stock during the Performance Period. (Unless otherwise herein provided or
required in the context, references hereinafter to the term “Stock Units” shall
include reference to the cash dividend amount described in this paragraph.)
With respect to any block of Stock Units, there shall be a payment only for
hypothetical dividends that accrue during the Performance Period for such Stock
Units, and not for any dividends that may arise after the Performance Period.

d.             Payments.   As soon as administratively practicable
following the Committee’s determination that the Stock Units are vested,
Grantee shall receive from the Company a cash payment that is equivalent in
value to the vested Stock Units. The amount of cash shall be determined on the
basis of the “Fair Market Value” of Company Stock as of the date of the
Committee’s determination. For purposes of this Agreement, “Fair Market Value”
shall mean the closing price of a share of Company Stock on the New York Stock
Exchange on the applicable date. Grantee shall not be entitled to interest on
the cash payment for the period between the date of the Committee’s
determination and the date of actual payment. Further, as soon as
administratively practicable following the date on which dividend amounts would
be otherwise paid with respect to the Company Stock, Grantee shall receive from
the Company a cash payment equal to the hypothetical dividend amounts
associated with the Stock Units. Grantee shall not be entitled to interest on
the cash payment for the period between the date that dividends on Company
Stock are paid and the date of actual payment of the hypothetical dividend
amounts. Payments under this Agreement shall be made exclusively in cash, and shall
not be made in the form of Company Stock. Accordingly, this Agreement shall not
be credited against shares of Company Stock reserved under the Plan.

2.              Forfeiture.

a.              Termination of
Employment.   In consideration of
this Agreement, Grantee agrees that he or she shall, while employed by the
Company or a subsidiary, devote his or her entire time, energy, and skills to
the service of the Company or a subsidiary and for the promotion of its
interest and the achievement of the performance objectives applicable for a
Performance Period. If Grantee’s employment with the Company or a subsidiary
terminates for any reason (e.g., voluntary or involuntary termination of
employment), the Stock Units shall be forfeited to the extent that such

 2
 

Stock Units are not vested before such termination of
employment. Forfeiture means that this Agreement and the Stock Units shall
immediately terminate and become null and void and all rights hereunder shall
cease and no person shall be entitled to any payment with respect to the Stock
Units.

b.             Partial Vesting on
Death or Disability. Notwithstanding the above paragraph 2.a, in the event
of the death of Grantee or the termination of employment due to disability
(within the meaning of Section 22(e)(3) of the Internal Revenue Code of 1986,
as amended) by Grantee during the Performance Period, Grantee shall be treated
as earning a pro rata amount of the Stock Units. Specifically, Grantee (or, in
the event of his or her death, Grantee’s designated beneficiary under the terms
of the Plan) shall be entitled to the cash payment for the Stock Units
multiplied by a fraction, the numerator of which shall be the number of full
months of the Performance Period during which Grantee is an employee of the
Company or a subsidiary, and the denominator of which shall be the number of
full months comprising the Performance Period with respect to such Stock Units.
Grantee shall be entitled to payment for the Stock Units at the time and in the
manner that payment for such Stock Units would otherwise be made following the completion
of the Performance Period.

c.              Requested Early
Departure. The Company and Grantee agree that March 31, 2006, shall be
Grantee’s “Designated Retention Date”. Notwithstanding the above paragraph 2.a,
in the event that Grantee’s Designated Retention Date is moved to an earlier
date at the written request of the Company, Grantee shall become fully vested as
of such earlier date in any Stock Units that are not otherwise vested as of
such date. The cash equivalent value of the Stock Units shall be paid to
Grantee as soon as practicable following such “Early Designated Retention Date”
based on the Fair Market Value of Company Stock as of such date. This paragraph
2.c shall apply only in the event that Grantee’s Early Designated Retention Date
is in response to the Company’s written request, and shall not apply in the
case of any other change in employment status or termination of employment,
whether voluntary or involuntary, including a termination for “Cause” (within
the meaning of the Plan).

d.             Change in Control.
Notwithstanding the above paragraph 2.a, the Stock Units shall become fully
vested upon the occurrence of a “Change in Control” (within the meaning of
Section 12 of the Plan). The cash equivalent value of the Stock Units shall be
paid to Grantee within 10 days of the date of the Change in Control. The cash
equivalent value of the Stock Units shall be determined based on the Fair
Market Value of Company Stock as of the date of the Change in Control as
determined by the Committee.

