CENTRAL PACIFIC FINANCIAL CORP
EX-10.5
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.5</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">September 9, 2004</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Neal K. Kanda</font></b><br>
2319 Halehaka Street<b><font style="font-weight:bold;"><br>
</font></b>Honolulu, Hawaii 96821</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 77.05pt;text-autospace:none;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Employment
Agreement</u></p>

<p style="margin:0in 0in .0001pt 77.05pt;text-autospace:none;text-indent:-.4in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Neal:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This is your </font><b><font style="font-weight:bold;">EMPLOYMENT AGREEMENT</font></b> with Central Pacific
Financial Corp., a Hawaii corporation (the &#147;<i><font style="font-style:italic;">Company</font></i>&#148;).</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">1.&nbsp;&nbsp;&nbsp;&nbsp;</font></i></b><b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:bold;">The Merger Agreement; Effectiveness</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement relates to the Agreement and Plan of Merger, dated as of
April 22, 2004<b><font style="font-weight:bold;"> </font></b>(the &#147;<i><font style="font-style:italic;">Merger Agreement</font></i>&#148;), between the Company
and CB Bancshares, Inc., a Hawaii corporation (&#147;<i><font style="font-style:italic;">CB Bancshares</font></i>&#148;).&#160; It
sets forth the terms of your employment with the Company and its affiliates
(together, as constituted from time to time, the &#147;<i><font style="font-style:italic;">Group</font></i>&#148;) once the merger provided for in the Merger Agreement
becomes effective.&#160; However, if the
Merger Agreement or your present employment terminates for any reason before
the merger occurs, all of this Agreement&#146;s provisions will terminate and there
will be no liability of any kind under this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">2. &nbsp;&nbsp;&nbsp;&nbsp;</font></i></b><b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:bold;">Terms Schedule</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Some of the terms of your employment are in the attached schedule (your
&#147;<i><font style="font-style:italic;">Schedule</font></i>&#148;), which is part of
this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">3. &nbsp;&nbsp;&nbsp;&nbsp;</font></i></b><b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:bold;">Your Position, Performance and Other Activities</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(a)</font></i>&#160;&#160;&#160;&#160;&#160; Position.&#160; <font style="font-style:normal;">You will be employed in the position stated in your Schedule.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(b)</font></i>&#160;&#160;&#160;&#160;&#160; Authority,
Responsibilities and Reporting.&#160; <font style="font-style:normal;">You will have any
reporting relationships set forth in your Schedule.&#160; You will have the authority and
responsibilities that correspond to your position, including any particular
authority and responsibilities that are specified in the Schedule or that the
Company&#146;s Board of Directors (the </font>&#147;Board&#148;<font style="font-style:normal;">)</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or any officer of the Group to
whom you report in accordance with your Schedule may assign to you from time to
time consistent with the provisions of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(c)</font></i>&#160;&#160;&#160;&#160;&#160; Performance.&#160; <font style="font-style:normal;">During your employment, you will devote substantially all of your
business time and attention to the Group and will use good faith efforts to
discharge your responsibilities under this Agreement to the best of your
ability.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(d)</font></i>&#160;&#160;&#160;&#160;&#160; Other
Activities.&#160; <font style="font-style:normal;">During your employment, you<b><font style="font-weight:bold;"> </font></b>may serve on corporate, civic or charitable
boards and manage personal investments, so long as these activities do not
significantly interfere with your performance of your responsibilities under
this Agreement and are consistent with the Group&#146;s Code of Conduct and
Ethics.&#160; The Company acknowledges that
you currently serve on, and approves your continued service on, the corporate,
civic and charitable boards listed in your Schedule.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">4.&nbsp;&nbsp;&nbsp;</font></i></b><b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:bold;">Term of Your Employment</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your employment under this Agreement will begin at the time the merger
provided for in the Merger Agreement becomes effective (your &#147;<i><font style="font-style:italic;">Start Date</font></i>&#148;) and end on the earlier of (1)
the end of the Agreement Period stated in your Schedule or (2) the
effectiveness of early termination of your employment under Section 7(e).&#160; References in this Agreement to &#147;<i><font style="font-style:italic;">your employment</font></i>&#148; are to your employment
under this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">5. &nbsp;&nbsp;&nbsp;</font></i></b><b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:bold;">Your Compensation</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(a)</font></i>&#160;&#160;&#160;&#160;&#160; Salary.&#160; <font style="font-style:normal;">During your employment, you will receive an annual base salary
(adjusted as provided herein from time to time, your </font>&#147;Salary&#148;<font style="font-style:normal;">).&#160; The starting amount of your Salary is stated
in your Schedule.&#160; The Company may
increase it at any time for any reason.&#160;
The Company may not decrease your Salary (including after any increase),
and any increase in your Salary will not reduce or limit any other obligation
to you under this Agreement.&#160; Your Salary
will be paid in accordance with the Group&#146;s practices for similarly situated
executives.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(b)</font></i>&#160;&#160;&#160;&#160;&#160; Bonus.&#160; <font style="font-style:normal;">You will be entitled to receive an annual cash bonus (your </font>&#147;Bonus&#148;<font style="font-style:normal;">) for each fiscal year of
the Company ending during your employment.&#160;
The amount of your Bonus will be determined by the Company in accordance
with your Schedule, and it will be paid in accordance with the Group&#146;s
practices for similarly situated executives of the Group.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(c)</font></i>&#160;&#160;&#160;&#160;&#160; Other
Executive Compensation Plans and Additional Compensation. <font style="font-style:normal;">&#160;During your employment, you will be entitled
to participate in all of the Group&#146;s executive compensation plans, including
any management incentive plans, deferred compensation plans, supplemental
retirement plans and stock and stock option plans, on a basis that is at least
as favorable as that provided to similarly situated executives of the Group
(subject to the provisions of your Schedule).&#160;
You will also receive any additional compensation provided in your Schedule.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i></b><b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:bold;">Employee Benefits.</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(a)</font></i>&#160;&#160;&#160;&#160;&#160; Employee
Benefit Plans.&#160; <font style="font-style:normal;">During your employment, you will be entitled
to (1) participate in each of the Group&#146;s employee benefit and welfare plans,
including plans</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">providing retirement benefits
or medical, dental, hospitalization, life or disability insurance, and (2)
receive perquisites, in each <i><font style="font-style:italic;">case</font></i> on a basis that is at least as
favorable as that provided to similarly situated executives of the Group
(subject to the provisions of your Schedule).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(b)</font></i>&#160;&#160;&#160;&#160;&#160; Vacation.&#160; <font style="font-style:normal;">You will be entitled to paid annual vacation during your employment on
a basis that is at least as favorable as that provided to similarly situated
executives of the Group.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(c)</font></i>&#160;&#160;&#160;&#160;&#160; Business Expenses. <font style="font-style:normal;">&#160;You will be reimbursed for all business and
entertainment expenses incurred by you in performing your responsibilities
under this Agreement.&#160; However, your
reimbursement will be subject to the Group&#146;s normal practices for similarly
situated executives.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(d)</font></i>&#160;&#160;&#160;&#160;&#160; Indemnification.&#160; <font style="font-style:normal;">To the extent permitted by law, the Company will indemnify you against
any actual or threatened action, suit or proceeding, whether civil, criminal,
administrative or investigative, arising by reason of your status as a
director, officer, employee and/or agent of the Group during your employment or
your status, if any, as a trustee or other fiduciary of any employee benefit
plan sponsored by any member of the Group.&#160;
In addition, to the extent permitted by law, the Company will pay or
reimburse any expenses, including reasonable attorney&#146;s fees, you incur in
investigating and defending any actual or threatened action, suit or proceeding
for which you may be entitled to indemnification under this Section 6(d).&#160; However, you agree to repay any expenses paid
or reimbursed by the Company if it is ultimately determined that you are not
legally entitled to be indemnified by the Company.&#160; If the Company&#146;s ability to make any payment
contemplated by this Section 6(d) depends on an investigation or determination
by the board of directors of any member of the Group, at your request the
Company will use its best efforts to cause the investigation to be made (at the
Company&#146;s expense) and to have the relevant board reach a determination as soon
as reasonably possible.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(e)</font></i>&#160;&#160;&#160;&#160;&#160; Additional
Benefits.&#160; <font style="font-style:normal;">During your employment, you will be provided any
additional benefits stated in your Schedule.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i></b><b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:bold;">Early Termination of Your Employment.</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(a)</font></i>&#160;&#160;&#160;&#160;&#160; No
Reason Required.&#160; <font style="font-style:normal;">You or the Company may terminate your
employment early at any time for any reason, or for no reason, subject to
compliance with Section 7(e).</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(b)&#160;&#160;&#160;&#160;&#160; </font></i>Termination by the
Company for Cause.</h2>

