December 16, 2005Bank of Hawaii Corp • December 22nd, 2005 • State commercial banks
This letter agreement revises and replaces the retention agreement that Bank of Hawaii Corporation and Bank of Hawaii (collectively, the “Bank”) entered into with you on May 3, 2004. These revisions are necessary to comply with Section 409A of the Internal Revenue Code, which applies new rules for deferred compensation effective January 1, 2005. If you agree with the terms of this letter agreement, please date, sign, and return it to the Bank’s Director of Human Resources on or before December 30, 2005.
RETENTION AGREEMENT Between Bank of Hawaii and David W. Thomas dated December 16, 2005Retention Agreement • December 22nd, 2005 • Bank of Hawaii Corp • State commercial banks • Hawaii
This Retention Agreement (“Agreement”) is between David W. Thomas (“you”) whose mailing address is P.O. Box 3886, Honolulu, Hawaii 96812, 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 retention and transition from employment with the Bank.