3.              Additional
Cash Award.

In the event that Grantee maintains any duties and
responsibilities with the Company or a subsidiary (“Active Employment”) beyond
March 31, 2006, Grantee shall be eligible to receive an additional cash payment
(“Supplemental Payment”) determined as follows: (a) cash equivalent value of
15,000 Stock Units (without regard to any dividends on such Stock

 3
 

Units)
based on the Fair Market Value of Company Stock as of the last trading day of
the month immediately preceding the payment of the Supplemental Payment; (b)
multiplied by a fraction (not exceeding 1.0), the numerator of which shall be
the number of full months of Active Employment beyond March 31, 2006, and the
denominator of which shall be 12. The Supplemental Payment shall be conditioned
upon Grantee’s achievement of annual performance objectives and transition
performance objectives for the period beyond March 31, 2006. Subject to the
approval of the Committee with respect to the achievement of Grantee’s
performance objectives, the Supplemental Payment shall be paid to Grantee as
soon as practicable following the earlier of (a) the date on which Grantee
ceases Active Employment with the Company or a subsidiary, or (b) March 31,
2007. This paragraph 3 shall apply to the period of Active Employment beyond
the Grantee’s Designated Retention Date only in the event that the Company at
its discretion extends the Grantee’s Active Employment beyond the Designated
Retention Date, and shall not apply in the case of any continuation of Active
Employment beyond the Designated Retention Date under any other circumstances.

4.              Nonassignability.

The Stock Units
may not be assigned or transferred by Grantee. Further, this Agreement is not
subject to attachment, execution, or other similar process. In the event of any
attempt by Grantee to alienate, assign, pledge, hypothecate, or otherwise
dispose of the Stock Units, or the levy of any attachment, execution, or other
similar process of the Stock Units, the Committee may terminate the Stock Units
by notice to Grantee.

5.              Changes
in Capital Structure.

In the event that
there shall at any time be any change in Company Stock, through merger,
reorganization, recapitalization, stock dividend, stock split, or other change
in the capital structure of the Company, then the number of Stock Units shall
be adjusted to prevent dilution or enlargement of rights under this Agreement.
The adjustment required shall be made by the Committee, whose determination
shall be conclusive.

6.              Employment Rights.

Neither the Plan
nor the granting of the Stock Units shall be a contract of employment of
Grantee by the Company or any of its subsidiaries. The Company or the
subsidiary may discharge Grantee from employment at any time.

7.              Shareholder Rights.

Neither Grantee
nor any other person shall be, or have any of the rights and privileges of, a
stockholder of the Company with respect to the Stock Units and, accordingly,
the Stock Units carry neither voting rights nor rights to actual cash
dividends. The Stock Units are mere bookkeeping entries that represent the
Company’s unfunded and unsecured obligation to distribute amounts on a future
following the satisfaction of applicable conditions. Grantee shall have no
rights other than the rights of a general creditor of the Company.

 4
 

8.              Tax Withholding.

The Company shall have the right
to withhold with respect to the payment of any Stock Units or
hypothetical dividend payments any taxes required to be withheld because of
such payment.

9.              Amendment.

This Agreement may be amended by the Committee at any
time if the Committee determines that the amendment is necessary or advisable
in light of any addition to, or change in, the Internal Revenue Code of 1986,
or in regulations issued thereunder, or any federal or state securities law or
other law or regulation, or if the Committee determines that the amendment is
desirable under any other circumstances. However, aside from any such amendment
as may be required under the Plan, no other amendment which has any material
adverse effect on the interest of Grantee under this Agreement shall be adopted
without the written consent of Grantee.

10.            Notices.

Any notice or other communication made in connection
with this Agreement shall be deemed duly given when delivered in person or
mailed by certified or registered mail, return receipt requested, to Grantee at
Grantee’s address shown on Company records or such other address designated by
Grantee by similar notice, or to the Company at its then principal office, to
the attention of the Corporate Secretary of the Company.

11.            Plan.

By acceptance and delivery of this Agreement, Grantee
agrees that this Agreement is in all respects subject to the terms and
provisions of the Plan, and that, in the event of any conflict between the
terms and provisions of the Plan and this Agreement, the terms and provisions
of the Plan shall be controlling, which terms and provisions are incorporated
herein by reference.

12.           Governing Law.

The validity, construction, interpretation, and effect
of this instrument shall be governed by and determined in accordance with the
laws of the State of Hawaii, except to the extent presented by federal law,
which shall to that extent govern.