<h2 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></h2>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Cause</font></i>&#148;
means any of the following:</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Your
willful failure to perform substantially your responsibilities under this
Agreement, <i><font style="font-style:italic;">after </font></i>demand for
substantial performance has been given by the Board that specifically
identifies how you have not substantially performed your responsibilities,</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Your
conviction of any felony or of a misdemeanor involving fraud, dishonesty, or
moral turpitude,</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Your
willful or intentional material breach of this Agreement that results in
financial or reputational detriment to the Group that is not <i><font style="font-style:italic;">de minimis</font></i>,</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(D)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Your
willful or intentional material misconduct in the performance of your duties
under the Agreement that results in financial or reputational detriment to the
Group that is not <i><font style="font-style:italic;">de minimis</font></i>,</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(E)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Your
material breach of the Group&#146;s Code of Business Conduct and Ethics if the
breach is of a nature for which other similarly situated executives of the
Group would be terminated, or</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(F)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Your
willful attempt to obstruct or willful failure to cooperate with any
investigation authorized by the Board or any governmental or self-regulatory
entity.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For this definition, (i) no act or omission
by you will be &#147;willful&#148; unless it is made by you in bad faith or without a
reasonable belief that your act or omission was in the best interests of the
Group and (ii) any act or omission by you based on authority given pursuant to
a resolution duly adopted by the Board or on the advice of counsel for the
Group will be deemed made in good faith and in the best interests of the
Company.</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160; To terminate your employment &#147;for Cause&#148;,
Cause must have occurred and the Company must comply with Section 7(e) and any
other steps required in your Schedule for termination for Cause.</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(c)&#160;&#160;&#160;&#160;&#160; </font></i>Termination by You for
Good Reason.</h2>

<h2 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></h2>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Good
Reason</font></i>&#148; means any of the following:</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160; Any material and adverse change in your
position from that provided in your Schedule (including by reason of removal or
failure to be elected or re-elected),</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any failure by the Company to provide
you with authority, responsibilities and reporting relationships as provided in
Section 3(b) (including assigning you duties materially inconsistent with your
position and responsibilities),</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any failure by the Company to provide
you with compensation or benefits as provided in Section&nbsp;5 and
Section&nbsp;6,</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(D)&#160;&#160;&#160;&#160;&#160;&#160; Any failure by the Company to comply with
Section 12(c), or</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(E)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The occurrence of any additional event
set forth in your Schedule as being Good Reason.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160; To terminate your employment &#147;for Good
Reason&#148;, Good Reason must have occurred and you must comply with Section 7(e)
and any other steps</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">required in your Schedule for termination for
Good Reason.&#160; <i><font style="font-style:italic;">However</font></i>, (A) Good Reason will not include any isolated,
insubstantial and inadvertent failure by the Company that is not in bad faith
and is cured promptly on your giving the Company notice, (B) if you do not give
a Termination Notice to the Company within 180 days after you have knowledge
that an event constituting Good Reason has occurred, the event will no longer
constitute Good Reason, and (C) an event will not constitute Good Reason if you
have consented to it in accordance with Section 14(f).</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(d)&#160;&#160;&#160;&#160;&#160; </font></i>Termination on
Disability or Death.</h2>

<h2 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></h2>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160; &#147;<i><font style="font-style:italic;">Disability</font></i>&#148;
means your absence from your responsibilities with the Company on a full-time
basis for 130 business days in any consecutive 12 months as a result of
incapacity due to mental or physical illness or injury.&#160; If the Company determines in good faith that
your Disability has occurred, it may give you Termination Notice.&#160; If, within 30 days of Termination Notice, you
do not return to full-time performance of your responsibilities, your
employment will terminate (the &#147;<i><font style="font-style:italic;">Disability
Effective Date</font></i>&#148;).&#160; If you do
return to full-time performance in that 30-day period, the Termination Notice
will be cancelled.&#160; Except as provided in
this Section 7(d), any incapacity due to mental or physical illness or injury
will not affect the Company&#146;s obligations under this Agreement.</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160; Your employment will terminate
automatically on your death.</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(e)&#160;&#160;&#160;&#160;&#160; </font></i>Termination Notice.</h2>

