<SUBMISSION>
<ACCESSION-NUMBER>0001104659-04-039313
<TYPE>10-Q/A
<PUBLIC-DOCUMENT-COUNT>5
<PERIOD>20040930
<FILING-DATE>20041213
<DATE-OF-FILING-DATE-CHANGE>20041213
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CENTRAL PACIFIC FINANCIAL CORP
<CIK>0000701347
<ASSIGNED-SIC>6022
<IRS-NUMBER>990212597
<STATE-OF-INCORPORATION>HI
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>10-Q/A
<ACT>34
<FILE-NUMBER>001-31567
<FILM-NUMBER>041198977
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>220 S KING ST
<CITY>HONOLULU
<STATE>HI
<ZIP>96813
<PHONE>8085440500
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>P O BOX 3590
<CITY>HONOLULU
<STATE>HI
<ZIP>96811
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CPB INC
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>10-Q/A
<SEQUENCE>1
<FILENAME>a04-14752_110qa.htm
<DESCRIPTION>10-Q/A
<TEXT>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WASHINGTON,
D.C. 20549</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="center">

</font></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM 10-Q</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Amendment No. 1</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(Mark One)</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><b><font size="2" face="Wingdings" style="font-size:10.0pt;font-weight:bold;">&#253;</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font>QUARTERLY
REPORT PURSUANT TO SECTION&nbsp;13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934</b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">For the
quarterly period ended September&nbsp;30, 2004 or</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><b><font size="2" face="Wingdings" style="font-size:10.0pt;font-weight:bold;">o</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160; </font>TRANSITION
REPORT PURSUANT TO SECTION&nbsp;13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF
1934</b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">For the
transition period from
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Commission
File Number 0-10777</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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<hr size="1" width="25%" noshade color="black" align="center">

</font></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">Central Pacific Financial Corp.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as
specified in its charter)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Hawaii</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">99-0212597</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State of
  other jurisdiction<br>
  of incorporation or organization)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S.
  Employer<br>
  Identification Number)</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">220 South
King Street, Honolulu, Hawaii&#160; 96813</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal executive
offices)&#160; (Zip code)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(808)
544-0500</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant&#146;s telephone number,
including area code)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="center">

</font></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate by check mark whether the Registrant
(1) has filed all reports required to be filed by Section&nbsp;13 or 15(d) of
the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has
been subject to such filing requirements for the past 90 days.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Yes&nbsp;&nbsp;</font><font face="Wingdings">&#253;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<font face="Wingdings">o</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate by check mark whether the Registrant
is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Yes&nbsp;&nbsp;</font><font face="Wingdings">&#253;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<font face="Wingdings">o</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of October&nbsp;29, 2004, the number of
shares of common stock outstanding of the registrant was 28,079,357 shares.</font></p>

<div style="border:none;border-bottom:double windowtext 9.0pt;padding:0in 0in 0in 0in;">

<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXPLANATORY
NOTE</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Quarterly Report on Form 10-Q/A is filed
as Amendment No. 1 to the Registrant&#146;s Quarterly Report on Form 10-Q for the
fiscal quarter ended September&nbsp;30, 2004, originally filed with the
Securities and Exchange Commission on November&nbsp;9, 2004.&#160; This Form 10-Q/A is being filed to include as
Exhibits two employment agreements that were entered into during the period
covered by the Form 10-Q for the fiscal quarter September&nbsp;30, 2004 but were
not filed with that report.&#160; We hereby
amend Item 6 of Part II, only for the purpose of including as exhibits to the
report Exhibits 10.9 and 10.10.&#160; In
addition, the Form 10-Q/A includes an updated signature page and certain
currently dated certifications required by the Sarbanes-Oxley Act of 2002 filed
as Exhibits 31.1 and 31.2 hereto.&#160; This
Form 10/Q-A does not change the Registrant&#146;s previously reported consolidated
financial statements or make any other changes to the Form 10-Q for the fiscal
quarter ended September&nbsp;30, 2004.&#160;
Accordingly, this Form 10-Q/A should be read in connection with our
subsequent filings with the Commission.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 6.&#160; EXHIBITS</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 2.1
&#150; Agreement and Plan of Merger, dated April&nbsp;22, 2004. (1)</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 3.1
&#150; Restated Articles of Incorporation of Central Pacific Financial Corp.*</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 3.2
&#150; Restated Bylaws of Central Pacific Financial Corp.*</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 10.1
&#150; Central Pacific Financial Corp. 2004 Stock Compensation Plan. (2)</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 10.2
&#150; Central Pacific Financial Corp. 2004 Annual Executive Incentive Plan. (3)</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 10.3
&#150; Employment Agreement, effective as of September&nbsp;14, by and between Central
Pacific Financial Corp. and Clint Arnoldus.*</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 10.4
&#150; Employment Agreement, effective as of September&nbsp;14, by and between
Central Pacific Financial Corp. and Ronald K. Migita.*</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 10.5
&#150; Employment Agreement, effective as of September&nbsp;14, by and between
Central Pacific Financial Corp. and Neal K. Kanda.*</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 10.6
&#150; Employment Agreement, effective as of September&nbsp;14, by and between
Central Pacific Financial Corp. and Alwyn S. Chikamoto.*</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 10.7
&#150; Employment Agreement, effective as of September&nbsp;14, by and between
Central Pacific Financial Corp. and Blenn A. Fujimoto.*</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 10.8
&#150; Employment Agreement, effective as of September&nbsp;14, by and between
Central Pacific Financial Corp. and Denis K. Isono.*</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 10.9
&#150; Employment Agreement, effective as of September&nbsp;14, by and between
Central Pacific Financial Corp. and Dean K. Hirata.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit
10.10 &#150; Employment Agreement, effective as of September&nbsp;14, by and between
Central Pacific Financial Corp. and Douglas R. Weld.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 31.1
&#150; Chief Executive Officer Certification pursuant to Rule 13a-14(a), as adopted
pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 31.2
&#150; Chief Financial Officer Certification pursuant to Rule 13a-14(a), as adopted
pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002.</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 32.1
&#150; Chief Executive Officer Certification pursuant to 18 U.S.C. Section&nbsp;1350,
as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002.*</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 32.2
&#150; Chief Financial Officer Certification pursuant to 18 U.S.C. Section&nbsp;1350,
as adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002.*</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">* Previously filed.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">Filed as Annex A to the joint proxy
statement-prospectus in Part I of the Registrant&#146;s Registration Statement on
Form&nbsp;S-4, as amended, filed with the Securities and Exchange Commission on
July&nbsp;20, 2004.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.75in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">Filed as Annex E to the joint proxy
statement-prospectus in Part I of the Registrant&#146;s Registration Statement on
Form&nbsp;S-4, as amended, filed with the Securities and Exchange Commission on
July&nbsp;20, 2004.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.75in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">Filed as Annex F to the joint proxy
statement-prospectus in Part I of the Registrant&#146;s Registration Statement on
Form&nbsp;S-4, as amended, filed with the Securities and Exchange Commission on
July&nbsp;20, 2004.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Signatures</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned thereunto duly authorized.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CENTRAL PACIFIC FINANCIAL CORP.<br>
  (Registrant)</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: December&nbsp;13, 2004</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="36%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:36.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Clint Arnoldus</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:47.94%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Clint
  Arnoldus</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:47.94%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief
  Executive Officer</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:47.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: December&nbsp;13, 2004</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="36%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:36.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Dean K. Hirata</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:47.94%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dean K.
  Hirata</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:47.94%;">
  <p style="margin:0in 0in .0001pt 10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Vice President and<br>
  Chief Financial Officer</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Central Pacific Financial Corp.</font></b></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit Index</font></b></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit No.</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="89%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:89.26%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreement
  and Plan of Merger, dated April&nbsp;22, 2004. (1)</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restated
  Articles of Incorporation of Central Pacific Financial Corp.*</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restated
  Bylaws of Central Pacific Financial Corp.*</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Central
  Pacific Financial Corp. 2004 Stock Compensation Plan. (2)</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Central
  Pacific Financial Corp. 2004 Annual Executive Incentive Plan. (3)</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employment
  Agreement, effective as of September&nbsp;14, by and between Central Pacific
  Financial Corp. and Clint Arnoldus.*</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.4</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employment
  Agreement, effective as of September&nbsp;14, by and between Central Pacific
  Financial Corp. and Ronald K. Migita.*</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.5</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employment
  Agreement, effective as of September&nbsp;14, by and between Central Pacific
  Financial Corp. and Neal K. Kanda.*</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.6</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employment
  Agreement, effective as of September&nbsp;14, by and between Central Pacific
  Financial Corp. and Alwyn S. Chikamoto.*</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.7</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employment
  Agreement, effective as of September&nbsp;14, by and between Central Pacific
  Financial Corp. and Blenn A. Fujimoto.*</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.8</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employment
  Agreement, effective as of September&nbsp;14, by and between Central Pacific
  Financial Corp. and Denis K. Isono.*</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.9</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employment
  Agreement, effective as of September&nbsp;14, by and between Central Pacific
  Financial Corp. and Dean K. Hirata.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.10</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employment
  Agreement, effective as of September&nbsp;14, by and between Central Pacific
  Financial Corp. and Douglas R. Weld.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief
  Executive Officer Certification pursuant to Rule 13a-14(a) , as adopted
  pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief
  Financial Officer Certification pursuant to Rule 13a-14(a) , as adopted
  pursuant to Section&nbsp;302 of the Sarbanes-Oxley Act of 2002.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief
  Executive Officer Certification pursuant to 18 U.S.C. Section&nbsp;1350, as
  adopted pursuant to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002.*</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in 0in 0in 0in;width:89.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer Certification
  pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906
  of the Sarbanes-Oxley Act of 2002.*</font></p>
  </td>
 </tr>
</table>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">* Previously filed.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">Filed as Annex A to the joint proxy
statement-prospectus in Part I of the Registrant&#146;s Registration Statement on
Form S-4, as amended, filed with the Securities and Exchange Commission on July&nbsp;20,
2004.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.75in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">Filed as Annex E to the joint proxy
statement-prospectus in Part I of the Registrant&#146;s Registration Statement on
Form S-4, as amended, filed with the Securities and Exchange Commission on July&nbsp;20,
2004.</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.75in;"><font face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman">Filed as Annex F to the joint proxy
statement-prospectus in Part I of the Registrant&#146;s Registration Statement on
Form S-4, as amended, filed with the Securities and Exchange Commission on July&nbsp;20,
2004.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<TYPE>EX-10.9
<SEQUENCE>2
<FILENAME>a04-14752_1ex10d9.htm
<DESCRIPTION>EX-10.9
<TEXT>
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<head>





</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.9</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effective as of September&nbsp;14, 2004</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dean
K. Hirata<br>
46-255 Ikiiki Street<br>
Kaneohe, Hawaii 96744</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 77.05pt;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Employment Agreement</u></p>

<p style="margin:0in 0in .0001pt 77.05pt;text-indent:-.4in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear
Dean:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">This is your </font><b><font style="font-weight:bold;">EMPLOYMENT AGREEMENT</font></b></font> with Central Pacific Financial Corp., a Hawaii corporation (the &#147;<i><font style="font-style:italic;">Company</font></i>&#148;).</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.&#160; </font></b><b><font face="Times New Roman" style="font-weight:bold;">The Merger Agreement; Effectiveness</font></b></h1>

<h1 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;"><font face="Times New Roman">&nbsp;</font></h1>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement relates to the Agreement and Plan of
Merger, dated as of April&nbsp;22, 2004<b><font style="font-weight:bold;">  </font></b>(the
&#147;<i><font style="font-style:italic;">Merger Agreement</font></i>&#148;), between the
Company and CB Bancshares, Inc., a Hawaii corporation (&#147;<i><font style="font-style:italic;">CB Bancshares</font></i>&#148;).&#160; It sets forth the terms of your employment
with the Company and its affiliates (together, as constituted from time to
time, the &#147;<i><font style="font-style:italic;">Group</font></i>&#148;) once the
merger provided for in the Merger Agreement becomes effective.&#160; However, if the Merger Agreement or your
present employment terminates for any reason before the merger occurs, all of
this Agreement&#146;s provisions will terminate and there will be no liability of
any kind under this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.&#160; </font></b><b><font face="Times New Roman" style="font-weight:bold;">Terms Schedule</font></b></h1>

<h1 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;"><font face="Times New Roman">&nbsp;</font></h1>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Some of the terms of your employment are in the
attached schedule&nbsp;(your &#147;<i><font style="font-style:italic;">Schedule</font></i>&#148;),
which is part of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3.&#160; </font></b><b><font face="Times New Roman" style="font-weight:bold;">Your Position, Performance and Other Activities</font></b></h1>

