BANCORP HAWAII, INC.
EXECUTIVE OFFICER ONE-YEAR INCENTIVE PLAN
(Operating Document Effective January 1, 1997)
SECTION 1. ESTABLISHMENT AND PURPOSES.
1.01 Bancorp Hawaii, Inc. hereby establishes the Executive Officer 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, 1997 and shall operate on the basis of the current and
succeeding Incentive Periods until such time the Plan is amended or terminated under Section 10. This Plan
constitutes the current operating document for the administration of the Plan effective January 1, 1994, that was
disclosed to shareholders and received shareholder approval on April 27, 1994. As such, the material terms of
this Plan have been approved by shareholders for purposes of the performance-based compensation
requirements of Section 162(m) of the Internal Revenue Code of 1986, as amended.
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 and Management Development Committee of the Holding
2.03 "Contingent Award" shall mean an award to an Eligible Employee, as determined in Section 4.02, expressed
as a percentage of Salary for the Incentive Period.
2.04 "Eligible Employees" shall mean the Executive Officers of the Holding Company or of a Subsidiary (as
described in Section 4.02) who, in the opinion of the Committee, are o