 5
 

IN
WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by
its proper corporate officers duly authorized, this 30th day of  April, 
2004.

	
  

  	
   

  	
  BANK OF HAWAII CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Cori C. Weston

  
	
  

  	
  Its Corporate Secretary

  	
  “Company”

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Neal C. Hocklander

  
	
   

  	
   

  	
  “Grantee”

  

 

 6Exhibit 10.18

SEPARATION AGREEMENT

Between Bank of Hawaii and Richard C. Keene dated February 21, 2007

This Separation Agreement
(“Agreement”) is between Richard C. Keene (“you”) whose address is in Honolulu,
Hawaii, and Bank of Hawaii Corporation and Bank of Hawaii (collectively, the “Bank”)
of 130 Merchant Street, Honolulu, Hawaii 96813. 
The purpose of this Agreement is to describe the terms of your separation
and transition from employment with the Bank.

1.                                       Separation from Employment.  Your
employment with the Bank will terminate on March 14, 2007.  The date of your termination is your “Separation
Date”.  You will be relieved of all
employment duties as of the Separation Date. 
The Bank may advance your Separation Date to any date before March 14,
2007.

2.                                       Duties and Compensation Until Your
Separation Date.  You agree to continue to work diligently in
your current position through your Separation Date.  You acknowledge that the Bank may reduce or
otherwise modify your employment duties during that time period,
consistent with business needs and an orderly transition.

a.                                       You
will be paid your normal salary and benefits through the Separation Date.  Your bonus under the 2006 Executive Incentive
Plan (“EIP”) will be $200,000.  You will
not participate in the 2007 EIP.

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

c.                                       You
acknowledge and agree that no compensation or other payment except as specified
in this Agreement will be owed to you after the Separation Date.

3.                                       Return of Bank Materials upon Termination of Employment and Resignation from Positions.  On or prior to the Separation Date:

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

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

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

d.                                      In
the event your employment is terminated prior to your Separation Date (1) voluntarily
or (2) for “cause” pursuant to Paragraph 5, you will comply with these
requirements as of your termination date (“Termination Date”).

4.                                       Effect of this Agreement on Other Severance Arrangements.  Unless your employment is terminated for “cause”
as defined in the next Paragraph, it will be terminated by way of
resignation.  You understand and agree
that you are not entitled to benefits under the Bank’s Basic Staff Severance
Plan for termination by resignation.  By
acceptance of this Agreement and in consideration of the monetary consideration
provided to you under this Agreement (“Monetary Consideration”), you are
waiving and releasing any claim for benefits under that Plan.  In addition, the Key Executive
Change-in-Control Severance Agreement entered into by and between you and the
Bank effective June 25, 2004, shall be deemed to have been terminated as of the
Separation Date.  Furthermore, if a
Change in Control occurs prior to your Separation Date and you become entitled
to benefits under the Key Executive Change-in-Control Severance Agreement, you
will receive the benefits under the Change-in-Control Severance Agreement, but
will not be entitled to any of the benefits provided under this Agreement.  The Bank makes no representation to you
concerning your possible entitlement to unemployment insurance benefits, and
will truthfully report, should unemployment compensation authorities ask, that
the termination of your employment was voluntary (or involuntary, if
termination was for “cause”).

5.                                       Termination for Cause.  You agree and understand that your employment
with the Bank may be terminated with or without “cause” at any time on or
before the Separation Date.  If you are
terminated for “cause,” you will forfeit all Monetary Consideration that has
not been paid to you as of the Termination Date.

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

b.                                      Termination
for “cause” may be with or without notice.

c.                                       Your
duties under this Agreement, including the information disclosure restrictions
in Paragraph 10 and the release of all claims in Paragraph 7 shall remain in
the event you are terminated for “cause”. 
You agree that your continued employment and/or other consideration
received by you on or after the Execution Date shall be good and sufficient
consideration to require your adherence to the promises you have made in this
Agreement even if you are terminated for “cause” and forfeit any unpaid or
unvested Monetary Consideration.