<h2 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></h2>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160; To terminate your employment early, either
you or the Company must provide a Termination Notice to the other.&#160; A &#147;<i><font style="font-style:italic;">Termination
Notice</font></i>&#148; is a written notice that states the specific provision of
this Agreement on which termination is based, including, if applicable, the
specific clause of the definition of Cause or Good Reason and a reasonably
detailed description of the facts that permit termination under that
clause.&#160; (The failure to include any fact
in a Termination Notice that contributes to a showing of Cause or Good Reason
does not preclude either party from asserting that fact in enforcing its rights
under this Agreement.)</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160; If your employment is terminated by the
Company other than for Disability or death or you terminate your employment for
Good Reason, your employment will end on the date specified in the Notice of
Termination.&#160; If you terminate your
employment without Good Reason, your employment will end 60 days after the
Company receives the Termination Notice (although the Company may accelerate
the end of your employment by providing you with notice or, alternatively, may
place you on paid leave during such period).&#160;
If your employment is terminated by reason of your death or Disability,
your employment will end on the date of death or the Disability Effective Date,
as applicable.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i></b><b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:bold;">The Company&#146;s Obligations in Connection With Your Early
Termination</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(a)</font></i>&#160;&#160;&#160;&#160;&#160; General
Effect.&#160; <font style="font-style:normal;">On termination in accordance with Section 7, your
employment will end and the Group will have no further obligations to you
except as provided in this Section 8.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(b)</font></i>&#160;&#160;&#160;&#160;&#160; For
Good Reason or Without Cause.&#160; <font style="font-style:normal;">If the Company terminates
your employment without Cause or you terminate your employment for Good Reason:</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company will pay you the following as of the end of your employment:&#160; (A) your unpaid Salary, (B) your Salary for
any accrued but unused vacation and (C) any accrued expense reimbursements
(together, your &#147;<i><font style="font-style:italic;">Accrued Compensation</font></i>&#148;).&#160; In addition, the Company will timely pay you
any other amounts and provide you any benefits that are required, or to which
you are entitled (in each case as an active employee for any period before the
effectiveness of early termination of your employment and as a terminated
employee after effectiveness), under any plan or contract of the Company or the
Group (together, the &#147;<i><font style="font-style:italic;">Other Accrued Benefits</font></i>&#148;).</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company will pay you your Accrued Bonus. <b><font style="font-weight:bold;">&#160;</font></b>Your &#147;<i><font style="font-style:italic;">Accrued Bonus</font></i>&#148; means the sum of (A) any unpaid but vested
Bonus for the fiscal year ending before Termination Notice is given and (B) any
excess of (i) your target Bonus for the fiscal year in which Termination Notice
is given <i><font style="font-style:italic;">multiplied by</font></i> the number
of days of your employment since the fiscal year ending before Termination
Notice is given <i><font style="font-style:italic;">divided by</font></i> 365 <i><font style="font-style:italic;">over</font></i> (ii) any Bonus paid to you for a
fiscal year ending after Termination Notice is given.</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company will pay you (A) the sum of your Salary and your target Bonus for the
fiscal year in which Termination Notice is given <i><font style="font-style:italic;">multiplied by </font></i>(B) the length of the Severance Period stated
in your Schedule (in years, including any fractional years).</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All
stock options issued by the Group to you will vest and become immediately
exercisable, and, subject to your Schedule, will remain exercisable for at
least 12 months after the end of your employment (or, if earlier, until they
would have expired but for your termination).&#160;
All restricted stock and other equity-based compensation awarded by the
Group to you will vest and become immediately payable.&#160; The benefits in this Section 8(b)(4) are
referred to as &#147;<i><font style="font-style:italic;">Accelerated Vesting</font></i>&#148;.</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company will provide any &#147;Additional Good Reason/Without Cause Benefits&#148;
provided in your Schedule.</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(c)</font></i>&#160;&#160;&#160;&#160;&#160; For
Cause or without Good Reason. <font style="font-style:normal;">&#160;If the Company terminates your
employment for Cause or you terminate your employment without Good Reason, the
Company will pay you your Accrued Compensation and will provide you your Other
Accrued Benefits.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(d)</font></i>&#160;&#160;&#160;&#160;&#160; Death
or Disability&#160; <font style="font-style:normal;">If your employment terminates as a result of
your Death or Disability, the Company will pay you your Accrued Compensation
and Accrued Bonus</font></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and will provide your Other
Accrued Benefits.&#160; The Company will also
provide any &#147;Additional Death/Disability Benefits&#148; provided in your Schedule.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(e)</font></i>&#160;&#160;&#160;&#160;&#160; Additional
Provisions.&#160; <font style="font-style:normal;">Your Schedule may provide additional
provisions that relate to the Company&#146;s obligations in this Section 8 or the
Company&#146;s obligations on your termination generally.&#160; These provisions are a part of this
Agreement.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(f)</font></i>&#160;&#160;&#160;&#160;&#160;&#160; Condition.
<font style="font-style:normal;">&#160;Subject to your Schedule, as a condition to
making the payments and providing the benefits stated in this Section 8, the
Company may require you to execute and deliver a general release (substantially
in the form attached as Exhibit A) in which you release all claims that you may
have against any member of the Group and any of their respective past or
present officers, directors, employees or agents other than your rights under
this Agreement, your rights under any Other Accrued Benefits, and your rights
to indemnification and continued liability insurance coverage (under this
Agreement or otherwise).</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(g)</font></i>&#160;&#160;&#160;&#160;&#160; Timing.&#160; <font style="font-style:normal;">Subject to Section 8(f), the benefits provided in this Section 8 will
begin at the end of your employment, any cash payments owed to you under this
Section 8 will be paid in a lump sum<b><font style="font-weight:bold;"> </font></b>amount
no later than 15 business days following the termination of your employment,
and the Other Accrued Benefits will be provided in accordance with the terms of
the relevant plan or contract.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(h)</font></i>&#160;&#160;&#160;&#160;&#160; Resignation
from Directorships and Officerships.&#160; <font style="font-style:normal;">Unless the Group waives
this requirement, the termination of your employment for any reason will
constitute your resignation from (1) any director, officer or employee position
you then have with any member of the Group and (2) all fiduciary positions
(including as trustee) you hold with respect to any pension plans or trusts
established by any member of the Group.&#160;
You agree that this Agreement will serve as your written notice of
resignation in this circumstance.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i></b><b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:bold;">Proprietary Information.</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(a)</font></i>&#160;&#160;&#160;&#160;&#160; Definition.
<font style="font-style:normal;">&#160;</font>&#147;Proprietary Information&#148;<font style="font-style:normal;"> means confidential or
proprietary information, knowledge or data concerning (1) the Group&#146;s
businesses, strategies, operations, financial affairs, organizational matters,
personnel matters, budgets, business plans, marketing plans, studies, policies,
procedures, products, ideas, processes, software systems, trade secrets and
technical know-how, and other information regarding the business of the Group
and (2) any matter relating to clients of the Group or other third parties
having relationships with the Group.&#160;
Proprietary Information may include information furnished to you orally
or in writing (whatever the form or storage medium) or gathered by inspection,
in each case before or after the date of this Agreement.&#160; However, Proprietary Information does not
include information (1) that was or becomes generally available to you on a
non-confidential basis, if the source of this information was not reasonably known
to you to be bound by a duty of confidentiality, (2) that was or becomes
generally available to the public or within the relevant trade or industry,
other than as a result of a disclosure by you, directly or indirectly, or (3)
that was independently developed by you without reference to any Proprietary
Information.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(b)</font></i>&#160;&#160;&#160;&#160;&#160; Use
and Disclosure.&#160; <font style="font-style:normal;">You will obtain or create Proprietary
Information in the course of your involvement in the Group&#146;s activities and may
already have Proprietary</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Information.&#160; You agree that the Proprietary Information is
the exclusive property of the Group, and that, during your employment, you will
use and disclose Proprietary Information only for the Group&#146;s benefit and in
accordance with any restrictions placed on its use or disclosure by the
Group.&#160; After your employment, you will
not use or disclose any Proprietary Information.&#160; Notwithstanding anything to the contrary in
this Section&nbsp;9(b), Proprietary Information may be disclosed when required
by law or by any court, arbitrator, mediator or administrative or legislative
body (including any committee thereof), <i><font style="font-style:italic;">provided</font></i><i><font style="font-style:italic;"> </font></i>that (1) you shall request confidential treatment with
respect to such information and/or request matters with respect to such
information be sealed and (2) you shall disclose the minimum amount required.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(c)</font></i>&#160;&#160;&#160;&#160;&#160; Limitations.&#160; <font style="font-style:normal;">Nothing in this Agreement prohibits you or the Group from providing
truthful testimony to governmental, regulatory or self-regulatory authorities.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i></b><b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:bold;">On-going Restrictions on Your Activities</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(a)</font></i>&#160;&#160;&#160;&#160;&#160; Terms
used.&#160; <font style="font-style:normal;">This Section uses the following defined terms:</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:24.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Competitive
Enterprise</font></i>&#148; means (1) Bank of Hawaii, First Hawaiian Bank, American
Savings Bank, Finance Factors and Hawaii National Bank and any successors
thereto or (2) any business enterprise that holds a 25% or greater equity,
voting or profit participation interest in any of the preceding.</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:24.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:24.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Client</font></i>&#148;
means any client of the Company to whom you provided services, for whom you
transacted business, or whose identity became known to you in connection with
your employment by the Group.</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:24.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:24.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Solicit</font></i>&#148;<i><font style="font-style:italic;"> </font></i>means any communication, regardless of
who initiates it, that invites, advises, encourages or requests any person to
take or refrain from taking any action.</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:24.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:24.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Restriction
Period</font></i>&#148; has the meaning set forth in the Schedule.</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:24.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(b)&#160;&#160;&#160;&#160;&#160; </font></i>Your Importance to the
Group and the Effect of this Section 10.&#160;
<font style="font-style:normal;">You acknowledge that, in the course of
your involvement in the Group&#146;s activities, you will have access to Proprietary
Information and the Group&#146;s client base and will yourself profit from the
goodwill associated with the Group.&#160; On
the other hand, in view of your access to Proprietary Information and your
importance to the Group, if you compete with the Group for some time after your
employment, the Group will likely suffer significant harm but the amount of
loss would be uncertain and not readily ascertainable.&#160; You understand that this Section 10 will
limit your ability to earn a livelihood in a Competitive Enterprise and your
relationships with Clients but you have determined that your complying with
this Section 10 will not result in severe economic hardship for you or your
family.</font></h2>

<h2 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></h2>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(c)</font></i>&#160;&#160;&#160;&#160;&#160; Non-Competition.&#160; <font style="font-style:normal;">Until the end of your Restriction Period, you will not, directly or
indirectly:</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; hold
a 5% or greater equity, voting or profit participation interest in a
Competitive Enterprise; or</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; associate
(including as a director, officer, employee, partner, consultant, agent or
advisor) with a Competitive Enterprise and in connection with your association
engage in Hawaii, or directly or indirectly manage or supervise personnel
engaged in Hawaii, in any activity:</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; that
is substantially similar to any activity that you were engaged in,</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:24.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; that
calls for the application of specialized knowledge or skills substantially
similar to those used by you in your activities;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:24.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; that
is substantially similar to any activity for which you had direct or indirect
managerial or supervisory responsibility,</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:24.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 48.0pt;text-autospace:none;text-indent:.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">in each case</font></i>,<b><font style="font-weight:bold;"> </font></b>for the Group at any time during the year
before the end of your employment (or, if earlier, the year before the date of
determination).</p>