<h1 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;"><font face="Times New Roman">&nbsp;</font></h1>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(a)&#160; </font><i><font style="font-style:italic;">Position.</font></i></font>&#160; You will be employed in the position stated
in your Schedule.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(b)&#160; </font><i><font style="font-style:italic;">Authority, Responsibilities and Reporting.</font></i></font>&#160; You
will have any reporting relationships set forth in your Schedule.&#160; You will have the authority and
responsibilities that correspond to your position, including any particular
authority and responsibilities that are specified in the Schedule&nbsp;or that
the Company&#146;s Board of Directors (the &#147;<i><font style="font-style:italic;">Board</font></i>&#148;)</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or
any officer of the Group to whom you report in accordance with your Schedule&nbsp;may
assign to you from time to time consistent with the provisions of this
Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(c)&#160; </font><i><font style="font-style:italic;">Performance.</font></i></font>&#160; During your employment, you will devote
substantially all of your business time and attention to the Group and will use
good faith efforts to discharge your responsibilities under this Agreement to
the best of your ability.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(d)&#160; </font><i><font style="font-style:italic;">Other Activities.</font></i></font>&#160; During your employment, you<b><font style="font-weight:bold;">  </font></b>may serve on corporate, civic or
charitable boards and manage personal investments, <i><font style="font-style:italic;">so long as</font></i> these activities do not significantly interfere
with your performance of your responsibilities under this Agreement and are
consistent with the Group&#146;s Code of Conduct and Ethics.&#160; The Company acknowledges that you currently
serve on, and approves your continued service on, the corporate, civic and
charitable boards listed in your Schedule.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">4.&#160; </font>Term of Your
Employment</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your employment under this Agreement will begin at
the time the merger provided for in the Merger Agreement becomes effective
(your &#147;<i><font style="font-style:italic;">Start Date</font></i>&#148;) and end on
the earlier of (1) the end of the Agreement Period stated in your Schedule&nbsp;or
(2) the effectiveness of early termination of your employment under Section&nbsp;7(e).&#160; References in this Agreement to &#147;<i><font style="font-style:italic;">your employment</font></i>&#148; are to your employment
under this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">5.&#160; </font>Your Compensation</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(a)&#160; </font><i><font style="font-style:italic;">Salary.</font></i></font>&#160; During your employment, you will receive an
annual base salary (adjusted as provided herein from time to time, your &#147;<i><font style="font-style:italic;">Salary</font></i>&#148;).&#160;
The starting amount of your Salary is stated in your Schedule.&#160; The Company may increase it at any time for
any reason.&#160; The Company may not decrease
your Salary (including after any increase), and any increase in your Salary
will not reduce or limit any other obligation to you under this Agreement.&#160; Your Salary will be paid in accordance with
the Group&#146;s practices for similarly situated executives.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(b)&#160; </font><i><font style="font-style:italic;">Bonus.</font></i></font>&#160; You will be entitled to receive an annual
cash bonus (your &#147;<i><font style="font-style:italic;">Bonus</font></i>&#148;) for
each fiscal year of the Company ending during your employment.&#160; The amount of your Bonus will be determined
by the Company in accordance with your Schedule, and it will be paid in
accordance with the Group&#146;s practices for similarly situated executives of the
Group.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(c)&#160; </font><i><font style="font-style:italic;">Other Executive Compensation Plans and Additional Compensation.</font></i></font>&#160;
During your employment, you will be entitled to participate in all of
the Group&#146;s executive compensation plans, including any management incentive
plans, deferred compensation plans, supplemental retirement plans and stock and
stock option plans, on a basis that is at least as favorable as that provided
to similarly situated executives of the Group (subject to the provisions of
your Schedule).&#160; You will also receive
any additional compensation provided in your Schedule.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">6.&#160; </font>Employee Benefits.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(a)&#160; </font><i><font style="font-style:italic;">Employee Benefit Plans. </font></i></font>&#160;During your employment, you will
be entitled to (1) participate in each of the Group&#146;s employee benefit and
welfare plans, including plans</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">providing
retirement benefits or medical, dental, hospitalization, life or disability
insurance, and (2) receive perquisites, <i><font style="font-style:italic;">in
each case</font></i> on a basis that is at least as favorable as that provided
to similarly situated executives of the Group (subject to the provisions of
your Schedule).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(b)&#160; </font><i><font style="font-style:italic;">Vacation.</font></i></font>&#160; You will be entitled to paid annual vacation
during your employment on a basis that is at least as favorable as that
provided to similarly situated executives of the Group.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(c)&#160; </font><i><font style="font-style:italic;">Business Expenses.</font></i></font>&#160; You will be reimbursed for all
business and entertainment expenses incurred by you in performing your
responsibilities under this Agreement.&#160; <i><font style="font-style:italic;">However</font></i>, your reimbursement will be
subject to the Group&#146;s normal practices for similarly situated executives.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(d)&#160; </font><i><font style="font-style:italic;">Indemnification.</font></i></font>&#160; To the extent permitted by law, the Company
will indemnify you against any actual or threatened action, suit or proceeding,
whether civil, criminal, administrative or investigative, arising by reason of
your status as a director, officer, employee and/or agent of the Group during
your employment or your status, if any, as a trustee or other fiduciary of any
employee benefit plan sponsored by any member of the Group.&#160; In addition, to the extent permitted by law,
the Company will pay or reimburse any expenses, including reasonable attorney&#146;s
fees, you incur in investigating and defending any actual or threatened action,
suit or proceeding for which you may be entitled to indemnification under this Section&nbsp;6(d).&#160; However, you agree to repay any expenses paid
or reimbursed by the Company if it is ultimately determined that you are not
legally entitled to be indemnified by the Company.&#160; If the Company&#146;s ability to make any payment
contemplated by this Section&nbsp;6(d) depends on an investigation or
determination by the board of directors of any member of the Group, at your
request the Company will use its best efforts to cause the investigation to be
made (at the Company&#146;s expense) and to have the relevant board reach a
determination as soon as reasonably possible.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(e)&#160; </font><i><font style="font-style:italic;">Additional Benefits.</font></i></font>&#160; During your employment, you
will be provided any additional benefits stated in your Schedule.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">7.&#160; </font>Early Termination of
Your Employment.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(a)&#160; </font><i><font style="font-style:italic;">No Reason Required.</font></i></font>You or the Company may terminate your employment early at any time for
any reason, or for no reason, subject to compliance with Section&nbsp;7(e).</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(b)&#160; </font><i><font style="font-style:italic;">Termination by the Company for Cause.</font></i></font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160; &#147;<i><font style="font-style:italic;">Cause</font></i>&#148;
means any of the following:</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&#160; Your willful failure to perform substantially
your responsibilities under this Agreement, <i><font style="font-style:italic;">after
</font></i>demand for substantial performance has been given by the Board that
specifically identifies how you have not substantially performed your
responsibilities,</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&#160; Your conviction of any felony or of a
misdemeanor involving fraud, dishonesty, or moral turpitude,</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)&#160; Your willful or intentional material breach
of this Agreement that results in financial or reputational detriment to the
Group that is not <i><font style="font-style:italic;">de minimis</font></i>,</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(D)&#160; Your willful or intentional material
misconduct in the performance of your duties under the Agreement that results
in financial or reputational detriment to the Group that is not <i><font style="font-style:italic;">de minimis</font></i>,</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(E)&#160; Your material breach of the Group&#146;s Code of
Business Conduct and Ethics if the breach is of a nature for which other
similarly situated executives of the Group would be terminated, or</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(F)&#160; Your willful attempt to obstruct or willful
failure to cooperate with any investigation authorized by the Board or any
governmental or self-regulatory entity.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For this definition, (i) no act or omission by you
will be &#147;willful&#148; unless it is made by you in bad faith or without a reasonable
belief that your act or omission was in the best interests of the Group and
(ii) any act or omission by you based on authority given pursuant to a
resolution duly adopted by the Board or on the advice of counsel for the Group
will be deemed made in good faith and in the best interests of the Company.</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160; To terminate your employment &#147;for Cause&#148;, Cause
must have occurred and the Company must comply with Section&nbsp;7(e) and any
other steps required in your Schedule&nbsp;for termination for Cause.</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(c)&#160; </font><i><font style="font-style:italic;">Termination by You for Good Reason.</font></i></font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160; &#147;<i><font style="font-style:italic;">Good
Reason</font></i>&#148; means any of the following:</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&#160; Any material and adverse change in your
position from that provided in your Schedule&nbsp;(including by reason of
removal or failure to be elected or re-elected),</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&#160; Any failure by the Company to provide you
with authority, responsibilities and reporting relationships as provided in Section&nbsp;3(b)
(including assigning you duties materially inconsistent with your position and
responsibilities),</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)&#160; Any failure by the Company to provide you
with compensation or benefits as provided in Section&nbsp;5 and Section&nbsp;6,</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(D)&#160; Any failure by the Company to comply with Section&nbsp;12(c),
or</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(E)&#160; The occurrence of any additional event set
forth in your Schedule&nbsp;as being Good Reason.</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160; To terminate your employment &#147;for Good Reason&#148;,
Good Reason must have occurred and you must comply with Section&nbsp;7(e) and
any other steps</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

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</font></div>

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<p style="margin:0in 0in .0001pt 48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">required in your Schedule&nbsp;for termination for
Good Reason.&#160; <i><font style="font-style:italic;">However</font></i>, (A) Good Reason will not include any isolated,
insubstantial and inadvertent failure by the Company that is not in bad faith
and is cured promptly on your giving the Company notice, (B) if you do not give
a Termination Notice to the Company within 180 days after you have knowledge
that an event constituting Good Reason has occurred, the event will no longer constitute
Good Reason, and (C) an event will not constitute Good Reason if you have
consented to it in accordance with Section&nbsp;14(f).</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(d)&#160; </font><i><font style="font-style:italic;">Termination on Disability or Death.</font></i></font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160; &#147;<i><font style="font-style:italic;">Disability</font></i>&#148;
means your absence from your responsibilities with the Company on a full-time
basis for 130 business days in any consecutive 12 months as a result of
incapacity due to mental or physical illness or injury.&#160; If the Company determines in good faith that
your Disability has occurred, it may give you Termination Notice.&#160; If, within 30 days of Termination Notice, you
do not return to full-time performance of your responsibilities, your
employment will terminate (the &#147;<i><font style="font-style:italic;">Disability
Effective Date</font></i>&#148;).&#160; If you do
return to full-time performance in that 30-day period, the Termination Notice
will be cancelled.&#160; Except as provided in
this Section&nbsp;7(d), any incapacity due to mental or physical illness or
injury will not affect the Company&#146;s obligations under this Agreement.</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160; Your employment will terminate automatically
on your death.</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(e)&#160; </font><i><font style="font-style:italic;">Termination Notice.</font></i></font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160; To terminate your employment early, either
you or the Company must provide a Termination Notice to the other.&#160; A &#147;<i><font style="font-style:italic;">Termination
Notice</font></i>&#148; is a written notice that states the specific provision of
this Agreement on which termination is based, including, if applicable, the
specific clause of the definition of Cause or Good Reason and a reasonably
detailed description of the facts that permit termination under that
clause.&#160; (The failure to include any fact
in a Termination Notice that contributes to a showing of Cause or Good Reason
does not preclude either party from asserting that fact in enforcing its rights
under this Agreement.)</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160; If your employment is terminated by the
Company other than for Disability or death or you terminate your employment for
Good Reason, your employment will end on the date specified in the Notice of
Termination.&#160; If you terminate your
employment without Good Reason, your employment will end 60 days after the
Company receives the Termination Notice (although the Company may accelerate
the end of your employment by providing you with notice or, alternatively, may
place you on paid leave during such period).&#160;
If your employment is terminated by reason of your death or Disability,
your employment will end on the date of death or the Disability Effective Date,
as applicable.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">8.&#160; </font>The Company&#146;s
Obligations in Connection With Your Early Termination</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(a)&#160; </font><i><font style="font-style:italic;">General Effect.</font></i></font>&#160; On termination in accordance with Section&nbsp;7,
your employment will end and the Group will have no further obligations to you
except as provided in this Section&nbsp;8.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(b)&#160; </font><i><font style="font-style:italic;">For Good Reason or Without Cause.</font></i></font>&#160; If
the Company terminates your employment without Cause or you terminate your
employment for Good Reason:</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160; The Company will pay you the following as of
the end of your employment:&#160; (A) your
unpaid Salary, (B) your Salary for any accrued but unused vacation and (C) any
accrued expense reimbursements (together, your &#147;<i><font style="font-style:italic;">Accrued Compensation</font></i>&#148;).&#160;
In addition, the Company will timely pay you any other amounts and
provide you any benefits that are required, or to which you are entitled (in
each case as an active employee for any period before the effectiveness of
early termination of your employment and as a terminated employee after
effectiveness), under any plan or contract of the Company or the Group
(together, the &#147;<i><font style="font-style:italic;">Other Accrued Benefits</font></i>&#148;).</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160; The Company will pay you your Accrued Bonus. <b><font style="font-weight:bold;">&#160;</font></b>Your
&#147;<i><font style="font-style:italic;">Accrued Bonus</font></i>&#148; means the sum of
(A) any unpaid but vested Bonus for the fiscal year ending before Termination
Notice is given and (B) any excess of (i) your target Bonus for the fiscal year
in which Termination Notice is given <i><font style="font-style:italic;">multiplied
by</font></i> the number of days of your employment since the fiscal year ending
before Termination Notice is given <i><font style="font-style:italic;">divided
by</font></i> 365 <i><font style="font-style:italic;">over</font></i> (ii) any
Bonus paid to you for a fiscal year ending after Termination Notice is given.</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160; The Company will pay you (A) the sum of your
Salary and your target Bonus for the fiscal year in which Termination Notice is
given <i><font style="font-style:italic;">multiplied by </font></i>(B) the
length of the Severance Period stated in your Schedule&nbsp;(in years,
including any fractional years).</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160; All stock options issued by the Group to you
will vest and become immediately exercisable, and, subject to your Schedule,
will remain exercisable for at least 12 months after the end of your employment
(or, if earlier, until they would have expired but for your termination).&#160; All restricted stock and other equity-based
compensation awarded by the Group to you will vest and become immediately
payable.&#160; The benefits in this Section&nbsp;8(b)(4)
are referred to as &#147;<i><font style="font-style:italic;">Accelerated Vesting</font></i>&#148;.</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160; The Company will provide any &#147;Additional Good
Reason/Without Cause Benefits&#148; provided in your Schedule.</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(c)&#160; </font><i><font style="font-style:italic;">For Cause or without Good Reason.</font></i></font>&#160; If
the Company terminates your employment for Cause or you terminate your
employment without Good Reason, the Company will pay you your Accrued
Compensation and will provide you your Other Accrued Benefits.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(d)&#160; </font><i><font style="font-style:italic;">Death or Disability</font></i></font>. &#160;If your employment terminates
as a result of your Death or Disability, the Company will pay you your Accrued
Compensation and Accrued Bonus</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and
will provide your Other Accrued Benefits.&#160;
The Company will also provide any &#147;Additional Death/Disability Benefits&#148;
provided in your Schedule.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(e)&#160; </font><i><font style="font-style:italic;">Additional Provisions.</font></i></font>&#160; Your Schedule&nbsp;may provide
additional provisions that relate to the Company&#146;s obligations in this Section&nbsp;8
or the Company&#146;s obligations on your termination generally.&#160; These provisions are a part of this
Agreement.</p>

<p style="margin:0in 0in .0001pt;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(f)&#160; </font><i><font style="font-style:italic;">Condition.</font></i></font>&#160; Subject to your Schedule, as a condition to
making the payments and providing the benefits stated in this Section&nbsp;8,
the Company may require you to execute and deliver a general release
(substantially in the form attached as Exhibit A) in which you release all
claims that you may have against any member of the Group and any of their
respective past or present officers, directors, employees or agents <i><font style="font-style:italic;">other than </font></i>your rights under this
Agreement, your rights under any Other Accrued Benefits, and your rights to
indemnification and continued liability insurance coverage (under this
Agreement or otherwise).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(g)&#160; </font><i><font style="font-style:italic;">Timing.</font></i></font>&#160; Subject to Section&nbsp;8(f), the benefits
provided in this Section&nbsp;8 will begin at the end of your employment, any
cash payments owed to you under this Section&nbsp;8 will be paid in a lump sum<b><font style="font-weight:bold;">  </font></b>amount no later than 15 business days
following the termination of your employment, and the Other Accrued Benefits
will be provided in accordance with the terms of the relevant plan or contract.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(h)&#160; </font><i><font style="font-style:italic;">Resignation from Directorships and Officerships.</font></i></font>&#160;
Unless the Group waives this requirement, the termination of your
employment for any reason will constitute your resignation from (1) any
director, officer or employee position you then have with any member of the
Group and (2) all fiduciary positions (including as trustee) you hold with
respect to any pension plans or trusts established by any member of the Group.&#160; You agree that this Agreement will serve as
your written notice of resignation in this circumstance.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">9.&#160; </font>Proprietary
Information.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(a)&#160; </font><i><font style="font-style:italic;">Definition.</font></i></font>&#160; &#147;<i><font style="font-style:italic;">Proprietary
Information</font></i>&#148; means confidential or proprietary information,
knowledge or data concerning (1) the Group&#146;s businesses, strategies,
operations, financial affairs, organizational matters, personnel matters,
budgets, business plans, marketing plans, studies, policies, procedures,
products, ideas, processes, software systems, trade secrets and technical
know-how, and other information regarding the business of the Group and (2) any
matter relating to clients of the Group or other third parties having
relationships with the Group.&#160;
Proprietary Information may include information furnished to you orally
or in writing (whatever the form or storage medium) or gathered by inspection,
in each case before or after the date of this Agreement.&#160; However, Proprietary Information does not
include information (1) that was or becomes generally available to you on a
non-confidential basis, if the source of this information was not reasonably
known to you to be bound by a duty of confidentiality, (2) that was or becomes
generally available to the public or within the relevant trade or industry,
other than as a result of a disclosure by you, directly or indirectly, or (3)
that was independently developed by you without reference to any Proprietary
Information.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(b)&#160; </font><i><font style="font-style:italic;">Use and Disclosure.</font></i></font>&#160; You will obtain or create
Proprietary Information in the course of your involvement in the Group&#146;s activities
and may already have Proprietary</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Information.&#160; You agree that the Proprietary Information is
the exclusive property of the Group, and that, during your employment, you will
use and disclose Proprietary Information only for the Group&#146;s benefit and in
accordance with any restrictions placed on its use or disclosure by the
Group.&#160; After your employment, you will
not use or disclose any Proprietary Information.&#160; Notwithstanding anything to the contrary in
this Section&nbsp;9(b), Proprietary Information may be disclosed when required
by law or by any court, arbitrator, mediator or administrative or legislative
body (including any committee thereof), <i><font style="font-style:italic;">provided</font></i>
that (1) you shall request confidential treatment with respect to such
information and/or request matters with respect to such information be sealed
and (2) you shall disclose the minimum amount required.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(c)&#160; </font><i><font style="font-style:italic;">Limitations.</font></i></font>&#160; Nothing in this Agreement prohibits you or
the Group from providing truthful testimony to governmental, regulatory or
self-regulatory authorities.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">10.&#160; </font>On-going Restrictions
on Your Activities</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(a)&#160; </font><i><font style="font-style:italic;">Terms used.</font></i></font>&#160; This Section&nbsp;uses the following defined
terms:</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;text-indent:24.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Competitive Enterprise</font></i>&#148; means (1) Bank of Hawaii, First
Hawaiian Bank, American Savings Bank, Finance Factors and Hawaii National Bank
and any successors thereto or (2) any business enterprise that holds a 25% or
greater equity, voting or profit participation interest in any of the
preceding.</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;text-indent:24.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;text-indent:24.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Client</font></i>&#148; means any client of the Company to whom you provided
services, for whom you transacted business, or whose identity became known to
you in connection with your employment by the Group.</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;text-indent:24.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;text-indent:24.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Solicit</font></i>&#148;<i><font style="font-style:italic;">  </font></i>means
any communication, regardless of who initiates it, that invites, advises,
encourages or requests any person to take or refrain from taking any action.</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;text-indent:24.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;text-indent:24.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Restriction Period</font></i>&#148; has the meaning set forth in the
Schedule.</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;text-indent:24.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(b)&#160; </font><i><font style="font-style:italic;">Your Importance to the Group and the Effect of this Section&nbsp;10.&#160; </font></i>You acknowledge that, in the
course of your involvement in the Group&#146;s activities, you will have access to
Proprietary Information and the Group&#146;s client base and will yourself profit
from the goodwill associated with the Group.&#160;
On the other hand, in view of your access to Proprietary Information and
your importance to the Group, if you compete with the Group for some time after
your employment, the Group will likely suffer significant harm but the amount
of loss would be uncertain and not readily ascertainable.&#160; You understand that this Section&nbsp;10 will
limit your ability to earn a livelihood in a Competitive Enterprise and your
relationships with Clients but you have determined that your complying with
this Section&nbsp;10 will not result in severe economic hardship for you or
your family.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(c)&#160; </font><i><font style="font-style:italic;">Non-Competition.</font></i></font>&#160; Until the end of your Restriction Period, you
will not, directly or indirectly:</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160; hold a 5% or greater equity, voting or profit
participation interest in a Competitive Enterprise; or</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160; associate (including as a director, officer,
employee, partner, consultant, agent or advisor) with a Competitive Enterprise
and in connection with your association engage in Hawaii, or directly or
indirectly manage or supervise personnel engaged in Hawaii, in any activity:</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&#160; that is substantially similar to any activity
that you were engaged in,</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:24.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&#160; that calls for the application of specialized
knowledge or skills substantially similar to those used by you in your
activities;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:24.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)&#160; that is substantially similar to any activity
for which you had direct or indirect managerial or supervisory responsibility,</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:24.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 48.0pt;text-indent:.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">in each
case</font></i>,<b><font style="font-weight:bold;">  </font></b>for the Group at any time during the year
before the end of your employment (or, if earlier, the year before the date of
determination).</p>