6.                                       Separation Payment.  If
you perform your duties to the Bank’s satisfaction through March 14, 2007, and
sign the Waiver and Release of Claims attached as Exhibit A to this Agreement
(the “Release”), the Bank will pay you the separation payment outlined in this
Paragraph 6.

a.                                       The
Bank will pay you a separation payment of $400,000, less applicable federal and
state income and employment taxes.  The
Bank will pay you the separation payment in a single lump sum as soon as
administratively practicable after your Separation Date.

b.                                      After
the Separation Date, you will no longer be eligible for benefit accruals under
any of the Bank’s tax-qualified retirement plans or nonqualified deferred
compensation plans.  Any tax-qualified
retirement plan benefits or nonqualified deferred compensation benefits will be
governed by the terms of the applicable plan. 
Any outstanding stock options or other equity awards will be governed by
the terms of the applicable plan and grant agreement.  You will be entitled to continue coverage
under the Bank’s group health plans in accordance with the requirements of the
Consolidated Omnibus Budget Reconciliation Act (“COBRA”).  You will receive notice of your COBRA
continuation rights.

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

a.                                       The
released claims include, but are not limited to, claims arising under statutory
or common law in the United States (including federal, state, or local
jurisdictions) or any foreign country. 
The released claims include, but are not limited to, claims under anti-discrimination
statutes such as Title VII of the Civil Rights Act, the federal Age
Discrimination in Employment Act (“ADEA”), and Hawaii’s civil rights laws
(Hawaii Revised Statutes Chapter 368 and 378); claims for compensation, to the
extent permitted by law; claims under the laws of contract and tort (such as
claims for breach of contract, infliction of emotional distress, defamation,
invasion of privacy, wrongful termination, etc.); claims 

                                                based
upon the Hawaii Whistleblowers’ Protection Act, H.R.S. § 378-61, et seq.;
claims under the Sarbanes-Oxley Act of 2002, including Section 806 (18 U.S.C. §
1514A) of the Corporate and Criminal Fraud Accountability Act of 2002 (Title
VIII of Sarbanes-Oxley Act of 2002); and claims for attorneys’ fees and/or costs.  THIS RELEASE COVERS ALL
CLAIMS THAT ARE BASED UPON ANY EVENT THAT OCCURRED THROUGH THE EXECUTION DATE
OF THIS AGREEMENT.

b.                                      You
acknowledge that on or after your Separation Date you must execute a further
Release covering claims from the Execution Date through your Separation Date in
the form attached hereto as Exhibit A as a condition precedent to receiving the
separation payment described in Paragraph 6. 
The Release is expressly incorporated into this Agreement as part of the
Agreement.

8.                                       How We Will Respond to Employment Verification Requests.  The Bank and you agree that any inquiries
regarding verification of your employment will be handled through Bank of
Hawaii, Human Resources.  As is its
practice, Human Resources will only release information confirming your dates
of employment and position title to requesters. 
We will release additional information, as specifically requested, only
if we are required to do so by law, regulation, or court order.

9.                                       Neither of Us Will Make Negative Comments About
the Other.  The Bank
agrees that neither its executive officers nor its directors will make any
disparaging, negative, or derogatory statements about you.  You agree that you will not make any
disparaging, negative, or derogatory comments about the Bank or the Bank
Releasees.

10.                                 Your Agreement to Keep Secrets and Not To Compete.  You further agree as follows:

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

b.                                      You
acknowledge that your services under this Agreement are of a special, unique,
unusual, extraordinary, and intellectual character and that you will have
access to Bank Information of extremely confidential and sensitive nature
crucial to the Bank’s success.  You
further acknowledge and agree that if you were to engage in the conduct
prohibited by this Paragraph 10, the Bank would be irreparably harmed.

c.                                       In
consideration of our mutual promises and the Monetary Consideration, you agree
that—for the duration of the term of your employment by the Bank and for a
period of twenty-four (24) full months following the earlier of your Separation
Date or Termination Date (the “Non-Compete Period”)—you will not, either
directly or indirectly, engage in or invest in, own, manage, operate, finance,
control, be employed by, work as a consultant or contractor for, or otherwise
be associated with any Financial Institution doing business in the state of
Hawaii; 

                                                provided,
however, that you may purchase or otherwise acquire up to one percent of any
class of securities of any such Financial Institution (but without otherwise
participating in the activities of such enterprise) if such securities are
listed on any national or regional securities exchange or have been registered under
Section 12(g) of the Securities Exchange Act of 1934.  The term “Financial Institution” is defined
as any commercial bank, savings institution, securities brokerage, mortgage
company, insurance broker, or other company or organization that competes in the
state of Hawaii with the Bank or any of its subsidiaries or related companies
or entities (the “Bank or Related Entities”).