<p style="margin:0in 0in .0001pt 48.0pt;text-autospace:none;text-indent:.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(d)</font></i>&#160;&#160;&#160;&#160;&#160; Non-Solicitation
of Clients. <font style="font-style:normal;">&#160;Until the end of your Restriction Period, you
will not, directly or indirectly, Solicit any Client to transact business with
a Competitive Enterprise or to reduce or refrain from doing any business with
the Group.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(e)</font></i>&#160;&#160;&#160;&#160;&#160; Non-Solicitation
of Group Employees.&#160; <font style="font-style:normal;">Until the end of your
Restriction Period, you will not, directly or indirectly, Solicit anyone who is
then an employee of the Group (or who was an employee of the Group within the
prior six months) to resign from the Group or to apply for or accept employment
with any Competitive Enterprise.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(f)</font></i>&#160;&#160;&#160;&#160;&#160;&#160; Notice
to New Employers. <font style="font-style:normal;">&#160;Before you either apply for or accept
employment with any other person or entity while any of Section 10 (c), (d), or
(e) is in effect, you will provide the prospective employer with written notice
of the provisions of this Section 10 and will deliver a copy of the notice to
the Group.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(g)</font></i>&#160;&#160;&#160;&#160;&#160; No
Disparagement.&#160; <font style="font-style:normal;">You shall make no public statement that
would libel, slander or disparage any member of the Group or any of their
respective past or present officers, directors, employees or agents.&#160; The Company agrees that it shall (and shall
use good faith efforts to cause the Chief Executive Officer of the Company, the
Board, and its officers and employees to) make no public statement that would
libel, slander or disparage you.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(h)</font></i>&#160;&#160;&#160;&#160;&#160; Survival.&#160; <font style="font-style:normal;">Any termination of your employment (or breach of this Agreement by you
or the Group) shall have no effect on the continuing operation of this Section
10.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i></b><b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:bold;">Effect on Other Agreements.</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(a)</font></i>&#160;&#160;&#160;&#160;&#160; Prior
Employment Agreements and Severance Rights. <font style="font-style:normal;">&#160;Beginning on
your Start Date, this Agreement will supersede any earlier employment agreement
or understanding and any earlier severance, change-in-control or similar rights
you may have with any member of the Group (including CB Bancshares or any
affiliate of it).</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(b)</font></i>&#160;&#160;&#160;&#160;&#160; Effect
on Other Agreements; Entire Agreement. <font style="font-style:normal;">&#160;This
Agreement is the entire agreement between you and the Company with respect to
the relationship contemplated by</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">this Agreement and supersedes
any earlier agreement, written or oral, with respect to the subject matter of
this Agreement.&#160; You agree that you are
not entitled to any severance, change-in-control or similar rights under any
plan of the Group.&#160; In entering into this
Agreement, no party has relied on or made any representation, warranty,
inducement, promise or understanding that is not in this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i></b><b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:bold;">Successors.</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(a)</font></i>&#160;&#160;&#160;&#160;&#160; Payments
on Your Death.&#160; <font style="font-style:normal;">If you die and any amounts become payable
under this Agreement, the Company will pay those amounts to your estate.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(b)</font></i>&#160;&#160;&#160;&#160;&#160; Assignment
by You.&#160; <font style="font-style:normal;">You may not assign this Agreement without the
Company&#146;s consent.&#160; Also, except as
required by law, your right to receive payments or benefits under this
Agreement may not be subject to execution, attachment, levy or similar
process.&#160; Any attempt to effect any of
the preceding in violation of this Section 12(b), whether voluntary or
involuntary, will be void.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(c)</font></i>&#160;&#160;&#160;&#160;&#160; Assumption
by any Surviving Company. <font style="font-style:normal;">&#160;The Company will require any
successor (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to all or substantially all of the business or assets of the Company
to assume expressly and agree to perform this Agreement in the same manner and
to the same extent that the Company would be required to perform it if no such
succession had taken place.&#160; As used in
this Agreement, </font>&#147;Company&#148;<font style="font-style:normal;"> shall mean the Company as hereinbefore defined and any successor to
all or substantially all of its business or assets.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i></b><b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:bold;">Disputes.</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(a)</font></i>&#160;&#160;&#160;&#160;&#160; Employment
Matter.&#160; <font style="font-style:normal;">This Section 13 applies to any controversy or claim
between you and the Group arising out of or relating to or concerning any
aspect of this Agreement, your employment with the Group or the Company, the
termination of that employment or your compensation or benefits from the Group
or the Company (together, an </font>&#147;Employment Matter&#148;<font style="font-style:normal;">).</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(b)</font></i>&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Mandatory Arbitration.&#160; </font></b><b><font style="font-style:normal;font-weight:bold;">&#160;Subject to the provisions of this Section 13,
any Employment Matter will be finally settled by arbitration in Honolulu,
Hawaii administered by the American Arbitration Association under its
Commercial Arbitration Rules then in effect. </font></b><font style="font-style:normal;">&#160;However, the rules will be modified in the
following ways: (1) each arbitrator will agree to treat as confidential
evidence and other information presented to the same extent as the information
is required to be kept confidential under Section 9, (2) the optional Rules for
Emergency Measures of Protections will apply, (3) you and the Group agree not
to request any amendment or modification to the terms of this Agreement except as
provided in Section 14(c), (4) a decision must be rendered within 10 business
days of the parties&#146; closing statements or submission of post-hearing briefs
and (5) the arbitration will be conducted before a panel of three arbitrators,
one selected by you within 10 days of the commencement of arbitration, one
selected by the Company in the same period and the third selected jointly by
these arbitrators (or, if they are unable to agree on an arbitrator within 30
days of the commencement of arbitration, the third arbitrator will be appointed
by the American Arbitration Association; provided that the arbitrator shall be
a partner or former partner at a nationally recognized law firm).</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(c)</font></i>&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Limitation on Damages.&#160; </font></b><b><font style="font-style:normal;font-weight:bold;">You and the Group agree
that there will be no punitive damages payable as a result of any Employment
Matter and agree not to request punitive damages.</font></b></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(d)</font></i>&#160;&#160;&#160;&#160;&#160; Injunctions
and Enforcement of Arbitration Awards.&#160; <font style="font-style:normal;">You or the Group may bring
an action or special proceeding in a state or federal court of competent
jurisdiction sitting in Honolulu, Hawaii<b><font style="font-weight:bold;"> </font></b>to
enforce any arbitration award under Section 13(b).&#160; Also, the Group may bring such an action or
proceeding, in addition to its rights under Section 13(b) and whether or not an
arbitration proceeding has been or is ever initiated, to temporarily,
preliminarily or permanently enforce any part of Sections 9 and 10.&#160; You agree that (1) your violating any part of
Sections 9 and 10 would cause damage to the Group that cannot be measured or
repaired, (2) the Group therefore is entitled to an injunction, restraining
order or other equitable relief restraining any actual or threatened violation
of those Sections, (3) no bond will need to be posted for the Group to receive
such an injunction, order or other relief and (4) no proof will be required
that monetary damages for violations of those Sections would be difficult to
calculate and that remedies at law would be inadequate.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(e)</font></i>&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Jurisdiction and Choice of Forum. </font></b><b><font style="font-style:normal;font-weight:bold;">&#160;You
and the Group irrevocably submit to the exclusive jurisdiction of any state or
federal court located in Honolulu, Hawaii (the </font>&#147;Forum&#148;</b><b><font style="font-style:normal;font-weight:bold;">) over any Employment
Matter that is not otherwise arbitrated or resolved according to Section 13(b).</font></b><font style="font-style:normal;">&#160; This includes any action or proceeding to
compel arbitration or to enforce an arbitration award.&#160; Both you and the Group (1) acknowledge that
the Forum has a reasonable relation to this Agreement and to the relationship
between you and the Group and that the submission to the Forum will apply even
if the forum chooses to apply non-Forum law, (2) waive, to the extent permitted
by law, any objection to personal jurisdiction or to the laying of venue of any
action or proceeding covered by this Section 13(e) in the Forum, (3) agree not
to commence any such action or proceeding in any forum other than the Forum and
(4) agree that, to the extent permitted by law, a final and non-appealable
judgment in any such action or proceeding in any such court will be conclusive
and binding on you and the Group.&#160;
However, nothing in this Agreement precludes you or the Group from
bringing any action or proceeding in any court for the purpose of enforcing the
provisions of Sections 13(b) and this 13(e).</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(f)</font></i>&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Waiver of Jury Trial.&#160; </font></b><b><font style="font-style:normal;font-weight:bold;">To the extent permitted by
law, you and the Group waive any and all rights to a jury trial with respect to
any Employment Matter.</font></b></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(g)</font></i>&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Governing Law.&#160; </font></b><b><font style="font-style:normal;font-weight:bold;">&#160;This Agreement will be governed by and
construed in accordance with the laws of the State of Hawaii applicable to
contracts made and to be performed entirely within that State.</font></b></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(h)</font></i>&#160;&#160;&#160;&#160;&#160; Costs.&#160; <font style="font-style:normal;">&#160;The Company will pay or
reimburse any reasonable expenses, including reasonable attorney&#146;s fees, you
incur as a result of any Employment Matter, provided that you substantially
prevail in the Employment Matter.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(i)</font></i>&#160;&#160;&#160;&#160;&#160;&#160; Interest.&#160; <font style="font-style:normal;">If the Company fails to pay when due any amount required by the
Agreement, it shall pay interest on such amount at a rate equal to its prime
commercial lending rate.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(j)</font></i>&#160;&#160;&#160;&#160;&#160;&#160; Survival.&#160; <font style="font-style:normal;">For the avoidance of doubt, any termination of your employment (or
breach of this Agreement by you or the Group) shall have no effect on the
continuing operation of this Section 13.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i></b><b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:bold;">General Provisions.</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(a)&#160;&#160;&#160;&#160;&#160; </font></i>Construction.</h2>