<p style="margin:0in 0in .0001pt 48.0pt;text-indent:.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(d)&#160; </font><i><font style="font-style:italic;">Non-Solicitation of Clients.</font></i></font>&#160; Until the end of your
Restriction Period, you will not, directly or indirectly, Solicit any Client to
transact business with a Competitive Enterprise or to reduce or refrain from
doing any business with the Group.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(e)&#160; </font><i><font style="font-style:italic;">Non-Solicitation of Group Employees.</font></i></font>&#160; Until
the end of your Restriction Period, you will not, directly or indirectly,
Solicit anyone who is then an employee of the Group (or who was an employee of
the Group within the prior six months) to resign from the Group or to apply for
or accept employment with any Competitive Enterprise.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(f)&#160; </font><i><font style="font-style:italic;">Notice to New Employers.</font></i></font>&#160; Before you either apply for or
accept employment with any other person or entity while any of Section&nbsp;10
(c), (d), or (e) is in effect, you will provide the prospective employer with
written notice of the provisions of this Section&nbsp;10 and will deliver a
copy of the notice to the Group.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(g)&#160; </font><i><font style="font-style:italic;">No Disparagement.</font></i></font>&#160; You shall make no public
statement that would libel, slander or disparage any member of the Group or any
of their respective past or present officers, directors, employees or
agents.&#160; The Company agrees that it shall
(and shall use good faith efforts to cause the Chief Executive Officer of the
Company, the Board, and its officers and employees to) make no public statement
that would libel, slander or disparage you.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(h)&#160; </font><i><font style="font-style:italic;">Survival</font></i></font>.&#160; Any termination of your employment (or breach
of this Agreement by you or the Group) shall have no effect on the continuing
operation of this Section&nbsp;10.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">11.&#160; </font>Effect on Other Agreements.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(a)&#160; </font><i><font style="font-style:italic;">Prior Employment Agreements and Severance Rights.</font></i></font>&#160;
Beginning on your Start Date, this Agreement will supersede any earlier
employment agreement or understanding and any earlier severance,
change-in-control or similar rights you may have with any member of the Group
(including CB Bancshares or any affiliate of it).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(b)&#160; </font><i><font style="font-style:italic;">Effect on Other Agreements; Entire Agreement.&#160; </font></i></font>This Agreement is the entire agreement between you and the Company with
respect to the relationship contemplated by</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">this
Agreement and supersedes any earlier agreement, written or oral, with respect
to the subject matter of this Agreement.&#160;
You agree that you are not entitled to any severance, change-in-control
or similar rights under any plan of the Group.&#160;
In entering into this Agreement, no party has relied on or made any
representation, warranty, inducement, promise or understanding that is not in
this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">12.&#160; </font>Successors.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(a)&#160; </font><i><font style="font-style:italic;">Payments on Your Death.</font></i></font>&#160; If you die and any amounts
become payable under this Agreement, the Company will pay those amounts to your
estate.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(b)&#160; </font><i><font style="font-style:italic;">Assignment by You.</font></i></font>&#160; You may not assign this
Agreement without the Company&#146;s consent.&#160;
Also, except as required by law, your right to receive payments or
benefits under this Agreement may not be subject to execution, attachment, levy
or similar process.&#160; Any attempt to
effect any of the preceding in violation of this Section&nbsp;12(b), whether
voluntary or involuntary, will be void.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(c)&#160; </font><i><font style="font-style:italic;">Assumption by any Surviving Company.</font></i></font>&#160; The
Company will require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business
or assets of the Company to assume expressly and agree to perform this Agreement
in the same manner and to the same extent that the Company would be required to
perform it if no such succession had taken place.&#160; As used in this Agreement, <i><font style="font-style:italic;">&#147;Company&#148;</font></i> shall mean the Company as
hereinbefore defined and any successor to all or substantially all of its
business or assets.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">13.&#160; </font>Disputes.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(a)&#160; </font><i><font style="font-style:italic;">Employment Matter.</font></i></font>&#160; This Section&nbsp;13 applies to
any controversy or claim between you and the Group arising out of or relating
to or concerning any aspect of this Agreement, your employment with the Group
or the Company, the termination of that employment or your compensation or
benefits from the Group or the Company (together, an &#147;<i><font style="font-style:italic;">Employment Matter</font></i>&#148;).</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(b)&#160; </font><b><i><font style="font-style:italic;font-weight:bold;">Mandatory Arbitration.</font></i></b></font><b><font style="font-weight:bold;">&#160; Subject to the provisions of this Section&nbsp;13,
any Employment Matter will be finally settled by arbitration in Honolulu,
Hawaii administered by the American Arbitration Association under its
Commercial Arbitration Rules then in effect.</font></b>&#160; However, the rules will be
modified in the following ways: (1) each arbitrator will agree to treat as
confidential evidence and other information presented to the same extent as the
information is required to be kept confidential under Section&nbsp;9, (2) the
optional Rules for Emergency Measures of Protections will apply, (3) you and
the Group agree not to request any amendment or modification to the terms of
this Agreement except as provided in Section&nbsp;14(c), (4) a decision must be
rendered within 10 business days of the parties&#146; closing statements or
submission of post-hearing briefs and (5) the arbitration will be conducted
before a panel of three arbitrators, one selected by you within 10 days of the
commencement of arbitration, one selected by the Company in the same period and
the third selected jointly by these arbitrators (or, if they are unable to
agree on an arbitrator within 30 days of the commencement of arbitration, the
third arbitrator will be appointed by the American Arbitration Association; <i><font style="font-style:italic;">provided</font></i> that the arbitrator shall be a
partner or former partner at a nationally recognized law firm).</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(c)&#160; </font><b><i><font style="font-style:italic;font-weight:bold;">Limitation on Damages.</font></i></b></font><b><font style="font-weight:bold;">&#160; You and the Group agree that there will be no
punitive damages payable as a result of any Employment Matter and agree not to
request punitive damages.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(d)&#160; </font><i><font style="font-style:italic;">Injunctions and Enforcement of Arbitration Awards.</font></i></font>&#160; You
or the Group may bring an action or special proceeding in a state or federal
court of competent jurisdiction sitting in Honolulu, Hawaii<b><font style="font-weight:bold;">  </font></b>to enforce any arbitration award under Section&nbsp;13(b).&#160; Also, the Group may bring such an action or
proceeding, in addition to its rights under Section&nbsp;13(b) and whether or
not an arbitration proceeding has been or is ever initiated, to temporarily,
preliminarily or permanently enforce any part of Sections 9 and 10.&#160; You agree that (1) your violating any part of
Sections 9 and 10 would cause damage to the Group that cannot be measured or
repaired, (2) the Group therefore is entitled to an injunction, restraining
order or other equitable relief restraining any actual or threatened violation
of those Sections, (3) no bond will need to be posted for the Group to receive
such an injunction, order or other relief and (4) no proof will be required
that monetary damages for violations of those Sections would be difficult to
calculate and that remedies at law would be inadequate.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(e)&#160; </font><b><i><font style="font-style:italic;font-weight:bold;">Jurisdiction and Choice of Forum.</font></i></b></font><b><font style="font-weight:bold;">&#160; You and the Group irrevocably submit to the
exclusive jurisdiction of any state or federal court located in Honolulu,
Hawaii (the &#147;<i><font style="font-style:italic;">Forum</font></i>&#148;) over any
Employment Matter that is not otherwise arbitrated or resolved according to Section&nbsp;13(b).</font></b>&#160; This
includes any action or proceeding to compel arbitration or to enforce an
arbitration award.&#160; Both you and the
Group (1) acknowledge that the Forum has a reasonable relation to this Agreement
and to the relationship between you and the Group and that the submission to
the Forum will apply even if the forum chooses to apply non-Forum law, (2)
waive, to the extent permitted by law, any objection to personal jurisdiction
or to the laying of venue of any action or proceeding covered by this Section&nbsp;13(e)
in the Forum, (3) agree not to commence any such action or proceeding in any
forum other than the Forum and (4) agree that, to the extent permitted by law,
a final and non-appealable judgment in any such action or proceeding in any
such court will be conclusive and binding on you and the Group.&#160; However, nothing in this Agreement precludes
you or the Group from bringing any action or proceeding in any court for the
purpose of enforcing the provisions of Sections 13(b) and this 13(e).</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(f)&#160; </font><b><i><font style="font-style:italic;font-weight:bold;">Waiver of Jury Trial.</font></i></b></font><b><font style="font-weight:bold;">&#160; To the extent permitted by law, you and the
Group waive any and all rights to a jury trial with respect to any Employment
Matter.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(g)&#160; </font><b><i><font style="font-style:italic;font-weight:bold;">Governing Law.</font></i></b></font><b><font style="font-weight:bold;">&#160; This Agreement will be governed by and
construed in accordance with the laws of the State of Hawaii applicable to
contracts made and to be performed entirely within that State.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(h)&#160; </font><i><font style="font-style:italic;">Costs.</font></i></font>&#160; The Company will pay or reimburse any
reasonable expenses, including reasonable attorney&#146;s fees, you incur as a
result of any Employment Matter, <i><font style="font-style:italic;">provided</font></i>
that you substantially prevail in the Employment Matter.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(i)&#160; </font><i><font style="font-style:italic;">Interest.</font></i></font>&#160; If the Company fails to pay when due any
amount required by the Agreement, it shall pay interest on such amount at a
rate equal to its prime commercial lending rate.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(j)&#160; </font><i><font style="font-style:italic;">Survival</font></i></font>.&#160; For the avoidance of doubt, any termination
of your employment (or breach of this Agreement by you or the Group) shall have
no effect on the continuing operation of this Section&nbsp;13.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold;">14.&#160; </font>General Provisions.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(a)&#160; </font><i><font style="font-style:italic;">Construction.</font></i></font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160; References (A) to <i><font style="font-style:italic;">Sections </font></i>are to sections of this Agreement unless otherwise
stated; (B) to any <i><font style="font-style:italic;">contract</font></i>
(including this Agreement) are to the contract as amended, modified,
supplemented or replaced from time to time; (C) to any <i><font style="font-style:italic;">statute,</font></i>  <i><font style="font-style:italic;">rule</font></i>
or <i><font style="font-style:italic;">regulation</font></i> are to the statute,
rule or regulation as amended, modified, supplemented or replaced from time to
time (and, in the case of statutes, include any rules and regulations
promulgated under the statute) and to any <i><font style="font-style:italic;">section&nbsp;of
any statute,</font></i>  <i><font style="font-style:italic;">rule or regulation</font></i>
include any successor to the section; (D) to any g<i><font style="font-style:italic;">overnmental authority</font></i> include any successor to the
governmental authority; (E) to any <i><font style="font-style:italic;">plan</font></i>
include any programs, practices and policies; (F) to any <i><font style="font-style:italic;">entity</font></i> include any corporation, limited
liability company, partnership, association, business trust and similar
organization and include any governmental authority; and (G) to any <i><font style="font-style:italic;">affiliate</font></i> of any entity are to any person
or other entity directly or indirectly controlling, controlled by or under
common control with the first entity.</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;text-indent:24.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160; The various <i><font style="font-style:italic;">headings</font></i>
in this Agreement are for convenience of reference only and in no way define,
limit or describe the scope or intent of any provisions or Sections of this
Agreement.</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;text-indent:24.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160; Unless the context requires otherwise,
(A)&nbsp;words describing the singular number include the plural and <i><font style="font-style:italic;">vice versa</font></i>, (B)&nbsp;words denoting any
gender include all genders and (C)&nbsp;the words &#147;<i><font style="font-style:italic;">include</font></i>&#148;, &#147;<i><font style="font-style:italic;">includes</font></i>&#148;
and&#160; &#147;<i><font style="font-style:italic;">including</font></i>&#148;
will be deemed to be followed by the words &#147;without limitation&#148;.</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;text-indent:24.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160; It is your and the Group&#146;s intention that
this Agreement not be construed more strictly with regard to you or the Group.</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;text-indent:24.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(b)&#160; </font><i><font style="font-style:italic;">Withholding.&#160; </font></i></font>You and the Group will treat all payments to
you under this Agreement as compensation for services.&#160; Accordingly, the Group may withhold from any
payment any taxes that are required to be withheld under any law, rule or
regulation.&#160; Any amounts so withheld will
be timely and properly remitted by the Company to the appropriate taxing
authority.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(c)&#160; </font><i><font style="font-style:italic;">Severability.&#160; </font></i></font>If any provision of this Agreement (or if the
application of any provision to a person or particular circumstances) is found
by any court of competent jurisdiction (or legally empowered agency) to be
illegal, invalid or unenforceable for any reason, then (1) the provision will
be amended automatically to the minimum extent necessary to cure the illegality
or invalidity and permit enforcement and (2) the remainder of this Agreement
will not be affected.&#160; In particular, if
any provision of Section&nbsp;10 is so found to violate law or be unenforceable
because it applies for longer than a maximum permitted period or to greater
than a maximum permitted area, it will be automatically amended to apply for
the maximum permitted period and maximum permitted area.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(d)&#160; </font><i><font style="font-style:italic;">No Set-off or Mitigation/Etc.</font></i></font>&#160; Your and the Company&#146;s
respective obligations under this Agreement will not be affected by any
set-off, counterclaim, recoupment or other right you or any member of the Group
may have against each other or anyone else (except as provided in Section&nbsp;10).&#160; You do not need to seek other employment or
take any other action to mitigate any amounts owed to you under this Agreement,
and those amounts will not be reduced if you do obtain other employment (except
as this Agreement specifically states).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(e)&#160; </font><i><font style="font-style:italic;">Bank Regulatory Limitation.</font></i></font>&#160; If any payment or benefit under
this Agreement would otherwise be a golden parachute payment within the meaning
of Section&nbsp;18(k) of the Federal Deposit Insurance Act (a &#147;<i><font style="font-style:italic;">Golden Parachute Payment</font></i>&#148;) that is
prohibited by applicable law, then the total payments and benefit will be
reduced to the greatest amount that could be made to you without there being a
Golden Parachute Payment.&#160; The Company
will give you the opportunity to select the order in which payments or benefits
are reduced.&#160; To the extent reasonably
practicable, the Company will seek the approval of the Federal Deposit
Insurance Corporation and/or the State of Hawaii Division of Financial
Institutions and any other bank regulatory body, as necessary, to make any
payment to you under this Agreement that would otherwise constitute a Golden
Parachute Payment.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(f)&#160; </font><i><font style="font-style:italic;">Notices.</font></i></font>&#160; All notices, requests, demands, consents and
other communications under this Agreement must be in writing and will be deemed
given (1) on the business day sent, when delivered by hand or facsimile
transmission (with confirmation) during normal business hours, (2) on the
business day after the business day sent, if delivered by a nationally
recognized overnight courier or (3) on the third business day after the
business day sent if delivered by registered or certified mail, return receipt
requested, in each case to the following address or number (or to such other
addresses or numbers as may be specified by notice that conforms to this Section&nbsp;14(f)):</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If to you, to the address stated in your Schedule,
and</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If to the Company or any other member of the Group,
to:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 95.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Central Pacific Financial Corp.<br>
220 South King Street<br>
Honolulu, Hawaii&#160; 96813<br>
Attention:&#160; Glenn K.C. Ching<br>
Facsimile:&#160; (808) 544-0779</font></p>

