QuickLinks -- Click here to rapidly navigate through this document
BANCORP HAWAII, INC.
STOCK OPTION PLAN OF 1994
Effective January 1, 1994
ARTICLE 1. ESTABLISHMENT, PURPOSE, AND DURATION
1.1 Establishment of the Plan. Bancorp Hawaii, Inc., a Hawaii corporation (hereinafter referred to as the "Company"),
hereby establishes an incentive compensation plan to be known as the "Bancorp Hawaii, Inc. Stock Option Plan of
1994" (hereinafter referred to as the "Plan"), as set forth in this document. The Plan permits the grant of Nonqualified Stock
Options, Incentive Stock Options, SARs, Restricted Stock, Restricted Stock Units, and other similar Awards; and it offers
flexibility in determining the time of payment and whether Awards will be conditioned on the attainment of performance goals
and whether they will be settled in cash.
Subject to ratification by an affirmative vote of a majority of Shares, the Plan shall become effective as of January 1, 1994
(the "Effective Date"), and shall remain in effect as provided in Section 1.3 herein.
1.2 Purpose of the Plan. The purpose of the Plan is to promote the success and enhance the value of the Company by
linking the personal interests of Participants to those of Company shareholders, and by providing Participants with an incentive
for outstanding performance.
The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract, and retain the services of
Participants upon whose judgment, interest, and special effort the successful conduct of its operation largely is dependent.
1.3 Duration of the Plan. The Plan shall commence on the Effective Date, as described in Section 1.1 herein, and shall
remain in effect, subject to the right of the Board of Directors to terminate the Plan at any time pursuant to Article 13 herein,
until all Shares subject to it shall have been purchased or acquired according to the Plan's provisions. Howe