<h2 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></h2>

<p style="margin:0in 0in .0001pt 48.0pt;text-autospace:none;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; References
(A) to <i><font style="font-style:italic;">Sections </font></i>are to sections
of this Agreement unless otherwise stated; (B) to any <i><font style="font-style:italic;">contract</font></i> (including this Agreement) are to
the contract as amended, modified, supplemented or replaced from time to time; (C)
to any <i><font style="font-style:italic;">statute,</font></i>  <i><font style="font-style:italic;">rule</font></i> or <i><font style="font-style:italic;">regulation</font></i>
are to the statute, rule or regulation as amended, modified, supplemented or
replaced from time to time (and, in the case of statutes, include any rules and
regulations promulgated under the statute) and to any <i><font style="font-style:italic;">section of any statute,</font></i>  <i><font style="font-style:italic;">rule or regulation</font></i> include any successor
to the section; (D) to any g<i><font style="font-style:italic;">overnmental
authority</font></i> include any successor to the governmental authority; (E)
to any <i><font style="font-style:italic;">plan</font></i> include any programs,
practices and policies; (F) to any <i><font style="font-style:italic;">entity</font></i>
include any corporation, limited liability company, partnership, association,
business trust and similar organization and include any governmental authority;
and (G) to any <i><font style="font-style:italic;">affiliate</font></i> of any
entity are to any person or other entity directly or indirectly controlling,
controlled by or under common control with the first entity.</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;text-autospace:none;text-indent:24.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;text-autospace:none;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
various <i><font style="font-style:italic;">headings</font></i> in this
Agreement are for convenience of reference only and in no way define, limit or
describe the scope or intent of any provisions or Sections of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;text-autospace:none;text-indent:24.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;text-autospace:none;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Unless
the context requires otherwise, (A)&nbsp;words describing the singular number
include the plural and <i><font style="font-style:italic;">vice versa</font></i>,
(B)&nbsp;words denoting any gender include all genders and (C)&nbsp;the words &#147;<i><font style="font-style:italic;">include</font></i>&#148;, &#147;<i><font style="font-style:italic;">includes</font></i>&#148; and&#160; &#147;<i><font style="font-style:italic;">including</font></i>&#148; will be deemed to be followed
by the words &#147;without limitation&#148;.</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;text-autospace:none;text-indent:24.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;text-autospace:none;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; It
is your and the Group&#146;s intention that this Agreement not be construed more
strictly with regard to you or the Group.</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;text-autospace:none;text-indent:24.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(b)</font></i>&#160;&#160;&#160;&#160;&#160; Withholding.&#160; <font style="font-style:normal;">You and the Group will treat all payments to you under this Agreement
as compensation for services.&#160;
Accordingly, the Group may withhold from any payment any taxes that are
required to be withheld under any law, rule or regulation.&#160; Any amounts so withheld will be timely and
properly remitted by the Company to the appropriate taxing authority.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(c)</font></i>&#160;&#160;&#160;&#160;&#160; Severability.&#160; <font style="font-style:normal;">If any provision of this Agreement (or if the application of any
provision to a person or particular circumstances) is found by any court of
competent jurisdiction (or legally empowered agency) to be illegal, invalid or
unenforceable for any reason, then (1) the provision will be amended
automatically to the minimum extent necessary to cure the illegality or
invalidity and permit enforcement and (2) the remainder of this Agreement will
not be affected.&#160; In particular, if any
provision of Section 10 is so found to violate law or be unenforceable because
it applies for longer than a maximum permitted period or to greater than a
maximum permitted area, it will be automatically amended to apply for the
maximum permitted period and maximum permitted area.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(d)</font></i>&#160;&#160;&#160;&#160;&#160; No
Set-off or Mitigation/Etc.&#160; <font style="font-style:normal;">Your and the Company&#146;s
respective obligations under this Agreement will not be affected by any
set-off, counterclaim, recoupment or other right you or any member of the Group
may have against each other or anyone else (except as provided in Section
10).&#160; You do not need to seek other
employment or take any other action to mitigate any amounts owed to you under
this Agreement, and those amounts will not be reduced if you do obtain other
employment (except as this Agreement specifically states).</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(e)</font></i>&#160;&#160;&#160;&#160;&#160; Bank
Regulatory Limitation. <font style="font-style:normal;">&#160;If any payment or benefit under this Agreement
would otherwise be a golden parachute payment within the meaning of Section
18(k) of the Federal Deposit Insurance Act (a </font>&#147;Golden Parachute Payment&#148;<font style="font-style:normal;">) that is prohibited by
applicable law, then the total payments and benefit will be reduced to the
greatest amount that could be made to you without there being a Golden
Parachute Payment.&#160; The Company will give
you the opportunity to select the order in which payments or benefits are
reduced.&#160; To the extent reasonably
practicable, the Company will seek the approval of the Federal Deposit
Insurance Corporation and/or the State of Hawaii Division of Financial
Institutions and any other bank regulatory body, as necessary, to make any
payment to you under this Agreement that would otherwise constitute a Golden
Parachute Payment.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(f)</font></i>&#160;&#160;&#160;&#160;&#160;&#160; Notices.&#160; <font style="font-style:normal;">All notices, requests, demands, consents and other communications under
this Agreement must be in writing and will be deemed given (1) on the business
day sent, when delivered by hand or facsimile transmission (with confirmation)
during normal business hours, (2) on the business day after the business day
sent, if delivered by a nationally recognized overnight courier or (3) on the
third business day after the business day sent if delivered by registered or
certified mail, return receipt requested, in each case to the following address
or number (or to such other addresses or numbers as may be specified by notice
that conforms to this Section 14(f)):</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If to you, to the address stated in your Schedule, and</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If to the Company or any other member of the Group, to:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 95.75pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Central Pacific Financial Corp.<br>
220 South King Street<br>
Honolulu, Hawaii&#160; 96813<br>
Attention:&#160; Glenn K.C. Ching<br>
Facsimile:&#160; (808) 544-6835</font></p>

<p style="margin:0in 0in .0001pt 95.75pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">with a copy to:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 95.75pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sullivan &amp; Cromwell LLP<br>
125 Broad Street<br>
New York, New York&#160;&#160; 10004<br>
Attention:&#160; Marc Trevino<b><font style="font-weight:bold;"><br>
</font></b>Facsimile:&#160; 212-558-3588</font></p>

<p style="margin:0in 0in .0001pt 95.75pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(g)</font></i>&#160;&#160;&#160;&#160;&#160; Consideration.&#160; <font style="font-style:normal;">This Agreement is entered in consideration of the mutual covenants
contained in this Agreement.&#160; You and the
Group acknowledge the receipt and</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">sufficiency of the
consideration to this Agreement and intend this Agreement to be legally
binding.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(h)</font></i>&#160;&#160;&#160;&#160;&#160; Amendments
and Waivers.&#160; <font style="font-style:normal;">Any provision of this Agreement may be
amended or waived but only if the amendment or waiver is in writing and signed,
in the case of an amendment, by you and the Company or, in the case of a
waiver, by the party that would have benefited from the provision waived.&#160; Except as this Agreement otherwise provides,
no failure or delay by you or the Group to exercise any right or remedy under
this Agreement will operate as a waiver, and no partial exercise of any right
or remedy will preclude any further exercise.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(i)</font></i>&#160;&#160;&#160;&#160;&#160;&#160; Third
Party Beneficiaries.&#160; <font style="font-style:normal;">Subject to Section 12,
this Agreement will be binding on, inure to the benefit of and be enforceable
by the parties and their respective heirs, personal representatives, successors
and assigns.&#160; This Agreement does not
confer any rights, remedies, obligations or liabilities to any entity or person
other than you and the Company and your and the Company&#146;s permitted successors
and assigns, although this Agreement will inure to the benefit of, and confer
related rights and remedies on, the Group (including for this purpose for
periods before your Start Date, the Company, CB Bancshares and their respective
affiliates).</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(j)</font></i>&#160;&#160;&#160;&#160;&#160;&#160; Counterparts.&#160; <font style="font-style:normal;">This Agreement may be executed as counterparts, each of which will constitute
an original and all of which, when taken together, will constitute one
agreement.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; *&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; *</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please confirm your acceptance of the terms and conditions of your
employment with the Company by signing where indicated below.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Clint Arnoldus</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.84%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Clint Arnoldus</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman, President &amp; CEO</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accepted and Agreed:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Neal K. Kanda</font></p>
  </td>
  <td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.5%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: 09/09/2004</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.26%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.76%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Terms
  Schedule</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.26%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.76%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">to
  Employment Agreement of</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="66%" valign="top" style="padding:0in 0in 0in 0in;width:66.26%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.76%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Mr. Neal
  Kanda</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Name and address for notices</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Neal Kanda<br>
  2319 Halehaka Street<br>Honolulu, Hawaii 96821<br>Facsimile:</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Position</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You will serve as President and Chief Operating Officer of the
  Company and Central Pacific Bank.</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Reporting, Authority and Responsibilities</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You will report to the Chief Executive Officer of the Company.</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Other Activities</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None.</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Agreement Period</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your Agreement Period begins on your Start Date and will end at the
  close of business on the second anniversary of your Start Date.</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Starting Salary</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$285,000</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Bonus</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your Bonus will be determined based on the achievement of performance
  goals established by the Board (or a committee of the Board). Your minimum
  bonus target is equal to 40% of your Salary. Performance goals shall be set
  within the first 90 days of the Company&#146;s fiscal year.</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Additional Benefits</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Vacation. </font></i>You will be entitled to vacation
  totaling at least four weeks a year.<br><br></p>
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Club Dues</font></i>. The Company will reimburse you
  for your annual club membership dues up to a maximum of $6,000 per year.</p>
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Other Perquisites. </font></i>The Company will (i)
  reimburse your cell-phone charges up to $60 per month, (ii) provide an
  automobile allowance of $700 per month and (iii) reimburse your parking fees
  (to the extent the Company does not provide you with a parking spot in the
  building in which you are required work).</p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cause Steps</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No additional steps.</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Good Reason</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following will also constitute Good Reason:</font></p>
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)Requiring you to be principally based at any office or location
  more than 30 miles from your office at the time of this Agreement (it will
  not, however, be Good Reason for the Company to require you to travel on
  business to an extent consistent with your travel</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">obligations at the time of this Agreement).</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Good Reason Steps</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You may not terminate your employment for Good Reason <i><font style="font-style:italic;">unless,</font></i> you provide the Company a Termination Notice at
  least 15 days prior to the termination date and the Company is given an
  opportunity to cure before the termination date specified in such notice.</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Severance Period</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your Severance Period will be 2 years.</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Additional Good Reason/Without Cause Benefits</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If during the Agreement Period the Company terminates your employment
  without Cause or you terminate your employment for Good Reason:</font></p>
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)Through the remainder of your Severance Period, you, your spouse
  and your dependents will continue to be entitled to participate in each of
  the Group&#146;s employee benefit and welfare plans providing for medical, dental,
  hospitalization, life or disability insurance on a basis that is at least as
  favorable as that provided to similarly situated executives of the Group and
  at least as favorable as the basis in effect immediately before Termination
  Notice was given (the &#147;<i><font style="font-style:italic;">Welfare Benefits</font></i>&#148;).
  However, if the Group&#146;s plans do not permit you, your spouse or your
  dependents to participate on this basis, the Company will provide Welfare
  Benefits (with the same after-tax effect for you) outside of the plans. If
  you become employed during the Severance Period and are eligible for coverage
  from your new employer, the Welfare Benefits will be secondary to your new
  coverage (if the Group reimburses you for any increased cost and provides any
  additional benefits that are necessary to provide you with the full Welfare
  Benefits).</font></p>
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)The Company will reimburse reasonable expenses you incur within
  one year of termination for outplacement services to be provided you by an
  entity you reasonably select, <i><font style="font-style:italic;">subject </font></i>to
  a maximum of $25,000.</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Additional Death/Disability Benefits</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If your employment terminates as a result of your Death or
  Disability, the Company will provide Accelerated Vesting.</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Additional Provisions Related to Section 8 of the Agreement.</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Company does not offer to renew this Agreement on
  substantially identical terms before your Agreement Period expires, you will
  be entitled to payments and benefits under Section 8 as if your employment
  terminated for Good Reason at the end of your</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreement Period.</font></p>
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If there is a &#147;Change in Control&#148;, as defined in the attached Change
  in Control Annex, your Agreement Period will automatically extend to the
  third anniversary of the Change in Control, and the payments and benefits
  provided in the Change in Control Annex will substitute for those stated in
  Section 8. You are entitled to the additional payments set forth in the
  attached Additional Payments Annex.</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.4%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Restriction Period</font></i></p>
  </td>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Company terminates your employment without Cause or you
  terminate your employment for Good Reason, your &#147;Restriction Period&#148; will be
  the period beginning on your Start Date and ending at the end of your
  Severance Period.</font></p>
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Company terminates your employment for Cause or you terminate
  your employment without Good Reason, your &#147;Restriction Period&#148; will be the
  period beginning on your Start Date and ending at the end of your Agreement
  Period.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="71%" valign="top" style="padding:0in .7pt 0in .7pt;width:71.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="28%" valign="top" style="padding:0in .7pt 0in .7pt;width:28.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Change in Control Annex</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="top" style="padding:0in .7pt 0in .7pt;width:71.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="28%" valign="top" style="padding:0in .7pt 0in .7pt;width:28.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">to Employment Agreement of</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="71%" valign="top" style="padding:0in .7pt 0in .7pt;width:71.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="28%" valign="top" style="padding:0in .7pt 0in .7pt;width:28.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Neal K. Kanda</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:ideograph-numeric ideograph-other;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Change in Control</font></i></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:ideograph-numeric ideograph-other;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A &#147;<i><font style="font-style:italic;">Change in Control</font></i>&#148;<font style="letter-spacing:0pt;vertical-align:super;"><sup>  </sup></font>means any of the following:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h4 style="font-weight:normal;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Individuals who, on the
date of the Agreement, constitute the Board (the <i><font style="font-style:italic;">&#147;Incumbent Directors</font></i>&#148;) cease
for any reason to constitute at least a majority of the Board, provided that
any person becoming a director subsequent to the date of the Agreement, whose
election or nomination for election was approved by a vote of at least
two-thirds of the Incumbent Directors then on the Board (either by a specific
vote or by approval of the proxy statement of the Company in which such person
is named as a nominee for director, without written objection to such
nomination) shall be an Incumbent Director; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>, that no individual initially elected or nominated
as a director of the Company as a result of an actual or threatened election
contest with respect to directors or as a result of any other actual or
threatened solicitation of proxies or consents by or on behalf of any person
other than the Board shall be deemed to be an Incumbent Director;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:.65in;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160; Any &#147;person&#148; (as such
term is defined in Section&nbsp;3(a)(9) of the Securities Exchange Act of 1934,
as amended (the &#147;<i><font style="font-style:italic;">Exchange Act</font></i>&#148;)
and as used in Sections&nbsp;13(d)(3) and 14(d)(2) of the Exchange Act) is or
becomes a &#147;beneficial owner&#148; (as defined in Rule&nbsp;13d-3 under the Exchange
Act), directly or indirectly, of securities of the Company representing 25% or
more of the combined voting power of the Company&#146;s then outstanding securities
eligible to vote for the election of the Board (the &#147;<i><font style="font-style:italic;">Company Voting Securities</font></i>&#148;); <i><font style="font-style:italic;">provided</font></i>,
<i><font style="font-style:italic;">however</font></i>, that the event described in
this paragraph&nbsp;(ii) shall not be deemed to be a Change in Control by
virtue of any of the following acquisitions:&nbsp;&nbsp;(A)&nbsp;by the Company
or any Subsidiary, (B) by any employee benefit plan (or related trust) sponsored
or maintained by the Company or any Subsidiary, (C) by any underwriter
temporarily holding securities pursuant to an offering of such securities,
(D)&nbsp;pursuant to a Non-Qualifying Transaction (as defined in paragraph
(iii), or (E)&nbsp;pursuant to any acquisition by you or any group of persons
including you (or any entity controlled by you or any group of persons
including you); or</font></h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:.65in;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160; The consummation of a
merger, consolidation, statutory share exchange, sale of all or substantially
all of the Company&#146;s assets, a plan of liquidation or dissolution of the
Company or similar form of corporate transaction involving the Company or any
of its Subsidiaries that requires the approval of the Company&#146;s stockholders,
whether for such transaction or the issuance of securities in the transaction
(a &#147;<i><font style="font-style:italic;">Business Transaction</font></i>&#148;),
unless immediately following such Business Transaction:&#160; (A)&nbsp;more than 50%<font style="letter-spacing:0pt;vertical-align:super;"><sup>  </sup></font>of the total voting power of
(x)&nbsp;the corporation resulting from such Business Transaction (the &#147;<i><font style="font-style:italic;">Surviving Corporation</font></i>&#148;),
or (y)&nbsp;if applicable, the ultimate parent corporation that directly or
indirectly has beneficial ownership of at least 95% of the voting securities
eligible to elect directors of the Surviving Corporation (the &#147;<i><font style="font-style:italic;">Parent Corporation</font></i>&#148;),
is represented by Company Voting Securities that were outstanding immediately
prior to such Business Transaction (or, if applicable, is represented by shares
into which such Company Voting Securities were converted pursuant to such
Business Transaction), and such voting power among the holders thereof is in
substantially the same proportion as the voting power of such Company Voting
Securities among the holders thereof immediately prior to the Business
Transaction, (B)&nbsp;no person (other</font></h4>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">than any employee benefit plan
(or related trust) sponsored or maintained by the Surviving Corporation or the
Parent Corporation),<font style="letter-spacing:0pt;vertical-align:super;"><sup>  </sup></font>is or
becomes the beneficial owner, directly or indirectly, of 25% or more of the
total voting power of the outstanding voting securities eligible to elect
directors of the Parent Corporation (or, if there is no Parent Corporation, the
Surviving Corporation) and (C)&nbsp;at least a majority of the members of the
board of directors of the Parent Corporation (or, if there is no Parent
Corporation, the Surviving Corporation) following the consummation of the
Business Transaction were Incumbent Directors at the time of the Board&#146;s
approval of the execution of the initial agreement providing for such Business
Transaction<font style="letter-spacing:0pt;vertical-align:super;"><sup>  </sup></font>(any Business
Transaction which satisfies all of the criteria specified in (A), (B) and (C)
above shall be deemed to be a &#147;<i><font style="font-style:italic;">Non-Qualifying
Transaction</font></i>&#148;).</font></p>