<p style="margin:0in 0in .0001pt 95.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">with a copy to:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 95.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sullivan &amp; Cromwell LLP<br>
125 Broad Street<br>
New York, New York&#160;&#160; 10004<br>
Attention:&#160; Marc Trevino<b><font style="font-weight:bold;"><br>
</font></b>Facsimile:&#160; 212-558-3588</font></p>

<p style="margin:0in 0in .0001pt 95.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(g)&#160; </font><i><font style="font-style:italic;">Consideration.</font></i></font>&#160; This Agreement is entered in consideration of
the mutual covenants contained in this Agreement.&#160; You and the Group acknowledge the receipt and</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">sufficiency
of the consideration to this Agreement and intend this Agreement to be legally
binding.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(h)&#160; </font><i><font style="font-style:italic;">Amendments and Waivers.</font></i></font>&#160; Any provision of this Agreement
may be amended or waived but only if the amendment or waiver is in writing and
signed, in the case of an amendment, by you and the Company or, in the case of
a waiver, by the party that would have benefited from the provision
waived.&#160; Except as this Agreement
otherwise provides, no failure or delay by you or the Group to exercise any
right or remedy under this Agreement will operate as a waiver, and no partial
exercise of any right or remedy will preclude any further exercise.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(i)&#160; </font><i><font style="font-style:italic;">Third Party Beneficiaries.</font></i></font>&#160; Subject to Section&nbsp;12,
this Agreement will be binding on, inure to the benefit of and be enforceable
by the parties and their respective heirs, personal representatives, successors
and assigns.&#160; This Agreement does not
confer any rights, remedies, obligations or liabilities to any entity or person
other than you and the Company and your and the Company&#146;s permitted successors
and assigns, although this Agreement will inure to the benefit of, and confer
related rights and remedies on, the Group (including for this purpose for
periods before your Start Date, the Company, CB Bancshares and their respective
affiliates).</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(j)&#160; </font><i><font style="font-style:italic;">Counterparts.</font></i></font>&#160; This Agreement may be executed as
counterparts, each of which will constitute an original and all of which, when
taken together, will constitute one agreement.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; *&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; *</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please confirm your acceptance of the terms and
conditions of your employment with the Company by signing where indicated
below.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="67%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Clint Arnoldus</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:32.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Executive Officer</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accepted and Agreed:</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:81.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="142" style="border:none;"></td>
  <td width="360" style="border:none;"></td>
  <td width="150" style="border:none;"></td>
  <td width="97" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 5.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Terms Schedule</font></b></p>

<p style="margin:0in 0in .0001pt 5.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">to Employment Agreement of</font></b></p>

<p style="margin:0in 0in .0001pt 5.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Mr. Dean K. Hirata</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="19%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Name and address for notices</font></i></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dean K. Hirata<br>
  46-255 Ikiiki Street<br>
  Kaneohe, Hawaii 96744<br>
  Facsimile: (808) 535-2524</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Position</font></i></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You will serve as Executive Vice President and Chief Financial
  Officer of the Company and Central Pacific Bank.</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Reporting, Authority and Responsibilities</font></i></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You will report to the President and Chief Operating Officer of the
  Company and Central Pacific Bank.</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Other Activities</font></i></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director, Japanese Cultural Center of Hawaii<br>
  Director, Hawaii Meals on Wheels</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Agreement Period</font></i></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your Agreement Period begins on your Start Date and will end at the
  close of business on the third anniversary of your Start Date.</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Starting Salary</font></i></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$200,000</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Bonus</font></i></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your Bonus will be determined based on the achievement of performance
  goals established by the Board (or a committee of the Board). Your minimum
  bonus target is equal to 30% of your Salary. Performance goals shall be set
  within the first 90 days of the Company&#146;s fiscal year.</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Other Executive Compensation Plans</font></i></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You agree that you will not be entitled to participate in any
  supplemental executive retirement plans sponsored by the Group. However,
  notwithstanding the foregoing, under the circumstances provided in this
  Agreement, you will be provided with benefits and/or payments as if your
  Supplemental Executive Retirement Agreement, dated June&nbsp;1, 2002, with CB
  Bancshares continued in effect.</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Additional Benefits</font></i></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.78%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Employee Benefit Plans</font></i>. For purposes of determining eligibility
  to participate in, and vesting under, the Group&#146;s employee benefit and
  welfare plans, you will be credited fully for your service with any member of
  the &#147;controlled group of corporations&#148; of which CB Bancshares was a member.<br>
  <br>
  <i><font style="font-style:italic;">Treatment of CBBI CIC Agreement and SERP
  Agreement. </font></i>You understand that, as of your Start Date, this
  Agreement will supersede and replace (a) your Change of Control Agreement,
  dated May 13, 1999,<b><font style="font-weight:bold;">&nbsp; </font></b>with CB
  Bancshares, as amended (the &#147;<i><font style="font-style:italic;">CB CIC
  Agreement</font></i>&#148;) and</p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="19%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">your Supplemental Executive Retirement Agreement, dated June&nbsp;1,
  2002<b><font style="font-weight:bold;">,</font></b> with CB Bancshares (the &#147;<i><font style="font-style:italic;">CB SERP Agreement</font></i>&#148;). However, under the
  circumstances provided in this Agreement, you will be provided with benefits
  and/or payments as if these agreements continued in effect.<br>
  <br>
  <i><font style="font-style:italic;">Treatment of CBBI Options</font></i>. You
  agree that you have waived any further rights under Section&nbsp;7(d)(iii) of
  your CB CIC Agreement to receive cash in return for your CB Bancshares
  options and agree that these options will be converted into options to
  purchase common stock of the Company in accordance with the terms of the
  Merger Agreement.<br>
  <br>
  <i><font style="font-style:italic;">Vacation. </font></i>You will be entitled
  to vacation totaling at least four weeks a year.<br>
  <br>
  <i><font style="font-style:italic;">Club Dues</font></i>. The Company will
  reimburse you for the customary annual club membership dues at Oahu Country
  Club.<br>
  <br>
  <i><font style="font-style:italic;">Other Perquisites. </font></i>The Company
  will (i) reimburse your cell phone charges for one cell phone to be used
  primarily for business purposes, (ii) provide an automobile allowance of $700
  per month and (iii) reimburse your parking fees (to the extent the Company
  does not provide you with a parking spot in the building in which you are
  required work).</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cause Steps</font></i></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No additional steps.</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Good Reason</font></i></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following will also constitute Good Reason:</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="font-size:10.0pt;margin:0in 0in .0001pt .45in;text-indent:-.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:8.5pt;">&nbsp; </font>Requiring you to be principally based at
  any office or location more than 30 miles from your office at the time of
  this Agreement (it will not, however, be Good Reason for the Company to
  require you to travel on business to an extent consistent with your travel obligations
  at the time of this Agreement).</p>
  <p style="margin:0in 0in .0001pt .45in;text-indent:-.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="font-size:10.0pt;margin:0in 0in .0001pt .45in;text-indent:-.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:8.5pt;">&nbsp; </font>If you terminate your employment for any
  reason or no reason prior to December&nbsp;31, 2005.</p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Good Reason Steps</font></i></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You may not terminate your employment for Good Reason <i><font style="font-style:italic;">unless,</font></i> you provide the Company a
  Termination Notice at least 15 days prior to the termination date and the
  Company is given an opportunity to cure before the</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="19%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">termination date specified in such notice.<br>
  <br>
  Notwithstanding the foregoing, if you terminate your employment prior to December&nbsp;31,
  2005, for a reason other than as specified under Sections 7(c)(1)(A), (B),
  (C), (D), or Clause (1) under the &#147;Good Reason&#148; section&nbsp;of this
  Schedule, you may not terminate your employment unless you provide the
  Company a Termination Notice at least 60 days prior to the termination date
  and/or agree to continue your employment with the Company for a period of at
  least 60 days after having given the Termination Notice (although the Company
  may accelerate the end of your employment by providing you with notice or,
  alternatively, may place you on paid leave during such period).</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Severance Period</font></i></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your Severance Period will be the lesser of 2 years or the remainder
  of the Agreement Period.</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Additional Good Reason/Without Cause Benefits</font></i></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If during the Agreement Period the Company terminates your employment
  without Cause or you terminate your employment for Good Reason:</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp; </font>The Company will pay you any excess of
  $824,548.77<b><font style="font-weight:bold;">&nbsp; </font></b>(your &#147;<i><font style="font-style:italic;">Existing Severance Amount&#148;</font></i>) over the
  severance amount under Section&nbsp;8(b)(3).</p>
  <p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp; </font>Through the remainder of your Severance
  Period, you, your spouse and your dependents will continue to be entitled to
  participate in each of the Group&#146;s employee benefit and welfare plans
  providing for medical, dental, hospitalization, life or disability insurance
  on a basis that is at least as favorable as that provided to similarly
  situated executives of the Group and at least as favorable as the basis in
  effect immediately before Termination Notice was given (the &#147;<i><font style="font-style:italic;">Welfare Benefits</font></i>&#148;). However, if the
  Group&#146;s plans do not permit you, your spouse or your dependents to
  participate on this basis, the Company will provide Welfare Benefits (with
  the same after-tax effect for you) outside of the plans. If you become
  employed during the Severance Period and are eligible for coverage from your
  new employer, the Welfare Benefits will be secondary to your new coverage (if
  the Group reimburses you for any increased cost and provides any additional
  benefits that are necessary to provide you with the full Welfare Benefits).<b><font style="font-weight:bold;">&nbsp; </font></b>Notwithstanding the foregoing, if you
  terminate your employment prior to December&nbsp;31, 2005, for a reason other
  than as specified under Sections</p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="19%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7(c)(1)(A), (B), (C), (D), or Clause (1) under the
  &#147;Good Reason&#148; section&nbsp;of this Schedule, you will not be entitled to
  receive Welfare Benefits, as consideration for such Welfare Benefits is
  covered in your Existing Severance Amount.</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp; </font>The Company will pay you the greater of (a)
  the actuarial equivalent of the Normal Retirement Benefit under Section&nbsp;2.1.1
  of your CB SERP Agreement (calculated as if your CB SERP Agreement had
  continued in effect until the effective date of termination of your
  employment) and (b) $19,708.58, in each case payable in equal monthly
  installments over a 20 year term commencing on the first day of the month
  following your 65th birthday. We refer to your right in this Clause (3) as
  your &#147;<i><font style="font-style:italic;">SERP</font></i>&nbsp; <i><font style="font-style:italic;">Benefit</font></i>,&#148; the benefit in Clause (3)(a) as
  the &#147;<i><font style="font-style:italic;">Normal</font></i>&nbsp; <i><font style="font-style:italic;">SERP</font></i>&nbsp; <i><font style="font-style:italic;">Benefit</font></i>&#148;
  and the benefit in Clause 3(b) as the &#147;<i><font style="font-style:italic;">CIC</font></i>
  <i><font style="font-style:italic;">SERP</font></i>&nbsp; <i><font style="font-style:italic;">Benefit</font></i>&#148;. Instead of receiving your SERP Benefit in the
  form of a monthly installment commencing at age 65, you may elect to receive
  it in the form of a lump-sum payable at age 65 or, if earlier, your
  termination of employment: in the case of Clause (3)(a), the amount of such
  lump-sum would be the actuarial equivalent of the Normal SERP Benefit, and in
  the case of Clause (3)(b), the amount of such lump-sum would be the present
  value of the CIC SERP Benefit using a discount rate of 7%. As an
  illustration, as of your Start Date, the lump sum value of your CIC SERP
  Benefit is approximately $736,000.</p>
  <p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp; </font>The Company will reimburse reasonable
  expenses you incur within one year of termination for outplacement services
  to be provided you by an entity you reasonably select, <i><font style="font-style:italic;">subject </font></i>to a maximum of $25,000.</p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Additional Death/Disability Benefits</font></i></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If your employment terminates as a result of your Death or
  Disability:</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp; </font>The Company will pay your Existing
  Severance Amount.</p>
  <p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp; </font>In the event of your Death during your
  employment, the Company will pay your beneficiary(ies) the greater of (a) the
  actuarial equivalent of the Preretirement Death Benefit under Section&nbsp;3.1
  of your CB SERP Agreement (calculated as if your CB SERP Agreement had
  continued in effect until your Death and provided</p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="19%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">you have not received or commenced receiving any
  benefit under Article&nbsp;2 of your CB SERP Agreement) payable in equal
  monthly installments over a 20 year term commencing on the first day of the
  month following your death and (b) the actuarial equivalent of your CIC SERP
  Benefit, payable in equal monthly installments over a 20 year term commencing
  on the first day of the month following your death. Instead of receiving your
  CIC SERP Benefit in the form of a monthly installment, your beneficiary(ies)
  may elect to receive it in the form of a lump-sum payable upon your death and
  the amount of such lump-sum would be the present value of the CIC SERP
  Benefit using a discount rate of 7%.</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp; </font>In the event of your Disability during your
  employment, the Company will pay you the greater of (a) the actuarial
  equivalent of the Disability Benefit under Section&nbsp;2.3 of your CB SERP
  Agreement (calculated as if your CB SERP Agreement had continued in effect
  until the date of your Disability), payable in equal monthly installments
  over a 216-month term commencing on the first day of the month following your
  65<sup>th</sup> birthday and (b) the CIC SERP Benefit payable in equal
  monthly installments over a 20 year term commencing on the first day of the
  month following your 65th birthday. Instead of receiving your CIC SERP
  Benefit in the form of a monthly installment commencing at age 65, you may
  elect to receive it in the form of a lump-sum payable upon your disability
  and the amount of such lump-sum would be the present value of the CIC SERP
  Benefit using a discount rate of 7%.</p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Additional Provisions Related to Section&nbsp;8 of
  the Agreement.</font></i></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If there is a &#147;Change in Control&#148;, as defined in the attached Change
  in Control Annex, your Agreement Period will automatically extend to the
  third anniversary of the Change in Control and the payments and benefits
  provided in the Change in Control Annex will substitute for those stated in Section&nbsp;8,
  <i><font style="font-style:italic;">provided, however</font></i>, your
  entitlement to the excess of your Existing Severance Amount over the
  severance amount under Section&nbsp;8(b)(3) will terminate on the third
  anniversary of your Start Date.</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You are entitled to the additional payments set forth in the attached
  Additional Payments Annex. For the avoidance of doubt, the Company
  acknowledges that the rights conveyed pursuant to the Additional Payments
  Annex will apply to payments in connection with the</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="19%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">merger contemplated by the Merger Agreement.</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you terminate your employment for any reason or no reason prior to
  December&nbsp;31, 2005, the Company will pay you those amounts set forth in
  Sections 8(b)(1), 8(b)(2) and 8(b)(3) of the Agreement and sections (1) and
  (3) of the &#147;Additional Good Reason/Without Cause Benefits section&nbsp;of
  this Schedule. You will not receive payments which are duplicative of
  payments calculated as part of the Existing Severance Amount, such as, for
  example payments under section&nbsp;(2) of the &#147;Additional Good
  Reason/Without Cause Benefits section&nbsp;of this Schedule.</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your entitlement to your SERP Benefit shall survive termination of
  the Agreement, and the Company will pay you your SERP Benefit on any
  termination of your employment.</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" style="padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:19.76%;">
  <p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Restriction Period</font></i></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="77%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:77.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Company terminates your employment without Cause or you
  terminate your employment for Good Reason, your &#147;Restriction Period&#148; will be
  the period beginning on your Start Date and ending at the end of your
  Severance Period.</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Company terminates your employment for Cause or you terminate
  your employment without Good Reason, your &#147;Restriction Period&#148; will be the
  period beginning on your Start Date and ending at the end of your Agreement
  Period.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 5.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Change in Control Annex</font></b></p>

