Bank of Hawaii (BOH)

Limits on Awards

        Under the terms of the Stock Plan, the following annual grant limitations ("Annual Award Limits") apply to awards that are intended to qualify as performance-based compensation under Section 162(m) of the Code:

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the maximum aggregate number of shares that may be granted in the form of options pursuant to any award granted in any one calendar year to any one participant is 2,500,000 shares;



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the maximum aggregate number of shares that may be granted in the form of SARs pursuant to any award granted in any one calendar year to any one participant is 2,500,000 shares;



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the maximum aggregate grant with respect to awards of restricted stock and restricted stock units granted in any one calendar year to any one participant is 500,000 shares;



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the maximum aggregate award of performance shares or performance units that a participant may receive in any one calendar year is 500,000 shares, or equal to the value of 500,000 shares determined as of the date of vesting or payout, as applicable;



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the maximum aggregate amount awarded or credited with respect to cash-based awards to any one participant in any one calendar year is $10,000,000 determined as of the date of vesting or payout, as applicable; and



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the maximum aggregate grant with respect to awards of other stock-based awards in any one calendar year to any one participant is 500,000 shares.

        In each case, the maximum aggregate number of shares or awards will be increased by the amount of the participant's unused applicable Annual Award Limit as of the close of the previous calendar year.

        The amount of shares or awards to be made in the future under the Stock Plan is not currently determinable.