Between Bank of Hawaii and Richard C. Keene dated February 21, 2007
This Separation Agreement (“Agreement”) is between Richard C. Keene (“you”) whose address is in Honolulu,
Hawaii, and Bank of Hawaii Corporation and Bank of Hawaii (collectively, the “Bank”) of 130 Merchant Street,
Honolulu, Hawaii 96813. The purpose of this Agreement is to describe the terms of your separation and
transition from employment with the Bank.
1. Separation from Employment. Your employment with the Bank will terminate on March 14, 2007.
The date of your termination is your “Separation Date”. You will be relieved of all employment duties as
of the Separation Date. The Bank may advance your Separation Date to any date before March 14,
2. Duties and Compensation Until Your Separation Date. You agree to continue to work diligently
in your current position through your Separation Date. You acknowledge that the Bank may reduce or
otherwise modify your employment duties during that time period, consistent with business needs and an
a. You will be paid your normal salary and benefits through the Separation Date. Your bonus
under the 2006 Executive Incentive Plan (“EIP”) will be $200,000. You will not participate in
the 2007 EIP.
b. In the event you voluntarily terminate employment prior to the Separation Date, you will receive
only your salary and vested benefits through the date of your termination of employment.
c. You acknowledge and agree that no compensation or other payment except as specified in this
Agreement will be owed to you after the Separation Date.
3. Return of Bank Materials upon Termination of Employment and Resignation from Positions .
On or prior to the Separation Date: