BANCORP HAWAII, INC.
ONE-YEAR INCENTIVE PLAN
EFFECTIVE JANUARY 1, 1996
SECTION 1. ESTABLISHMENT AND PURPOSES.
1.01 Bancorp Hawaii, Inc. hereby establishes the 1996 One-Year Incentive Plan.
1.02 The purpose of this Plan is to advance the interests of Bancorp Hawaii, Inc. by (i) motivating special
achievements by Eligible Employees upon whose judgment, initiative and efforts Bancorp Hawaii, Inc. is largely
dependent for the successful conduct of its business through a compensation program emphasizing performance
objectives; (ii) supplementing other compensation plans; and (iii) assisting Bancorp Hawaii, Inc. in retaining and
attracting such employees.
1.03 This Plan shall be effective as of January 1, 1996 with the term ending December 31, 1996.
SECTION 2. DEFINITIONS.
As used herein, the following terms shall have the following meanings unless a different meaning is plainly required
in the context:
2.01 "Board" shall mean the Board of Directors of the Holding Company.
2.02 "Committee" shall mean the Compensation Committee of the Holding Company.
2.03 "Contingent Award" shall mean an award to an Eligible Employee expressed as a percentage of Salary for
the Incentive Period.
2.04 "Earnings Per Share" (EPS) shall mean fully diluted Earnings Per Share as reported by the Holding
Company in its annual report (or as otherwise reported to shareholders) adjusted as described in this Section
2.04. The Holding Company's reported net income shall be adjusted for the following in computing EPS:
a. Any extraordinary or unusual gain or loss transaction,
b. Securities gains or losses, and
c. Dividends on preferred shares, if any, of the Holding Company.
The Committee will, in its sole discretion, determine any adjustments to be made pursuant to this Section 2.04. In
the event of a stock dividend or stock split during the Incentive Period, Earnings Per Share shall be recomputed
to take into account the effects of such stock dividend or stock split. Earnings Per Share will al