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

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

f.                                         You
agree to notify the Bank in writing if you accept employment at any time
between the Execution Date of this Agreement and twelve (12) full months
following the end of the Non-Compete Period. 
You further agree that the Bank may notify your new employer of the
relevant terms of this Agreement pertaining to non-competition and
non-solicitation and, at the Bank’s election, furnish the employer with a copy
of this Agreement or relevant portions thereof.

11.                                 Cooperation.  You agree to cooperate fully with the Bank
and its attorneys and other outside representatives in any litigation or
investigation into matters about which you have knowledge.  You agree to fully disclose to the Bank all
information that you have, to meet and confer with the Bank’s attorneys and
representative, and to notify the Bank before responding to any requests for
information about the Bank from governmental entities or other persons or
entities outside of the Bank.  If the
Bank requests you to testify or otherwise appear in Honolulu in connection with
any litigation or investigation referred to in this Paragraph 11, the Bank will
pay or reimburse you for reasonable airfare and hotel expenses in accordance
with the Bank’s normal travel policy.

12.                                 Where Notices Are To Be Sent.  Any notice required or permitted by this
Agreement shall be in writing and sent to the following: for you, Honolulu,
Hawaii; for the Bank, Bank of Hawaii, Human Resources #320, P. O. Box 2900,
Honolulu, HI 96846-6000.

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

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

a.                                       If
any covenant pertaining to non-competition or non-solicitation is held by a
court to be unenforceable, the covenant, or portions thereof, upon motion by
the Bank, may be excised or amended so as to render it enforceable while
according the Bank the fullest protection permitted by law.  If any provision of this Agreement is deemed
to be unlawful, the provision, upon motion by the Bank, will be deemed deleted
from this Agreement and the remainder of the Agreement will continue in effect.

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

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

d.                                      This
Agreement represents the complete agreement of the parties and supersedes any
and all prior agreements.  This Agreement
may only be amended in writing signed by both you and the Bank.

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

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

This Agreement includes a waiver of any claims you may have under the
Age Discrimination in Employment Act (“ADEA”) through the Execution Date of the
Agreement.  You have up to 21 days from
the date of this letter to accept the terms of this Agreement, although you may
accept it at any time within those 21 days. 
To properly weigh the advantages and disadvantages of signing this
Agreement and waiving your 

ADEA claims, you are advised to consult an attorney about this
Agreement prior to signing.  If you want
to accept the Agreement prior to the expiration of the 21 days, you will need
to indicate your waiver of the 21-day consideration period by signing in the
space indicated below.

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

	
  BANK OF HAWAII CORPORATION
  and

  BANK OF HAWAII

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Allan R. Landon

  	
   

  	
  Dated:

  	
  February 21, 2007

  
	
   

  	
  Allan R. Landon

  Chairman of the Board, CEO, and President

  	
   

  	
   

  	
   

  
							

 

 

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

	
  Dated:

  	
  2/21/07

  	
   

  	
   

  	
  /s/ Richard C. Keene

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Richard C. Keene

  	
   

  

 

Pursuant to 29 C.F.R. §
1625.22(e)(6), I hereby knowingly and voluntarily waive the twenty-one (21) day
pre-execution consideration period set forth in the Older Workers Benefit Protection
Act (29 U.S.C. § 626(f)(1)(F)(i)).

	
  Dated:

  	
  2/21/07

  	
   

  	
   

  	
  /s/ Richard C. Keene

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Richard C. Keene

  	
   

  

EXHIBIT A

[To be
executed on or after Separation Date]

WAIVER
AND RELEASE OF CLAIMS THROUGH SEPARATION DATE

I agree that all applicable terms and conditions
in my waiver and release of claims set forth in Paragraphs 7 and 15 of my
Separation Agreement dated February 21, 2007, apply with respect to the period
of my employment with the Bank from the Execution Date of the Agreement through
my Separation Date.

UNDERSTOOD
AND AGREED:

 

	
  

  	
   

  	
  

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Richard C. Keene

  	
   

  	
  Date

  	
   

  	
   

  

 

Pursuant to 29 C.F.R. § 1625.22(e)(6), I
hereby knowingly and voluntarily waive the twenty-one (21) day pre-execution
consideration period set forth in the Older Workers Benefit Protection Act (29
U.S.C. § 626(f)(1)(F)(i)).

 

	
  

  	
   

  	
  

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Richard C. Keene

  	
   

  	
  Date

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}]]