<p style="margin:0in 0in .0001pt 5.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">to Employment Agreement of</font></b></p>

<p style="margin:0in 0in .0001pt 5.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Dean K. Hirata</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.&#160; Change
in Control</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A &#147;<i><font style="font-style:italic;">Change in
Control</font></i>&#148;<sup>  </sup>means any of the following:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Individuals
who, on the date of the Agreement, constitute the Board (the <i><font style="font-style:italic;">&#147;Incumbent Directors</font></i>&#148;) cease for any
reason to constitute at least a majority of the Board, provided that any person
becoming a director subsequent to the date of the Agreement, whose election or
nomination for election was approved by a vote of at least two-thirds of the
Incumbent Directors then on the Board (either by a specific vote or by approval
of the proxy statement of the Company in which such person is named as a
nominee for director, without written objection to such nomination) shall be an
Incumbent Director; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>, that no individual initially
elected or nominated as a director of the Company as a result of an actual or
threatened election contest with respect to directors or as a result of any
other actual or threatened solicitation of proxies or consents by or on behalf
of any person other than the Board shall be deemed to be an Incumbent Director;</p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Any
&#147;person&#148; (as such term is defined in Section&nbsp;3(a)(9) of the Securities
Exchange Act of 1934, as amended (the &#147;<i><font style="font-style:italic;">Exchange
Act</font></i>&#148;) and as used in Sections&nbsp;13(d)(3) and 14(d)(2) of the
Exchange Act) is or becomes a &#147;beneficial owner&#148; (as defined in Rule&nbsp;13d-3
under the Exchange Act), directly or indirectly, of securities of the Company
representing 25% or more of the combined voting power of the Company&#146;s then
outstanding securities eligible to vote for the election of the Board (the &#147;<i><font style="font-style:italic;">Company Voting Securities</font></i>&#148;); <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>,
that the event described in this paragraph&nbsp;(ii) shall not be deemed to be
a Change in Control by virtue of any of the following
acquisitions:&nbsp;&nbsp;(A)&nbsp;by the Company or any Subsidiary, (B) by any
employee benefit plan (or related trust) sponsored or maintained by the Company
or any Subsidiary, (C) by any underwriter temporarily holding securities
pursuant to an offering of such securities, (D)&nbsp;pursuant to a
Non-Qualifying Transaction (as defined in paragraph (iii), or (E)&nbsp;pursuant
to any acquisition by you or any group of persons including you (or any entity
controlled by you or any group of persons including you); or</p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>The
consummation of a merger, consolidation, statutory share exchange, sale of all
or substantially all of the Company&#146;s assets, a plan of liquidation or
dissolution of the Company or similar form of corporate transaction involving
the Company or any of its Subsidiaries that requires the approval of the
Company&#146;s stockholders, whether for such transaction or the issuance of
securities in the transaction (a &#147;<i><font style="font-style:italic;">Business
Transaction</font></i>&#148;), unless immediately following such Business Transaction:&#160; (A)&nbsp;more than 50%<sup>  </sup>of the
total voting power of (x)&nbsp;the corporation resulting from such Business
Transaction (the &#147;<i><font style="font-style:italic;">Surviving Corporation</font></i>&#148;),
or (y)&nbsp;if applicable, the ultimate parent corporation that directly or
indirectly has beneficial ownership of at least 95% of the voting securities
eligible to elect directors of the Surviving Corporation (the &#147;<i><font style="font-style:italic;">Parent Corporation</font></i>&#148;), is represented by
Company Voting Securities that were outstanding immediately prior to such
Business Transaction (or, if applicable, is represented by shares into which
such Company Voting Securities were converted pursuant to such Business
Transaction), and such voting power among the holders thereof is in
substantially the same proportion as the voting power of such Company Voting
Securities among the holders thereof immediately prior to the Business
Transaction, (B)&nbsp;no person (other</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">than any employee benefit plan (or related trust) sponsored or
maintained by the Surviving Corporation or the Parent Corporation),<sup>  </sup>is
or becomes the beneficial owner, directly or indirectly, of 25% or more of the
total voting power of the outstanding voting securities eligible to elect
directors of the Parent Corporation (or, if there is no Parent Corporation, the
Surviving Corporation) and (C)&nbsp;at least a majority of the members of the
board of directors of the Parent Corporation (or, if there is no Parent
Corporation, the Surviving Corporation) following the consummation of the
Business Transaction were Incumbent Directors at the time of the Board&#146;s
approval of the execution of the initial agreement providing for such Business
Transaction<sup>  </sup>(any Business Transaction which satisfies all of the
criteria specified in (A), (B) and (C) above shall be deemed to be a &#147;<i><font style="font-style:italic;">Non-Qualifying Transaction</font></i>&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the foregoing, a Change in Control
of the Company shall not be deemed to occur solely because any person acquires
beneficial ownership of more than 25% of the Company Voting Securities as a
result of the acquisition of Company Voting Securities by the Company which
reduces the number of Company Voting Securities outstanding; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">that</font></i>
if after such acquisition by the Company such person becomes the beneficial
owner of additional Company Voting Securities that increases the percentage of
outstanding Company Voting Securities beneficially owned by such person, a
Change in Control of the Company shall then occur.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.&#160; Qualifying
Terminations</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The provisions of this Change in Control Schedule&nbsp;apply
to any &#147;<i><font style="font-style:italic;">Qualifying Termination</font></i>.&#148;&#160; A qualifying termination is any of the
following from the time of a Change in Control until the two-year anniversary
of a Change in Control:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Company terminating your employment without Cause;</p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>Your
terminating your employment for Good Reason;</p>

<p style="margin:0in 0in .0001pt;text-indent:.65in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Also,
a Qualifying Termination will include any termination of your employment before
a Change in Control for reasons that would have constituted a Qualifying
Termination if they had occurred following a Change in Control if (i) the
termination (or Good Reason event) was in anticipation of a Change in Control
or at the request of a third party who had indicated an intention or taken
steps reasonably calculated to effect a Change in Control; and (ii) such Change
in Control (or an alternative or competing Change in Control) actually occurs.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3.&#160; Payments
on Qualifying Termination</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(1)&#160; </font><i><font style="font-style:italic;">Qualifying Terminations</font></i>.&#160;
If there is a Qualifying Termination, the Company will make the payments
and provide the benefits set forth in Section&nbsp;8(b) of the Agreement (as if
there were a termination for Good Reason) <i><font style="font-style:italic;">except</font></i> that
your Severance Period will be 3 years (notwithstanding any contrary provision
in the Agreement or your Schedule).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(2)&#160; </font><i><font style="font-style:italic;">Other Terminations</font></i>.&#160;
If your employment terminates other than as a result of a Qualifying
Termination, the terms of the Agreement will continue to apply.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.&#160; General
Provisions.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>Part
of the Agreement.&#160; This Annex is part of your Employment
Agreement (the &#147;<i><font style="font-style:italic;">Agreement</font></i>&#148;) with
Central Pacific Financial Corp., a Hawaii corporation.&#160; However, to the extent this Annex is
inconsistent with the Agreement, this Annex will govern.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160; </font>Defined
Terms.&#160; Terms used but not defined in this Annex are used with the meaning
assigned in the Agreement.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 5.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Additional Payments Annex</font></b></p>

<p style="margin:0in 0in .0001pt 5.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">to Employment Agreement of</font></b></p>

<p style="margin:0in 0in .0001pt 5.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Dean K. Hirata</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.&#160; Gross-Up</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Anything in the Agreement to the contrary
notwithstanding, in the event it shall be determined that any payment, award,
benefit or distribution (or any acceleration of any payment, award, benefit or
distribution) by the Company (or any of its affiliated entities) or any entity
which effectuates a Change in Control (or any of its affiliated entities) to or
for your benefit (whether pursuant to the terms of the Agreement or otherwise,
but determined without regard to any additional payments required under this
Annex) (the &#147;<i><font style="font-style:italic;">Payments</font></i>&#148;) would be
subject to the excise tax imposed by Section&nbsp;4999 of the Internal Revenue
Code of 1986, as amended (the &#147;<i><font style="font-style:italic;">Code</font></i>&#148;),
or any interest or penalties are incurred by you with respect to such excise
tax (such excise tax, together with any such interest and penalties, are
hereinafter collectively referred to as the &#147;<i><font style="font-style:italic;">Excise
Tax</font></i>&#148;), then the Company shall pay to you an additional payment (a &#147;<i><font style="font-style:italic;">Gross-Up Payment</font></i>&#148;) in an amount such that
after payment by you of all taxes (including, without limitation, any income
taxes and any interest and penalties imposed with respect thereto, and any
excise tax) imposed upon the Gross-Up Payment, you retain an amount of the
Gross-Up Payment equal to the Excise Tax imposed upon the Payments.&#160; For purposes of determining the amount of the
Gross-Up Payment, you shall be deemed to (i)&nbsp;pay federal income taxes at
the highest marginal rates of federal income taxation for the calendar year in
which the Gross-Up Payment is to be made and (ii)&nbsp;pay applicable state and
local income taxes at the highest marginal rate of taxation for the calendar
year in which the Gross-Up Payment is to be made, net of the maximum reduction
in federal income taxes which could be obtained from deduction of such state
and local taxes.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.&#160; Determination</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(a)&#160; </font><i><font style="font-style:italic;">General.&#160; </font></i></font>Subject to the provisions of this Annex, all
determinations required to be made under this Annex, including whether and when
a Gross-Up Payment is required, the amount of such Gross-Up Payment, the amount
of any Option Redetermination (as defined below) and the assumptions to be
utilized in arriving at such determinations, shall be made by the public
accounting firm that is retained by the Company as of the date immediately
prior to the Change in Control (the &#147;<i><font style="font-style:italic;">Accounting
Firm</font></i>&#148;) which shall provide detailed supporting calculations both to
the Company and you within fifteen (15) business days of the receipt of notice
from the Company or you that there has been a Payment, or such earlier time as
is requested by the Company (collectively, the &#147;<i><font style="font-style:italic;">Determination</font></i>&#148;).&#160;
Notwithstanding the foregoing, in the event (i) the Board shall
determine prior to the Change in Control that the Accounting Firm is precluded
from performing such services under applicable auditor independence rules, (ii)
the Audit Committee of the Board determines that it does not want the
Accounting Firm to perform such services because of auditor independence
concerns or (iii) the Accounting Firm is serving as accountant or auditor for
the person(s) effecting the Change in Control, the Board shall appoint another
nationally recognized public accounting firm to make the determinations
required hereunder (which accounting firm shall then be referred to as the
Accounting Firm hereunder).&#160; All fees and
expenses of the Accounting Firm shall be borne solely by the Company and the
Company shall enter into any agreement requested by the Accounting Firm in
connection with the performance of the services hereunder.&#160; The Gross-Up Payment under this Annex with respect
to any Payments shall be made no later than thirty (30) days following such
Payment.&#160; If the Accounting Firm
determines that no Excise Tax is payable by you, it shall</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">furnish
you with a written opinion to such effect, and to the effect that failure to
report the Excise Tax, if any, on your applicable federal income tax return
will not result in the imposition of a negligence or similar penalty.&#160; The Determination by the Accounting Firm
shall be binding upon the Company and you.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(b)&#160; </font><i><font style="font-style:italic;">Underpayment and Overpayment.&#160; </font></i></font>As a result of the uncertainty in the
application of Section&nbsp;4999 of the Code at the time of the Determination,
it is possible that Gross-Up Payments which will not have been made by the
Company should have been made (&#147;<i><font style="font-style:italic;">Underpayment</font></i>&#148;)
or Gross-Up Payments are made by the Company which should not have been made (&#147;<i><font style="font-style:italic;">Overpayment</font></i>&#148;), consistent with the
calculations required to be made hereunder.&#160;
In the event the amount of the Gross-Up Payment is less than the amount
necessary to reimburse you for your<b><font style="font-weight:bold;">  </font></b>Excise
Tax, the Accounting Firm shall determine the amount of the Underpayment that
has occurred and any such Underpayment (together with interest at the rate
provided in Section&nbsp;1274(b)(2)(B) of the Code) shall be promptly paid by
the Company to or for your benefit.&#160; In
the event the amount of the Gross-Up Payment exceeds the amount necessary to
reimburse you for your<b><font style="font-weight:bold;">  </font></b>Excise Tax,
the Accounting Firm shall determine the amount of the Overpayment that has been
made and any such Overpayment (together with interest at the rate provided in Section&nbsp;1274(b)(2)
of the Code) shall be promptly paid by you to or for the benefit of the Company
immediately after it is refunded to you by the Internal Revenue Service.&#160; You shall cooperate, to the extent your
expenses are reimbursed by the Company, with any reasonable requests by the
Company in connection with any contests or disputes with the Internal Revenue
Service in connection with the Excise Tax.</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(c)&#160; </font><i><font style="font-style:italic;">Option Redetermination.&#160; </font></i></font>In the event that the Company determines that
the value of any accelerated vesting of stock options held by you shall be
redetermined within the context of Treasury Regulation &#167;1.280G-1 Q/A 33 (the &#147;<i><font style="font-style:italic;">Option Redetermination</font></i>&#148;), you shall (i)
file with the Internal Revenue Service an amended federal income tax return
that claims a refund of the overpayment of the Excise Tax attributable to such
Option Redetermination and (ii) promptly pay the refundable Excise Tax to the
Company.</p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3.&#160; General
Provisions.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(a)&#160; </font><i><font style="font-style:italic;">Part of the Agreement.&#160; </font></i></font>This Annex is part of your Employment
Agreement (the &#147;<i><font style="font-style:italic;">Agreement</font></i>&#148;) with
Central Pacific Financial Corp., a Hawaii corporation.&#160; However, to the extent this Annex is
inconsistent with the Agreement, this Annex will govern.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(b)&#160; </font><i><font style="font-style:italic;">Defined Terms.&#160; </font></i></font>Terms used but not defined in this Annex are
used with the meaning assigned in the Agreement.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit A
to Employment Agreement</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form of
Release</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This is your <b><font style="font-weight:bold;">RELEASE
</font></b>with <b><font style="font-weight:bold;">Central Pacific Financial
Corp.</font></b>, a Hawaii corporation (the &#147;<i><font style="font-style:italic;">Company</font></i>&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.&#160; Your
Employment Agreement</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Release relates to your Employment Agreement
(which includes your Terms Schedule, [Change of Control Annex and Additional
Payments Annex](1)) dated as of June&nbsp;<b><font style="font-weight:bold;">[day]</font></b>,
2004 and as amended from time to time, with the Company (your &#147;<i><font style="font-style:italic;">Employment Agreement</font></i>&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.&#160; Release
of Claims</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(a)&#160; </font><i><font style="font-style:italic;">Released Claims.&#160; </font></i>In
consideration of the payments and benefits described in your Employment
Agreement, you release and discharge the Company and its subsidiaries,
affiliates, officers, directors, employees, agents and their successors and
assigns (the &#147;<i><font style="font-style:italic;">Group Released Parties</font></i>&#148;)
from any and all actions, causes of action, claims, allegations, rights,
obligations, liabilities, or charges (collectively, &#147;<i><font style="font-style:italic;">Claims</font></i>&#148;) that you may have, whether known or unknown, by
reason of any matter, related to any Employment Matter (as defined in your
Employment Agreement).&#160; Without
limitation, released Claims include (1) Claims for compensation, bonuses or
benefits, (2) Claims under any compensation plan or arrangement maintained by
any member of the Group, (3) Claims for wrongful, constructive or unlawful
discharge, (4) Claims for age and national origin discrimination, (5) Claims
for sexual harassment, (6) Claims related to whistleblowing, (7) Claims for
emotional distress, intentional infliction of emotional distress, assault,
battery or pain and suffering, (8) Claims for punitive or exemplary damages,
(9) Claims for violations of any of the following acts or laws:&#160; the Equal Pay Act, Title VII of the Civil Rights
Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment
Act of 1967 (&#147;<i><font style="font-style:italic;">ADEA</font></i>&#148;), the
Americans with Disabilities Act of 1991, the Employee Retirement Income
Security Act of 1974, the Worker Adjustment Retraining and Notification Act,
the Family Medical Leave Act, Hawaii&#146;s Whistle Blowers Protection Act, Hawaii&#146;s
Employment Practices Law, Hawaii&#146;s Payment of Wages Law, Hawaii&#146;s Wage and Hour
Law, Hawaii&#146;s Temporary Disability Insurance Law, Hawaii&#146;s Prepaid Health Care
Act, Hawaii&#146;s Dislocated Workers&#146; Act, Hawaii&#146;s Occupational Safety and Health
Law and Hawaii&#146;s Family Leave Law (including all amendments to any of these
acts or laws), or (10) Claims for violations of any other federal, state or
municipal fair employment statutes or laws.&#160;
In addition, in consideration of the provisions of your Employment
Agreement, you further agree to waive any and all rights under the laws of any
jurisdiction in the United States, or any other country, that limit a general
release to those claims that are known or suspected to exist in your favor as
of the date of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(b)&#160; </font><i><font style="font-style:italic;">Exceptions.&#160; </font></i>Notwithstanding
Section&nbsp;2(a), this Release shall not (1) limit in any way your ability to
bring an action to enforce your rights under your Employment Agreement, (2)
release any claim for Other Accrued Benefits (as defined in your Employment
Agreement), or (3) release any claim for indemnification and continued
liability coverage (under your Employment Agreement or otherwise).&#160; For purposes of this</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Include if applicable.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Release, the term &#147;Claims&#148; as used shall not include any claims not
released by you as set forth in this Section&nbsp;2(b).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(c)&#160; </font><i><font style="font-style:italic;">Representations and Warranties.</font></i></font>&#160; You
represent and warrant that you have not, and as of the Effective Date (as
defined in Section&nbsp;4) will not have, filed any civil action, suit,
arbitration, administrative charge, or legal proceeding against any Group
Released Party nor have you assigned, pledged, or hypothecated as of the
Effective Date any Claim to any person and no other person has an interest in
the claims that you are releasing herein.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(d)&#160; </font><i><font style="font-style:italic;">No Relief for Released Claims.&#160; </font></i></font>You agree that should any person or entity
file or cause to be filed any civil action, suit, arbitration or other legal
proceeding seeking equitable or monetary relief concerning any Claim released
by you, you will not seek or accept any personal relief from or as the result
of the action, suit, arbitration or proceeding.</p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3.&#160; Your
Understanding of this Release and Your Rights</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You acknowledge and agree that you have read this
Release in its entirety and that this Release releases known and unknown
Claims, including, without limitation, to rights and claims arising under
ADEA.&#160; You further acknowledge and agree
that:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 68.25pt;text-indent:-21.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font>You are entering into this Release and
releasing, waiving and discharging rights or claims only in exchange for
consideration which you are not already entitled to receive.</p>