<h4 style="font-weight:normal;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:.65in;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the foregoing, a Change in Control of the Company shall
not be deemed to occur solely because any person acquires beneficial ownership
of more than 25% of the Company Voting Securities as a result of the
acquisition of Company Voting Securities by the Company which reduces the
number of Company Voting Securities outstanding; <i><font style="font-style:italic;">provided</font></i>,
<i><font style="font-style:italic;">that</font></i> if after such acquisition by the
Company such person becomes the beneficial owner of additional Company Voting
Securities that increases the percentage of outstanding Company Voting
Securities beneficially owned by such person, a Change in Control of the
Company shall then occur.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:ideograph-numeric ideograph-other;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Qualifying
Terminations</font></i></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:ideograph-numeric ideograph-other;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The provisions of this Change in Control Schedule apply to any &#147;<i><font style="font-style:italic;">Qualifying Termination</font></i>.&#148;&#160;
A qualifying termination is any of the following from the time of a
Change in Control until the two-year anniversary of a Change in Control:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160; The Company terminating
your employment without Cause;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:.65in;"><font size="2" face="Times New Roman">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160; Your terminating your
employment for Good Reason;</font></h3>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Also, a Qualifying Termination will include any termination of your
employment before a Change in Control for reasons that would have constituted a
Qualifying Termination if they had occurred following a Change in Control if (A)
the termination (or Good Reason event) was in anticipation of a Change in
Control or at the request of a third party who had indicated an intention or
taken steps reasonably calculated to effect a Change in Control; and (B) such
Change in Control (or an alternative or competing Change in Control) actually
occurs.</font></p>

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<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:ideograph-numeric ideograph-other;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Payments on
Qualifying Termination</font></i></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:ideograph-numeric ideograph-other;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(1)&#160;&#160;&#160;&#160;&#160; </font></i>Qualifying Terminations.&#160; <font style="font-style:normal;">If there is a Qualifying Termination, the Company will make the
payments and provide the benefits set forth in Section 8(b) of the Agreement
(as if there were a termination for Good Reason) </font>except<font style="font-style:normal;"> that your Severance
Period will be 3 years (notwithstanding any contrary provision in the Agreement
or your Schedule).</font></h2>

<h2 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:48.25pt;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></h2>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(2)&#160;&#160;&#160;&#160;&#160; </font></i>Other Terminations. <font style="font-style:normal;">&#160;If your employment terminates other than as a
result of a Qualifying Termination, the terms of the Agreement will continue to
apply.</font></h2>

<h2 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:48.25pt;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></h2>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:ideograph-numeric ideograph-other;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; General Provisions.</font></i></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:ideograph-numeric ideograph-other;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">&nbsp;</font></i></h1>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(1)</font></i>&#160;&#160;&#160;&#160;&#160; <font style="font-style:normal;">Part of the Agreement.</font>&#160; <font style="font-style:normal;">This Annex is part of your Employment Agreement (the </font>&#147;Agreement&#148;<font style="font-style:normal;">) with Central Pacific
Financial Corp., a Hawaii corporation.&#160;
However, to the extent this Annex is inconsistent with the Agreement,
this Annex will govern.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(2)</font></i>&#160;&#160;&#160;&#160;&#160; <font style="font-style:normal;">Defined Terms.</font>&#160; <font style="font-style:normal;">Terms used but not defined in this Annex are used with the meaning
assigned in the Agreement.</font></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Additional
  Payments Annex</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">to
  Employment Agreement of</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.38%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.62%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Neal K.
  Kanda</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:ideograph-numeric ideograph-other;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Gross-Up</font></i></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:ideograph-numeric ideograph-other;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Anything in the Agreement to the contrary notwithstanding, in the event
it shall be determined that any payment, award, benefit or distribution (or any
acceleration of any payment, award, benefit or distribution) by the Company (or
any of its affiliated entities) or any entity which effectuates a Change in
Control (or any of its affiliated entities) to or for your benefit (whether pursuant
to the terms of the Agreement or otherwise, but determined without regard to
any additional payments required under this Annex) (the &#147;<i><font style="font-style:italic;">Payments</font></i>&#148;) would be subject to the excise tax imposed by
Section 4999 of the Internal Revenue Code of 1986, as amended (the &#147;<i><font style="font-style:italic;">Code</font></i>&#148;), or any
interest or penalties are incurred by you with respect to such excise tax (such
excise tax, together with any such interest and penalties, are hereinafter
collectively referred to as the &#147;<i><font style="font-style:italic;">Excise
Tax</font></i>&#148;), then the Company shall pay to you an additional payment (a &#147;<i><font style="font-style:italic;">Gross-Up Payment</font></i>&#148;) in
an amount such that after payment by you of all taxes (including, without
limitation, any income taxes and any interest and penalties imposed with
respect thereto, and any excise tax) imposed upon the Gross-Up Payment, you
retain an amount of the Gross-Up Payment equal to the Excise Tax imposed upon
the Payments.&#160; For purposes of
determining the amount of the Gross-Up Payment, you shall be deemed to
(i)&nbsp;pay federal income taxes at the highest marginal rates of federal
income taxation for the calendar year in which the Gross-Up Payment is to be
made and (ii)&nbsp;pay applicable state and local income taxes at the highest
marginal rate of taxation for the calendar year in which the Gross-Up Payment
is to be made, net of the maximum reduction in federal income taxes which could
be obtained from deduction of such state and local taxes.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:ideograph-numeric ideograph-other;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Determination</font></i></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:ideograph-numeric ideograph-other;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(a)</font></i>&#160;&#160;&#160;&#160;&#160; General.&#160; <font style="font-style:normal;">Subject to the provisions of this Annex, all determinations required to
be made under this Annex, including whether and when a Gross-Up Payment is
required, the amount of such Gross-Up Payment, the amount of any Option
Redetermination (as defined below) and the assumptions to be utilized in
arriving at such determinations, shall be made by the public accounting firm
that is retained by the Company as of the date immediately prior to the Change
in Control (the</font> &#147;Accounting Firm&#148;<font style="font-style:normal;">) which shall provide
detailed supporting calculations both to the Company and you within fifteen
(15) business days of the receipt of notice from the Company or you that there
has been a Payment, or such earlier time as is requested by the Company
(collectively, the </font>&#147;Determination&#148;<font style="font-style:normal;">).&#160; Notwithstanding the foregoing, in the event
(i) the Board shall determine prior to the Change in Control that the
Accounting Firm is precluded from performing such services under applicable
auditor independence rules, (ii) the Audit Committee of the Board determines
that it does not want the Accounting Firm to perform such services because of
auditor independence concerns or (iii) the Accounting Firm is serving as
accountant or auditor for the person(s) effecting the Change in Control, the
Board shall appoint another nationally recognized public accounting firm to
make the determinations required hereunder (which accounting firm shall then be
referred to as the Accounting Firm hereunder).&#160;
All fees and expenses of the Accounting Firm shall be borne solely by
the Company and the Company shall enter into any agreement requested by the
Accounting Firm in connection with the performance of the services
hereunder.&#160; The Gross-Up Payment under
this Annex with respect to any Payments shall be made no later than thirty (30)
days following such Payment.&#160; If the
Accounting Firm determines that no Excise Tax is payable by you, it shall</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">furnish you with a written
opinion to such effect, and to the effect that failure to report the Excise
Tax, if any, on your applicable federal income tax return will not result in
the imposition of a negligence or similar penalty.&#160; The Determination by the Accounting Firm
shall be binding upon the Company and you.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(b)</font></i>&#160;&#160;&#160;&#160;&#160; Underpayment
and Overpayment.&#160; <font style="font-style:normal;">As a result of the uncertainty in the
application of Section 4999 of the Code at the time of the Determination, it is
possible that Gross-Up Payments which will not have been made by the Company
should have been made (</font>&#147;Underpayment&#148;<font style="font-style:normal;">) or Gross-Up Payments are
made by the Company which should not have been made (</font>&#147;Overpayment&#148;<font style="font-style:normal;">), consistent with the calculations required
to be made hereunder.&#160; In the event the
amount of the Gross-Up Payment is less than the amount necessary to reimburse
you for your<b><font style="font-weight:bold;"> </font></b>Excise Tax, the Accounting Firm
shall determine the amount of the Underpayment that has occurred and any such
Underpayment (together with interest at the rate provided in Section
1274(b)(2)(B) of the Code) shall be promptly paid by the Company to or for your
benefit.&#160; In the event the amount of the
Gross-Up Payment exceeds the amount necessary to reimburse you for your<b><font style="font-weight:bold;"> </font></b>Excise Tax, the Accounting Firm shall determine the amount
of the Overpayment that has been made and any such Overpayment (together with
interest at the rate provided in Section 1274(b)(2) of the Code) shall be
promptly paid by you to or for the benefit of the Company immediately after it is
refunded to you by the Internal Revenue Service.&#160; You shall cooperate, to the extent your
expenses are reimbursed by the Company, with any reasonable requests by the
Company in connection with any contests or disputes with the Internal Revenue
Service in connection with the Excise Tax.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(c)</font></i>&#160;&#160;&#160;&#160;&#160; Option
Redetermination.&#160; <font style="font-style:normal;">In the event that the Company determines
that the value of any accelerated vesting of stock options held by you shall be
redetermined within the context of Treasury Regulation &#167;1.280G-1 Q/A 33 (the </font>&#147;Option
Redetermination&#148;<font style="font-style:normal;">),
you shall (i) file with the Internal Revenue Service an amended federal income
tax return that claims a refund of the overpayment of the Excise Tax
attributable to such Option Redetermination and (ii) promptly pay the refundable
Excise Tax to the Company.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:ideograph-numeric ideograph-other;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; General Provisions.</font></i></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:ideograph-numeric ideograph-other;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(a)</font></i>&#160;&#160;&#160;&#160;&#160; Part
of the Agreement.&#160; <font style="font-style:normal;">This Annex is part of your
Employment Agreement (the </font>&#147;Agreement&#148;<font style="font-style:normal;">) with Central Pacific Financial Corp., a Hawaii
corporation.&#160; However, to the extent this
Annex is inconsistent with the Agreement, this Annex will govern.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(b)</font></i>&#160;&#160;&#160;&#160;&#160; Defined Terms.&#160; <font style="font-style:normal;">Terms used but not defined in this Annex are used with the meaning
assigned in the Agreement.</font></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit A to Employment Agreement</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form of Release</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This is your <b><font style="font-weight:bold;">RELEASE </font></b>with <b><font style="font-weight:bold;">Central Pacific Financial Corp.</font></b>, a Hawaii corporation (the &#147;<i><font style="font-style:italic;">Company</font></i>&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:ideograph-numeric ideograph-other;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Your Employment
Agreement</font></i></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:ideograph-numeric ideograph-other;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Release relates to your Employment Agreement (which includes your
Terms Schedule, [Change of Control Annex and Additional Payments Annex](1))
dated as of June <b><font style="font-weight:bold;">[day]</font></b>, 2004 and as amended from
time to time, with the Company (your &#147;<i><font style="font-style:italic;">Employment Agreement</font></i>&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:ideograph-numeric ideograph-other;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Release of Claims</font></i></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:ideograph-numeric ideograph-other;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(a)&#160;&#160;&#160;&#160;&#160; </font></i>Released Claims.&#160; <font style="font-style:normal;">In consideration of the payments and benefits described in your
Employment Agreement, you release and discharge the Company and its
subsidiaries, affiliates, officers, directors, employees, agents and their
successors and assigns (the </font>&#147;Group Released Parties&#148;<font style="font-style:normal;">) from any and all
actions, causes of action, claims, allegations, rights, obligations,
liabilities, or charges (collectively, </font>&#147;Claims&#148;<font style="font-style:normal;">) that you may have, whether known or unknown, by
reason of any matter, related to any Employment Matter (as defined in your
Employment Agreement).&#160; Without
limitation, released Claims include (1) Claims for compensation, bonuses or benefits,
(2) Claims under any compensation plan or arrangement maintained by any member
of the Group, (3) Claims for wrongful, constructive or unlawful discharge, (4)
Claims for age and national origin discrimination, (5) Claims for sexual
harassment, (6) Claims related to whistleblowing, (7) Claims for emotional
distress, intentional infliction of emotional distress, assault, battery or
pain and suffering, (8) Claims for punitive or exemplary damages, (9) Claims
for violations of any of the following acts or laws:&#160; the Equal Pay Act, Title VII of the Civil
Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in
Employment Act of 1967 (</font>&#147;ADEA&#148;<font style="font-style:normal;">), the Americans with Disabilities Act of 1991, the
Employee Retirement Income Security Act of 1974, the Worker Adjustment
Retraining and Notification Act, the Family Medical Leave Act, Hawaii&#146;s Whistle
Blowers Protection Act, Hawaii&#146;s Employment Practices Law, Hawaii&#146;s Payment of
Wages Law, Hawaii&#146;s Wage and Hour Law, Hawaii&#146;s Temporary Disability Insurance
Law, Hawaii&#146;s Prepaid Health Care Act, Hawaii&#146;s Dislocated Workers&#146; Act, Hawaii&#146;s
Occupational Safety and Health Law and Hawaii&#146;s Family Leave Law (including all
amendments to any of these acts or laws), or (10) Claims for violations of any
other federal, state or municipal fair employment statutes or laws.&#160; In addition, in consideration of the
provisions of your Employment Agreement, you further agree to waive any and all
rights under the laws of any jurisdiction in the United States, or any other country,
that limit a general release to those claims that are known or suspected to
exist in your favor as of the date of this Agreement.</font></h2>