<p style="margin:0in 0in .0001pt 68.25pt;text-indent:-21.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 68.25pt;text-indent:-21.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font>You have been advised, and are being advised
by the terms of the Release, to consult with an attorney before executing this
Release.&#160; You also acknowledge that you
chose and consulted with the counsel of your choice concerning your rights and
that your counsel negotiated this Release on your behalf.</p>

<p style="margin:0in 0in .0001pt 68.25pt;text-indent:-21.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 68.25pt;text-indent:-21.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160; </font>You have been advised, and are being advised
by the terms of this Release, that you have had at least 21 days within which
to consider this Release.</p>

<p style="margin:0in 0in .0001pt 68.25pt;text-indent:-21.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.&#160; Your
Ability to Revoke this Release; Effective Date</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">You may revoke this Release within
7 days of signing (for any reason or no reason) by complying with the following
sentence.&#160; </font></i>To revoke this Release, you must deliver (or
cause to be delivered) written notice of your revocation to the Group at <b><font style="font-weight:bold;">[Address and Contact Person] </font></b>no later than
5:00 p.m. Hawaii time on <b><font style="font-weight:bold;">[date]</font></b>.&#160; If you revoke this Release in accordance with
the preceding sentence, it will become null and void.&#160; If you do not, this Release will become
effective at such time (the &#147;<i><font style="font-style:italic;">Effective Date</font></i>&#148;).</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.&#160; Your
Employment Agreement</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the avoidance of doubt, your Employment
Agreement will continue in full force and effect, including, without
limitation, your obligations under Sections 9 and 10 of your Employment
Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.&#160; Dispute
Resolution</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The terms of this Release shall be governed by Section&nbsp;13
of your Employment Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accepted and Agreed:</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<SEQUENCE>3
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<DESCRIPTION>EX-10.10
<TEXT>
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<head>





</head>

<body lang="EN-US" link="blue" vlink="purple" style="text-justify-trim:punctuation;">

<div style="font-family:Times New Roman;">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.10</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effective as of September&nbsp;14, 2004</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Douglas R. Weld</font></b><br>
<b><font style="font-weight:bold;">1048 Kaolo Street</font></b><br>
<b><font style="font-weight:bold;">Honolulu, Hawaii 96825</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 77.05pt;text-autospace:none;text-indent:-.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Employment
Agreement</u></p>

<p style="margin:0in 0in .0001pt 77.05pt;text-autospace:none;text-indent:-.4in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Doug:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This is your </font><b><font style="font-weight:bold;">EMPLOYMENT AGREEMENT</font></b>
with Central Pacific Financial Corp., a Hawaii corporation (the &#147;<i><font style="font-style:italic;">Company</font></i>&#148;).</p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">1.</font></i></b><b><font size="1" style="font-size:3.0pt;font-style:normal;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:bold;">The Merger Agreement; Effectiveness</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement relates to the Agreement and
Plan of Merger, dated as of April&nbsp;22, 2004<b><font style="font-weight:bold;">  </font></b>(the &#147;<i><font style="font-style:italic;">Merger Agreement</font></i>&#148;),
between the Company and CB Bancshares, Inc., a Hawaii corporation (&#147;<i><font style="font-style:italic;">CB Bancshares</font></i>&#148;).&#160; It sets forth the terms of your employment
with the Company and its affiliates (together, as constituted from time to
time, the &#147;<i><font style="font-style:italic;">Group</font></i>&#148;) once the
merger provided for in the Merger Agreement becomes effective.&#160; However, if the Merger Agreement or your
present employment terminates for any reason before the merger occurs, all of
this Agreement&#146;s provisions will terminate and there will be no liability of
any kind under this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">2.</font></i></b><b><font size="1" style="font-size:3.0pt;font-style:normal;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:bold;">Terms Schedule</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Some of the terms of your employment are in
the attached schedule&nbsp;(your &#147;<i><font style="font-style:italic;">Schedule</font></i>&#148;),
which is part of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">3.</font></i></b><b><font size="1" style="font-size:3.0pt;font-style:normal;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:bold;">Your Position, Performance and Other Activities</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a) <i><font style="font-style:italic;">Position</font></i>.&#160; You will be employed in the position stated
in your Schedule.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b) <i><font style="font-style:italic;">Authority,
Responsibilities and Reporting.</font></i>&#160;
You will have any reporting relationships set forth in your
Schedule.&#160; You will have the authority
and responsibilities that correspond to your position, including any particular
authority and responsibilities that are specified in the Schedule&nbsp;or that
the Company&#146;s Board of Directors (the &#147;<i><font style="font-style:italic;">Board</font></i>&#148;)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or any officer of the Group to whom you
report in accordance with your Schedule&nbsp;may assign to you from time to
time consistent with the provisions of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c) <i><font style="font-style:italic;">Performance</font></i>.&#160; During your employment, you will devote
substantially all of your business time and attention to the Group and will use
good faith efforts to discharge your responsibilities under this Agreement to
the best of your ability.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d) <i><font style="font-style:italic;">Other Activities</font></i>.&#160; During your employment, you<b><font style="font-weight:bold;">  </font></b>may serve on corporate, civic or
charitable boards and manage personal investments, <i><font style="font-style:italic;">so long as</font></i> these activities do not significantly interfere
with your performance of your responsibilities under this Agreement and are
consistent with the Group&#146;s Code of Conduct and Ethics.&#160; The Company acknowledges that you currently
serve on, and approves your continued service on, the corporate, civic and
charitable boards listed in your Schedule.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">4.</font></i></b><b><font size="1" style="font-size:3.0pt;font-style:normal;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:bold;">Term of Your Employment</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your employment under this Agreement will
begin at the time the merger provided for in the Merger Agreement becomes
effective (your &#147;<i><font style="font-style:italic;">Start Date</font></i>&#148;) and
end on the earlier of (1) the end of the Agreement Period stated in your Schedule&nbsp;or
(2) the effectiveness of early termination of your employment under Section&nbsp;7(e).&#160; References in this Agreement to &#147;<i><font style="font-style:italic;">your employment</font></i>&#148; are to your employment
under this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">5.</font></i></b><b><font size="1" style="font-size:3.0pt;font-style:normal;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:bold;">Your Compensation</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a) <i><font style="font-style:italic;">Salary</font></i>.&#160; During your employment, you will receive an
annual base salary (adjusted as provided herein from time to time, your &#147;<i><font style="font-style:italic;">Salary</font></i>&#148;).&#160;
The starting amount of your Salary is stated in your Schedule.&#160; The Company may increase it at any time for
any reason.&#160; The Company may not decrease
your Salary (including after any increase), and any increase in your Salary
will not reduce or limit any other obligation to you under this Agreement.&#160; Your Salary will be paid in accordance with
the Group&#146;s practices for similarly situated executives.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b) <i><font style="font-style:italic;">Bonus</font></i>.&#160; You will be entitled to receive an annual
cash bonus (your &#147;<i><font style="font-style:italic;">Bonus</font></i>&#148;) for
each fiscal year of the Company ending during your employment.&#160; The amount of your Bonus will be determined
by the Company in accordance with your Schedule, and it will be paid in
accordance with the Group&#146;s practices for similarly situated executives of the
Group.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c) <i><font style="font-style:italic;">Other Executive Compensation
Plans and Additional Compensation</font></i>.&#160;
During your employment, you will be entitled to participate in all of
the Group&#146;s executive compensation plans, including any management incentive
plans, deferred compensation plans, supplemental retirement plans and stock and
stock option plans, on a basis that is at least as favorable as that provided
to similarly situated executives of the Group (subject to the provisions of
your Schedule).&#160; You will also receive
any additional compensation provided in your Schedule.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">6.</font></i></b><b><font size="1" style="font-size:3.0pt;font-style:normal;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:bold;">Employee Benefits.</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a) <i><font style="font-style:italic;">Employee Benefit Plans</font></i>.&#160; During your employment, you will be entitled
to (1) participate in each of the Group&#146;s employee benefit and welfare plans,
including plans</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">providing retirement benefits or medical,
dental, hospitalization, life or disability insurance, and (2) receive
perquisites, <i><font style="font-style:italic;">in each case</font></i> on a
basis that is at least as favorable as that provided to similarly situated
executives of the Group (subject to the provisions of your Schedule).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b) <i><font style="font-style:italic;">Vacation</font></i>.&#160; You will be entitled to paid annual vacation
during your employment on a basis that is at least as favorable as that
provided to similarly situated executives of the Group.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c) <i><font style="font-style:italic;">Business Expenses</font></i>.&#160; You will be reimbursed for all business and
entertainment expenses incurred by you in performing your responsibilities
under this Agreement.&#160; <i><font style="font-style:italic;">However</font></i>, your reimbursement will be
subject to the Group&#146;s normal practices for similarly situated executives.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d) <i><font style="font-style:italic;">Indemnification</font></i>.&#160; To the extent permitted by law, the Company
will indemnify you against any actual or threatened action, suit or proceeding,
whether civil, criminal, administrative or investigative, arising by reason of
your status as a director, officer, employee and/or agent of the Group during
your employment or your status, if any, as a trustee or other fiduciary of any
employee benefit plan sponsored by any member of the Group.&#160; In addition, to the extent permitted by law,
the Company will pay or reimburse any expenses, including reasonable attorney&#146;s
fees, you incur in investigating and defending any actual or threatened action,
suit or proceeding for which you may be entitled to indemnification under this Section&nbsp;6(d).&#160; However, you agree to repay any expenses paid
or reimbursed by the Company if it is ultimately determined that you are not
legally entitled to be indemnified by the Company.&#160; If the Company&#146;s ability to make any payment
contemplated by this Section&nbsp;6(d) depends on an investigation or
determination by the board of directors of any member of the Group, at your
request the Company will use its best efforts to cause the investigation to be
made (at the Company&#146;s expense) and to have the relevant board reach a
determination as soon as reasonably possible.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e) <i><font style="font-style:italic;">Additional Benefits</font></i>.&#160; During your employment, you will be provided
any additional benefits stated in your Schedule.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">7.</font></i></b><b><font size="1" style="font-size:3.0pt;font-style:normal;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:bold;">Early Termination of Your Employment.</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a) <i><font style="font-style:italic;">No Reason Required</font></i>.
You or the Company may terminate your employment early at any time for any
reason, or for no reason, subject to compliance with Section&nbsp;7(e).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(b) </font></i>Termination
by the Company for Cause.</h2>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font style="font-style:normal;">&nbsp;</font></h2>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#147;<i><font style="font-style:italic;">Cause</font></i>&#148; means any of the following:</p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Your willful failure to
perform substantially your responsibilities under this Agreement, <i><font style="font-style:italic;">after </font></i>demand for substantial performance
has been given by the Board that specifically identifies how you have not
substantially performed your responsibilities,</p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Your conviction of any
felony or of a misdemeanor involving fraud, dishonesty, or moral turpitude,</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Your willful or
intentional material breach of this Agreement that results in financial or
reputational detriment to the Group that is not <i><font style="font-style:italic;">de minimis</font></i>,</p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(D)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Your willful or
intentional material misconduct in the performance of your duties under the
Agreement that results in financial or reputational detriment to the Group that
is not <i><font style="font-style:italic;">de minimis</font></i>,</p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(E)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Your willful material
breach of the Group&#146;s Code of Business Conduct and Ethics if the breach is of a
nature for which other similarly situated executives of the Group would be
terminated, or</p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(F)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Your willful attempt to
obstruct or willful failure to cooperate with any investigation authorized by
the Board or any governmental or self-regulatory entity.</p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For this
definition, (i) no act or omission by you will be &#147;willful&#148; unless it is made
by you in bad faith or without a reasonable belief that your act or omission
was in the best interests of the Group and (ii) any act or omission by you
based on authority given pursuant to a resolution duly adopted by the Board or
on the advice of counsel for the Group will be deemed made in good faith and in
the best interests of the Company.</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To terminate your
employment &#147;for Cause&#148;, Cause must have occurred and the Company must comply
with Section&nbsp;7(e) and any other steps required in your Schedule&nbsp;for
termination for Cause.</p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(c)</font></i><font size="1" style="font-size:3.0pt;font-style:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Termination
by You for Good Reason.</h2>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font style="font-style:normal;">&nbsp;</font></h2>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#147;<i><font style="font-style:italic;">Good Reason</font></i>&#148; means any of the following:</p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any material and adverse
change in your position from that provided in your Schedule&nbsp;(including by
reason of removal or failure to be elected or re-elected),</p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any failure by the
Company to provide you with authority, responsibilities and reporting
relationships as provided in Section&nbsp;3(b) (including assigning you duties
materially inconsistent with your position and responsibilities),</p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any failure by the
Company to provide you with compensation or benefits as provided in Section&nbsp;5
and Section&nbsp;6,</p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(D)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any failure by the
Company to comply with Section&nbsp;12(c), or</p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(E)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The occurrence of any
additional event set forth in your Schedule&nbsp;as being Good Reason.</p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To terminate your
employment &#147;for Good Reason&#148;, Good Reason must have occurred and you must
comply with Section&nbsp;7(e) and any other steps</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">required in
your Schedule&nbsp;for termination for Good Reason.&#160; <i><font style="font-style:italic;">However</font></i>,
(A) Good Reason will not include any isolated, insubstantial and inadvertent
failure by the Company that is not in bad faith and is cured promptly on your
giving the Company notice, (B) if you do not give a Termination Notice to the
Company within 180 days after you have knowledge that an event constituting
Good Reason has occurred, the event will no longer constitute Good Reason, and
(C) an event will not constitute Good Reason if you have consented to it in
accordance with Section&nbsp;14(f).</font></p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(d)</font></i><font size="1" style="font-size:3.0pt;font-style:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Termination
on Disability or Death.</h2>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font style="font-style:normal;">&nbsp;</font></h2>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#147;<i><font style="font-style:italic;">Disability</font></i>&#148; means your absence from your
responsibilities with the Company on a full-time basis for 130 business days in
any consecutive 12 months as a result of incapacity due to mental or physical
illness or injury.&#160; If the Company
determines in good faith that your Disability has occurred, it may give you
Termination Notice.&#160; If, within 30 days
of Termination Notice, you do not return to full-time performance of your
responsibilities, your employment will terminate (the &#147;<i><font style="font-style:italic;">Disability Effective Date</font></i>&#148;).&#160; If you do return to full-time performance in
that 30-day period, the Termination Notice will be cancelled.&#160; Except as provided in this Section&nbsp;7(d),
any incapacity due to mental or physical illness or injury will not affect the
Company&#146;s obligations under this Agreement.</p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Your employment will
terminate automatically on your death.</p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(e)</font></i><font size="1" style="font-size:3.0pt;font-style:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Termination
Notice.</h2>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font style="font-style:normal;">&nbsp;</font></h2>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To terminate your
employment early, either you or the Company must provide a Termination Notice
to the other.&#160; A &#147;<i><font style="font-style:italic;">Termination Notice</font></i>&#148; is a written notice
that states the specific provision of this Agreement on which termination is
based, including, if applicable, the specific clause of the definition of Cause
or Good Reason and a reasonably detailed description of the facts that permit
termination under that clause.&#160; (The
failure to include any fact in a Termination Notice that contributes to a
showing of Cause or Good Reason does not preclude either party from asserting
that fact in enforcing its rights under this Agreement.)</p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If your employment is
terminated by the Company other than for Disability or death or you terminate
your employment for Good Reason, your employment will end on the date specified
in the Notice of Termination.&#160; If you
terminate your employment without Good Reason, your employment will end 60 days
after the Company receives the Termination Notice (although the Company may
accelerate the end of your employment by providing you with notice or,
alternatively, may place you on paid leave during such period).&#160; If your employment is terminated by reason of
your death or Disability, your employment will end on the date of death or the
Disability Effective Date, as applicable.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

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</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">8.</font></i></b><b><font size="1" style="font-size:3.0pt;font-style:normal;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:bold;">The Company&#146;s Obligations in Connection With Your Early
Termination</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a) <i><font style="font-style:italic;">General Effect</font></i>.&#160; On termination in accordance with Section&nbsp;7,
your employment will end and the Group will have no further obligations to you
except as provided in this Section&nbsp;8.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b) <i><font style="font-style:italic;">For Good Reason or Without
Cause</font></i>.&#160; If the Company
terminates your employment without Cause or you terminate your employment for
Good Reason:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company will pay you
the following as of the end of your employment:&#160;
(A) your unpaid Salary, (B) your Salary for any accrued but unused
vacation and (C) any accrued expense reimbursements (together, your &#147;<i><font style="font-style:italic;">Accrued Compensation</font></i>&#148;).&#160; In addition, the Company will timely pay you
any other amounts and provide you any benefits that are required, or to which
you are entitled (in each case as an active employee for any period before the
effectiveness of early termination of your employment and as a terminated
employee after effectiveness), under any plan or contract of the Company or the
Group (together, the &#147;<i><font style="font-style:italic;">Other Accrued Benefits</font></i>&#148;).</p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company will pay you
your Accrued Bonus. <b><font style="font-weight:bold;">&#160;</font></b>Your &#147;<i><font style="font-style:italic;">Accrued Bonus</font></i>&#148; means the sum of (A) any unpaid but vested
Bonus for the fiscal year ending before Termination Notice is given and (B) any
excess of (i) your target Bonus for the fiscal year in which Termination Notice
is given <i><font style="font-style:italic;">multiplied by</font></i> the number
of days of your employment since the fiscal year ending before Termination
Notice is given <i><font style="font-style:italic;">divided by</font></i> 365 <i><font style="font-style:italic;">over</font></i> (ii) any Bonus paid to you for a
fiscal year ending after Termination Notice is given.</p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company will pay you
(A) the sum of your Salary and your target Bonus for the fiscal year in which
Termination Notice is given <i><font style="font-style:italic;">multiplied by </font></i>(B)
the length of the Severance Period stated in your Schedule&nbsp;(in years,
including any fractional years).</p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All stock options issued
by the Group to you will vest and become immediately exercisable, and, subject
to your Schedule, will remain exercisable for at least 12 months after the end
of your employment (or, if earlier, until they would have expired but for your
termination).&#160; All restricted stock and
other equity-based compensation awarded by the Group to you will vest and
become immediately payable.&#160; The benefits
in this Section&nbsp;8(b)(4) are referred to as &#147;<i><font style="font-style:italic;">Accelerated Vesting</font></i>&#148;.</p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company will provide
any &#147;Additional Good Reason/Without Cause Benefits&#148; provided in your Schedule.</p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c) <i><font style="font-style:italic;">For Cause or without Good
Reason</font></i>.&#160; If the Company terminates
your employment for Cause or you terminate your employment without Good Reason,
the Company will pay you your Accrued Compensation and will provide you your
Other Accrued Benefits.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d) <i><font style="font-style:italic;">Death or Disability</font></i>.&#160; If your employment terminates as a result of
your Death or Disability, the Company will pay you your Accrued Compensation
and Accrued Bonus</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and will provide your Other Accrued
Benefits.&#160; The Company will also provide
any &#147;Additional Death/Disability Benefits&#148; provided in your Schedule.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e) <i><font style="font-style:italic;">Additional Provisions</font></i>.&#160; Your Schedule&nbsp;may provide additional
provisions that relate to the Company&#146;s obligations in this Section&nbsp;8 or
the Company&#146;s obligations on your termination generally.&#160; These provisions are a part of this
Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f) <i><font style="font-style:italic;">Condition</font></i>.&#160; Subject to your Schedule, as a condition to
making the payments and providing the benefits stated in this Section&nbsp;8,
the Company may require you to execute and deliver a general release
(substantially in the form attached as Exhibit A) in which you release all
claims that you may have against any member of the Group and any of their
respective past or present officers, directors, employees or agents <i><font style="font-style:italic;">other than </font></i>your rights under this
Agreement, your rights under any Other Accrued Benefits, and your rights to
indemnification and continued liability insurance coverage (under this
Agreement or otherwise).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g) <i><font style="font-style:italic;">Timing</font></i>.&#160; Subject to Section&nbsp;8(f), the benefits
provided in this Section&nbsp;8 will begin at the end of your employment, any
cash payments owed to you under this Section&nbsp;8 will be paid in a lump sum<b><font style="font-weight:bold;">  </font></b>amount no later than 15 business days
following the termination of your employment, and the Other Accrued Benefits
will be provided in accordance with the terms of the relevant plan or contract.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h) <i><font style="font-style:italic;">Resignation from
Directorships and Officerships</font></i>.&#160;
Unless the Group waives this requirement, the termination of your
employment for any reason will constitute your resignation from (1) any
director, officer or employee position you then have with any member of the
Group and (2) all fiduciary positions (including as trustee) you hold with
respect to any pension plans or trusts established by any member of the
Group.&#160; You agree that this Agreement
will serve as your written notice of resignation in this circumstance.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">9.</font></i></b><b><font size="1" style="font-size:3.0pt;font-style:normal;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:bold;">Proprietary Information.</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a) <i><font style="font-style:italic;">Definition</font></i>.&#160; &#147;<i><font style="font-style:italic;">Proprietary
Information</font></i>&#148; means confidential or proprietary information,
knowledge or data concerning (1) the Group&#146;s businesses, strategies,
operations, financial affairs, organizational matters, personnel matters,
budgets, business plans, marketing plans, studies, policies, procedures,
products, ideas, processes, software systems, trade secrets and technical
know-how, and other information regarding the business of the Group and (2) any
matter relating to clients of the Group or other third parties having
relationships with the Group.&#160;
Proprietary Information may include information furnished to you orally
or in writing (whatever the form or storage medium) or gathered by inspection,
in each case before or after the date of this Agreement.&#160; However, Proprietary Information does not
include information (1) that was or becomes generally available to you on a
non-confidential basis, if the source of this information was not reasonably
known to you to be bound by a duty of confidentiality, (2) that was or becomes
generally available to the public or within the relevant trade or industry,
other than as a result of a disclosure by you, directly or indirectly, or (3)
that was independently developed by you without reference to any Proprietary
Information.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b) <i><font style="font-style:italic;">Use and Disclosure</font></i>.&#160; You will obtain or create Proprietary
Information in the course of your involvement in the Group&#146;s activities and may
already have Proprietary</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Information.&#160;
You agree that the Proprietary Information is the exclusive property of
the Group, and that, during your employment, you will use and disclose
Proprietary Information only for the Group&#146;s benefit and in accordance with any
restrictions placed on its use or disclosure by the Group.&#160; After your employment, you will not use or
disclose any Proprietary Information.&#160;
Notwithstanding anything to the contrary in this Section&nbsp;9(b),
Proprietary Information may be disclosed when required by law or by any court,
arbitrator, mediator or administrative or legislative body (including any
committee thereof), <i><font style="font-style:italic;">provided</font></i> that
(1) you shall request confidential treatment with respect to such information
and/or request matters with respect to such information be sealed and (2) you
shall disclose the minimum amount required.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c) <i><font style="font-style:italic;">Limitations</font></i>.&#160; Nothing in this Agreement prohibits you or
the Group from providing truthful testimony to governmental, regulatory or
self-regulatory authorities.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">10.</font></i></b><b><font size="1" style="font-size:3.0pt;font-style:normal;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:bold;">On-going Restrictions on Your Activities</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a) <i><font style="font-style:italic;">Terms used</font></i>.&#160; This Section&nbsp;uses the following defined
terms:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:24.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Competitive Enterprise</font></i>&#148; means (1) Bank of
Hawaii, First Hawaiian Bank, American Savings Bank, Finance Factors and Hawaii
National Bank and any successors thereto or (2) any business enterprise that
holds a 25% or greater equity, voting or profit participation interest in any
of the preceding.</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:24.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:24.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Client</font></i>&#148; means any client of the Company to
whom you provided services, for whom you transacted business, or whose identity
became known to you in connection with your employment by the Group.</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:24.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:24.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Solicit</font></i>&#148;<i><font style="font-style:italic;">
</font></i>means any communication, regardless of who initiates it, that
invites, advises, encourages or requests any person to take or refrain from
taking any action.</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:24.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:24.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Restriction Period</font></i>&#148; has the meaning set
forth in the Schedule.</font></p>

<p style="margin:0in 0in .0001pt 49.5pt;text-autospace:none;text-indent:24.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(b) </font></i>Your
Importance to the Group and the Effect of this Section&nbsp;10.&#160; <font style="font-style:normal;">You
acknowledge that, in the course of your involvement in the Group&#146;s activities,
you will have access to Proprietary Information and the Group&#146;s client base and
will yourself profit from the goodwill associated with the Group.&#160; On the other hand, in view of your access to
Proprietary Information and your importance to the Group, if you compete with
the Group for some time after your employment, the Group will likely suffer
significant harm but the amount of loss would be uncertain and not readily
ascertainable.&#160; You understand that this Section&nbsp;10
will limit your ability to earn a livelihood in a Competitive Enterprise and
your relationships with Clients but you have determined that your complying
with this Section&nbsp;10 will not result in severe economic hardship for you
or your family.</font></h2>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font style="font-style:normal;">&nbsp;</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c) <i><font style="font-style:italic;">Non-Competition</font></i>.&#160; Until the end of your Restriction Period, you
will not, directly or indirectly:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>hold a 5% or greater
equity, voting or profit participation interest in a Competitive Enterprise; or</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>associate (including as a
director, officer, employee, partner, consultant, agent or advisor) with a
Competitive Enterprise and in connection with your association engage in
Hawaii, or directly or indirectly manage or supervise personnel engaged in
Hawaii, in any activity:</p>

<p style="margin:0in 0in .0001pt 48.25pt;text-autospace:none;text-indent:23.75pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>that is substantially
similar to any activity that you were engaged in,</p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:24.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>that calls for the
application of specialized knowledge or skills substantially similar to those
used by you in your activities;</p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:24.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>that is substantially
similar to any activity for which you had direct or indirect managerial or
supervisory responsibility,</p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;text-indent:24.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 48.0pt;text-autospace:none;text-indent:.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">in each case</font></i>,<b><font style="font-weight:bold;">
</font></b>for the Group at any time during the year before the end of your
employment (or, if earlier, the year before the date of determination).</p>