<h2 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></h2>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(b)&#160;&#160;&#160;&#160;&#160; </font></i>Exceptions.&#160; <font style="font-style:normal;">Notwithstanding Section 2(a), this Release shall not (1) limit in any
way your ability to bring an action to enforce your rights under your
Employment Agreement, (2) release any claim for Other Accrued Benefits (as
defined in your Employment Agreement), or (3) release any claim for
indemnification and continued liability coverage (under your Employment Agreement
or otherwise).&#160; For purposes of this</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Include if applicable.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">Release, the term &#147;Claims&#148; as used shall not
include any claims not released by you as set forth in this Section 2(b).</font></i></h2>

<h2 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></h2>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(c)</font></i>&#160;&#160;&#160;&#160;&#160; Representations
and Warranties.&#160; <font style="font-style:normal;">&#160;&#160;You
represent and warrant that you have not, and as of the Effective Date (as
defined in Section 4) will not have, filed any civil action, suit, arbitration,
administrative charge, or legal proceeding against any Group Released Party nor
have you assigned, pledged, or hypothecated as of the Effective Date any Claim
to any person and no other person has an interest in the claims that you are
releasing herein.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(d)</font></i>&#160;&#160;&#160;&#160;&#160; No
Relief for Released Claims.&#160; <font style="font-style:normal;">You agree that should any
person or entity file or cause to be filed any civil action, suit, arbitration
or other legal proceeding seeking equitable or monetary relief concerning any
Claim released by you, you will not seek or accept any personal relief from or
as the result of the action, suit, arbitration or proceeding.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:ideograph-numeric ideograph-other;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Your Understanding
of this Release and Your Rights</font></i></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:ideograph-numeric ideograph-other;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You acknowledge and agree that you have read this Release in its
entirety and that this Release releases known and unknown Claims, including,
without limitation, to rights and claims arising under ADEA.&#160; You further acknowledge and agree that:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 68.25pt;text-autospace:none;text-indent:-21.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>You are entering into this Release and
releasing, waiving and discharging rights or claims only in exchange for
consideration which you are not already entitled to receive.</p>

<p style="margin:0in 0in .0001pt 68.25pt;text-autospace:none;text-indent:-21.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 68.25pt;text-autospace:none;text-indent:-21.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>You have been advised, and are being advised
by the terms of the Release, to consult with an attorney before executing this
Release.&#160; You also acknowledge that you
chose and consulted with the counsel of your choice concerning your rights and
that your counsel negotiated this Release on your behalf.</p>

<p style="margin:0in 0in .0001pt 68.25pt;text-autospace:none;text-indent:-21.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 68.25pt;text-autospace:none;text-indent:-21.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>You have been advised, and are being
advised by the terms of this Release, that you have had at least 21 days within
which to consider this Release.</p>

<p style="margin:0in 0in .0001pt 68.25pt;text-autospace:none;text-indent:-21.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:ideograph-numeric ideograph-other;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Your Ability to
Revoke this Release; Effective Date</font></i></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:ideograph-numeric ideograph-other;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">You may revoke this Release within 7 days of signing (for any reason or
no reason) by complying with the following sentence.&#160; </font></i>To revoke this
Release, you must deliver (or cause to be delivered) written notice of your
revocation to the Group at <b><font style="font-weight:bold;">[Address and Contact
Person] </font></b>no later than 5:00 p.m. Hawaii time on <b><font style="font-weight:bold;">[date]</font></b>.&#160; If you revoke this Release in accordance with
the preceding sentence, it will become null and void.&#160; If you do not, this Release will become
effective at such time (the &#147;<i><font style="font-style:italic;">Effective Date</font></i>&#148;).</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:ideograph-numeric ideograph-other;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Your Employment
Agreement</font></i></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:ideograph-numeric ideograph-other;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the avoidance of doubt, your Employment Agreement will continue in
full force and effect, including, without limitation, your obligations under
Sections 9 and 10 of your Employment Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:ideograph-numeric ideograph-other;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Dispute Resolution</font></i></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:ideograph-numeric ideograph-other;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The terms of this Release shall be governed by Section 13 of your
Employment Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accepted and Agreed:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

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