<p style="margin:0in 0in .0001pt 48.0pt;text-autospace:none;text-indent:.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d) <i><font style="font-style:italic;">Non-Solicitation of
Clients</font></i>.&#160; Until the end of
your Restriction Period, you will not, directly or indirectly, Solicit any
Client to transact business with a Competitive Enterprise or to reduce or
refrain from doing any business with the Group.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e) <i><font style="font-style:italic;">Non-Solicitation of Group
Employees</font></i>.&#160; Until the end of
your Restriction Period, you will not, directly or indirectly, Solicit anyone
who is then an employee of the Group (or who was an employee of the Group
within the prior six months) to resign from the Group or to apply for or accept
employment with any Competitive Enterprise.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f) <i><font style="font-style:italic;">Notice to New Employers</font></i>.&#160; Before you either apply for or accept
employment with any other person or entity while any of Section&nbsp;10 (c),
(d), or (e) is in effect, you will provide the prospective employer with
written notice of the provisions of this Section&nbsp;10 and will deliver a
copy of the notice to the Group.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g) <i><font style="font-style:italic;">No Disparagement</font></i>.&#160; You shall make no public statement that would
libel, slander or disparage any member of the Group or any of their respective
past or present officers, directors, employees or agents.&#160; The Company agrees that it shall (and shall
use good faith efforts to cause the Chief Executive Officer of the Company, the
Board, and its officers and employees to) make no public statement that would
libel, slander or disparage you.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h) <i><font style="font-style:italic;">Survival</font></i>.&#160; Any termination of your employment (or breach
of this Agreement by you or the Group) shall have no effect on the continuing
operation of this Section&nbsp;10.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">11.</font></i></b><b><font size="1" style="font-size:3.0pt;font-style:normal;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:bold;">Effect on Other Agreements.</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a) <i><font style="font-style:italic;">Prior Employment
Agreements and Severance Rights</font></i>.&#160;
Beginning on your Start Date, this Agreement will supersede any earlier
employment agreement or understanding and any earlier severance,
change-in-control or similar rights you may have with any member of the Group
(including CB Bancshares or any affiliate of it).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b) <i><font style="font-style:italic;">Effect on Other
Agreements; Entire Agreement</font></i>. This Agreement is the entire agreement
between you and the Company with respect to the relationship contemplated by</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">this Agreement and supersedes any earlier
agreement, written or oral, with respect to the subject matter of this
Agreement.&#160; You agree that you are not
entitled to any severance, change-in-control or similar rights under any plan
of the Group.&#160; In entering into this
Agreement, no party has relied on or made any representation, warranty,
inducement, promise or understanding that is not in this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">12.</font></i></b><b><font size="1" style="font-size:3.0pt;font-style:normal;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:bold;">Successors.</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a) <i><font style="font-style:italic;">Payments on Your Death</font></i>.&#160; If you die and any amounts become payable
under this Agreement, the Company will pay those amounts to your estate.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b) <i><font style="font-style:italic;">Assignment by You</font></i>.&#160; You may not assign this Agreement without the
Company&#146;s consent.&#160; Also, except as
required by law, your right to receive payments or benefits under this
Agreement may not be subject to execution, attachment, levy or similar
process.&#160; Any attempt to effect any of
the preceding in violation of this Section&nbsp;12(b), whether voluntary or
involuntary, will be void.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c) <i><font style="font-style:italic;">Assumption by any
Surviving Company</font></i>.&#160; The
Company will require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business
or assets of the Company to assume expressly and agree to perform this
Agreement in the same manner and to the same extent that the Company would be required
to perform it if no such succession had taken place.&#160; As used in this Agreement, <i><font style="font-style:italic;">&#147;Company&#148;</font></i> shall mean the Company as
hereinbefore defined and any successor to all or substantially all of its
business or assets.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">13.</font></i></b><b><font size="1" style="font-size:3.0pt;font-style:normal;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:bold;">Disputes.</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a) <i><font style="font-style:italic;">Employment Matter</font></i>.&#160; This Section&nbsp;13 applies to any
controversy or claim between you and the Group arising out of or relating to or
concerning any aspect of this Agreement, your employment with the Group or the
Company, the termination of that employment or your compensation or benefits
from the Group or the Company (together, an &#147;<i><font style="font-style:italic;">Employment
Matter</font></i>&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b) <b><i><font style="font-style:italic;font-weight:bold;">Mandatory
Arbitration</font></i>.&#160; Subject to the
provisions of this Section&nbsp;13, any Employment Matter will be finally
settled by arbitration in Honolulu, Hawaii administered by the American
Arbitration Association under its Commercial Arbitration Rules then in effect.</b>&#160; However, the rules will be modified in the
following ways: (1) each arbitrator will agree to treat as confidential
evidence and other information presented to the same extent as the information
is required to be kept confidential under Section&nbsp;9, (2) the optional
Rules for Emergency Measures of Protections will apply, (3) you and the Group
agree not to request any amendment or modification to the terms of this
Agreement except as provided in Section&nbsp;14(c), (4) a decision must be
rendered within 10 business days of the parties&#146; closing statements or
submission of post-hearing briefs and (5) the arbitration will be conducted
before a panel of three arbitrators, one selected by you within 10 days of the
commencement of arbitration, one selected by the Company in the same period and
the third selected jointly by these arbitrators (or, if they are unable to
agree on an arbitrator within 30 days of the commencement of arbitration, the
third arbitrator will be appointed by the American Arbitration Association; <i><font style="font-style:italic;">provided</font></i> that the arbitrator shall be a
partner or former partner at a nationally recognized law firm).</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c) <b><i><font style="font-style:italic;font-weight:bold;">Limitation
on Damages</font></i>.&#160; You and the Group
agree that there will be no punitive damages payable as a result of any
Employment Matter and agree not to request punitive damages.</b></font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d) <i><font style="font-style:italic;">Injunctions and
Enforcement of Arbitration Awards</font></i>.&#160;
You or the Group may bring an action or special proceeding in a state or
federal court of competent jurisdiction sitting in Honolulu, Hawaii<b><font style="font-weight:bold;">  </font></b>to enforce any arbitration award under Section&nbsp;13(b).&#160; Also, the Group may bring such an action or
proceeding, in addition to its rights under Section&nbsp;13(b) and whether or
not an arbitration proceeding has been or is ever initiated, to temporarily,
preliminarily or permanently enforce any part of Sections 9 and 10.&#160; You agree that (1) your violating any part of
Sections 9 and 10 would cause damage to the Group that cannot be measured or
repaired, (2) the Group therefore is entitled to an injunction, restraining
order or other equitable relief restraining any actual or threatened violation
of those Sections, (3) no bond will need to be posted for the Group to receive
such an injunction, order or other relief and (4) no proof will be required
that monetary damages for violations of those Sections would be difficult to
calculate and that remedies at law would be inadequate.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e) <b><i><font style="font-style:italic;font-weight:bold;">Jurisdiction
and Choice of Forum</font></i>.&#160; You and
the Group irrevocably submit to the exclusive jurisdiction of any state or
federal court located in Honolulu, Hawaii (the &#147;<i><font style="font-style:italic;">Forum</font></i>&#148;) over any Employment Matter that is not otherwise
arbitrated or resolved according to Section&nbsp;13(b).</b>&#160; This includes any action or proceeding to
compel arbitration or to enforce an arbitration award.&#160; Both you and the Group (1) acknowledge that
the Forum has a reasonable relation to this Agreement and to the relationship
between you and the Group and that the submission to the Forum will apply even
if the forum chooses to apply non-Forum law, (2) waive, to the extent permitted
by law, any objection to personal jurisdiction or to the laying of venue of any
action or proceeding covered by this Section&nbsp;13(e) in the Forum, (3) agree
not to commence any such action or proceeding in any forum other than the Forum
and (4) agree that, to the extent permitted by law, a final and non-appealable
judgment in any such action or proceeding in any such court will be conclusive
and binding on you and the Group.&#160;
However, nothing in this Agreement precludes you or the Group from
bringing any action or proceeding in any court for the purpose of enforcing the
provisions of Sections 13(b) and this 13(e).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f) <b><i><font style="font-style:italic;font-weight:bold;">Waiver of
Jury Trial</font></i>.&#160; To the extent
permitted by law, you and the Group waive any and all rights to a jury trial
with respect to any Employment Matter.</b></font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g) <b><i><font style="font-style:italic;font-weight:bold;">Governing
Law</font></i>.&#160; This Agreement will be
governed by and construed in accordance with the laws of the State of Hawaii
applicable to contracts made and to be performed entirely within that State.</b></font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h) <i><font style="font-style:italic;">Costs</font></i>.&#160; The Company will pay or reimburse any
reasonable expenses, including reasonable attorney&#146;s fees, you incur as a
result of any Employment Matter, <i><font style="font-style:italic;">provided</font></i>
that you substantially prevail in the Employment Matter.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i) <i><font style="font-style:italic;">Interest</font></i>.&#160; If the Company fails to pay when due any
amount required by the Agreement, it shall pay interest on such amount at a
rate equal to its prime commercial lending rate.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j) <i><font style="font-style:italic;">Survival</font></i>.&#160; For the avoidance of doubt, any termination
of your employment (or breach of this Agreement by you or the Group) shall have
no effect on the continuing operation of this Section&nbsp;13.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;font-weight:bold;">14.</font></i></b><b><font size="1" style="font-size:3.0pt;font-style:normal;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-style:normal;font-weight:bold;">General Provisions.</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">&nbsp;</font></i></h1>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(a)</font></i><font size="1" style="font-size:3.0pt;font-style:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Construction.</h2>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font style="font-style:normal;">&nbsp;</font></h2>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 48.0pt;text-autospace:none;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>References
(A) to <i><font style="font-style:italic;">Sections </font></i>are to sections
of this Agreement unless otherwise stated; (B) to any <i><font style="font-style:italic;">contract</font></i> (including this Agreement) are to
the contract as amended, modified, supplemented or replaced from time to time;
(C) to any <i><font style="font-style:italic;">statute,</font></i>  <i><font style="font-style:italic;">rule</font></i> or <i><font style="font-style:italic;">regulation</font></i>
are to the statute, rule or regulation as amended, modified, supplemented or
replaced from time to time (and, in the case of statutes, include any rules and
regulations promulgated under the statute) and to any <i><font style="font-style:italic;">section&nbsp;of any statute,</font></i>  <i><font style="font-style:italic;">rule or regulation</font></i> include any successor
to the section; (D) to any g<i><font style="font-style:italic;">overnmental
authority</font></i> include any successor to the governmental authority; (E)
to any <i><font style="font-style:italic;">plan</font></i> include any programs,
practices and policies; (F) to any <i><font style="font-style:italic;">entity</font></i>
include any corporation, limited liability company, partnership, association,
business trust and similar organization and include any governmental authority;
and (G) to any <i><font style="font-style:italic;">affiliate</font></i> of any
entity are to any person or other entity directly or indirectly controlling,
controlled by or under common control with the first entity.</p>

<p style="margin:0in 0in .0001pt 48.0pt;text-autospace:none;text-indent:24.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 48.0pt;text-autospace:none;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
various <i><font style="font-style:italic;">headings</font></i> in this
Agreement are for convenience of reference only and in no way define, limit or
describe the scope or intent of any provisions or Sections of this Agreement.</p>

<p style="margin:0in 0in .0001pt 48.0pt;text-autospace:none;text-indent:24.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 48.0pt;text-autospace:none;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Unless
the context requires otherwise, (A)&nbsp;words describing the singular number
include the plural and <i><font style="font-style:italic;">vice versa</font></i>,
(B)&nbsp;words denoting any gender include all genders and (C)&nbsp;the words &#147;<i><font style="font-style:italic;">include</font></i>&#148;, &#147;<i><font style="font-style:italic;">includes</font></i>&#148; and &#147;<i><font style="font-style:italic;">including</font></i>&#148;
will be deemed to be followed by the words &#147;without limitation&#148;.</p>

<p style="margin:0in 0in .0001pt 48.0pt;text-autospace:none;text-indent:24.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 48.0pt;text-autospace:none;text-indent:24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>It
is your and the Group&#146;s intention that this Agreement not be construed more
strictly with regard to you or the Group.</p>

<p style="margin:0in 0in .0001pt 48.0pt;text-autospace:none;text-indent:24.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b) <i><font style="font-style:italic;">Withholding</font></i>. You
and the Group will treat all payments to you under this Agreement as
compensation for services.&#160; Accordingly,
the Group may withhold from any payment any taxes that are required to be
withheld under any law, rule or regulation.&#160;
Any amounts so withheld will be timely and properly remitted by the
Company to the appropriate taxing authority.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c) <i><font style="font-style:italic;">Severability</font></i>. If
any provision of this Agreement (or if the application of any provision to a
person or particular circumstances) is found by any court of competent
jurisdiction (or legally empowered agency) to be illegal, invalid or
unenforceable for any reason, then (1) the provision will be amended
automatically to the minimum extent necessary to cure the illegality or
invalidity and permit enforcement and (2) the remainder of this Agreement will
not be affected.&#160; In particular, if any
provision of Section&nbsp;10 is so found to violate law or be unenforceable
because it applies for longer than a maximum permitted period or to greater
than a maximum permitted area, it will be automatically amended to apply for
the maximum permitted period and maximum permitted area.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d) <i><font style="font-style:italic;">No Set-off or
Mitigation/Etc</font></i>.&#160; Your and the
Company&#146;s respective obligations under this Agreement will not be affected by
any set-off, counterclaim, recoupment or other right you or any member of the
Group may have against each other or anyone else (except as provided in Section&nbsp;10).&#160; You do not need to seek other employment or
take any other action to mitigate any amounts owed to you under this Agreement,
and those amounts will not be reduced if you do obtain other employment (except
as this Agreement specifically states).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e) <i><font style="font-style:italic;">Bank Regulatory Limitation</font></i>.&#160; If any payment or benefit under this
Agreement would otherwise be a golden parachute payment within the meaning of Section&nbsp;18(k)
of the Federal Deposit Insurance Act (a &#147;<i><font style="font-style:italic;">Golden
Parachute Payment</font></i>&#148;) that is prohibited by applicable law, then the
total payments and benefit will be reduced to the greatest amount that could be
made to you without there being a Golden Parachute Payment.&#160; The Company will give you the opportunity to
select the order in which payments or benefits are reduced.&#160; To the extent reasonably practicable, the
Company will seek the approval of the Federal Deposit Insurance Corporation
and/or the State of Hawaii Division of Financial Institutions and any other
bank regulatory body, as necessary, to make any payment to you under this
Agreement that would otherwise constitute a Golden Parachute Payment.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f) <i><font style="font-style:italic;">Notices</font></i>.&#160; All notices, requests, demands, consents and
other communications under this Agreement must be in writing and will be deemed
given (1) on the business day sent, when delivered by hand or facsimile
transmission (with confirmation) during normal business hours, (2) on the
business day after the business day sent, if delivered by a nationally recognized
overnight courier or (3) on the third business day after the business day sent
if delivered by registered or certified mail, return receipt requested, in each
case to the following address or number (or to such other addresses or numbers
as may be specified by notice that conforms to this Section&nbsp;14(f)):</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If to you, to the address stated in your
Schedule, and</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If to the Company or any other member of the
Group, to:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 95.75pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Central Pacific Financial Corp.<br>
220 South King Street<br>
Honolulu, Hawaii 96813<br>
Attention:&#160; Glenn K.C. Ching<br>
Facsimile:&#160; (808) 544-0779</font></p>

<p style="margin:0in 0in .0001pt 95.75pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">with a copy to:</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 95.75pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sullivan &amp; Cromwell LLP<br>
125 Broad Street<br>
New York, New York 10004<br>
Attention:&#160; Marc Trevino<b><font style="font-weight:bold;"><br>
</font></b>Facsimile:&#160; 212-558-3588</font></p>

<p style="margin:0in 0in .0001pt 95.75pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g) <i><font style="font-style:italic;">Consideration</font></i>.&#160; This Agreement is entered in consideration of
the mutual covenants contained in this Agreement.&#160; You and the Group acknowledge the receipt and</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">sufficiency of the consideration to this
Agreement and intend this Agreement to be legally binding.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h) <i><font style="font-style:italic;">Amendments and Waivers</font></i>.&#160; Any provision of this Agreement may be
amended or waived but only if the amendment or waiver is in writing and signed,
in the case of an amendment, by you and the Company or, in the case of a
waiver, by the party that would have benefited from the provision waived.&#160; Except as this Agreement otherwise provides,
no failure or delay by you or the Group to exercise any right or remedy under
this Agreement will operate as a waiver, and no partial exercise of any right
or remedy will preclude any further exercise.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i) <i><font style="font-style:italic;">Third Party Beneficiaries</font></i>.&#160; Subject to Section&nbsp;12, this Agreement
will be binding on, inure to the benefit of and be enforceable by the parties
and their respective heirs, personal representatives, successors and
assigns.&#160; This Agreement does not confer
any rights, remedies, obligations or liabilities to any entity or person other
than you and the Company and your and the Company&#146;s permitted successors and
assigns, although this Agreement will inure to the benefit of, and confer related
rights and remedies on, the Group (including for this purpose for periods
before your Start Date, the Company, CB Bancshares and their respective
affiliates).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j) <i><font style="font-style:italic;">Counterparts</font></i>.&#160; This Agreement may be executed as
counterparts, each of which will constitute an original and all of which, when
taken together, will constitute one agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please confirm your acceptance of the terms
and conditions of your employment with the Company by signing where indicated
below.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:38.88%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly
  yours,</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:38.88%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.46%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:38.88%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Clint
  Arnoldus</font></p>
  </td>
 </tr>
 <tr>
  <td width="61%" valign="top" style="padding:0in 0in 0in 0in;width:61.12%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:38.88%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief
  Executive Officer</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accepted and
  Agreed:</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.16%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.84%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 4.8in;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Terms Schedule</font></b></p>

<p style="margin:0in 0in .0001pt 4.8in;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">to Employment Agreement of</font></b></p>

<p style="margin:0in 0in .0001pt 4.8in;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Mr. Douglas R. Weld</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Name and address for notices</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Douglas R. Weld<br>1048 Kaolo Street<br>
  Honolulu, Hawaii 96825<br>Facsimile: None</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Position</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You will serve as
  Executive Vice President and Chief Credit Officer of Central Pacific Bank.</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Reporting, Authority and Responsibilities</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You will report to the Chief Executive Officer of Central Pacific
  Bank. You will have the authority and responsibilities at least commensurate
  with the authority and responsibilities you held during the 90-day period
  immediately preceding the Effective Time (as defined in the Merger Agreement
  - being September 15, 2004).</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Other Activities</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Agreement Period</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your Agreement Period begins on your Start Date and will end at the
  close of business on the third&nbsp;anniversary
  of your Start Date.</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Starting Salary</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$195,000</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Bonus</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your Bonus will be determined based on the achievement of performance
  goals established by the Board (or a committee of the Board). Your minimum
  bonus target is equal to 30% of your Salary. Performance goals shall be set
  within the first 90 days of the Company&#146;s fiscal year.</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Other Executive Compensation Plans</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You agree that you will not be entitled to participate in any
  supplemental executive retirement plans sponsored by the Group. However,
  notwithstanding the foregoing, under the circumstances provided in this Agreement,
  you will be provided with benefits and/or payments as if your Supplemental
  Executive Retirement Agreement, dated May 1, 2003, with CB Bancshares (&#147;CB
  SERP Agreement&#148;) continued in effect.</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Moreover, in the event of any termination for Good Reason by you, to
  include termination for any reason or no reason by you on or before December
  31, 2005, you shall be entitled to receive payment of the greater of: (i) the
  Early Termination Benefit under Section 2.2 of your CB SERP Agreement or (ii)
  the Change of Control Benefit under Section 2.4 of your CB SERP Agreement,
  notwithstanding the lack of any further Change of Control (as defined in your
  CB SERP Agreement) or</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Change in Control (as defined in this Agreement and/or this
  Schedule).</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Additional Benefits</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Employee Benefit Plans</font></i>. For purposes of
  determining eligibility to participate in, and vesting under, the Group&#146;s
  employee benefit and welfare plans, you will be credited fully for your
  service with any member of the &#147;controlled group of corporations&#148; of which CB
  Bancshares was a member.</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Treatment of CBBI CIC Agreement and SERP
  Agreement. </font></i>You
  understand that, as of your Start Date, this Agreement will supersede and
  replace (a) your Change of Control Agreement, dated July 22, 2003, with
  CB Bancshares (the &#147;<i><font style="font-style:italic;">CB CIC Agreement</font></i>&#148;)
  and your Supplemental Executive Retirement Agreement, dated May 1, 2003<b><font style="font-weight:bold;">,</font></b> with CB Bancshares (the &#147;<i><font style="font-style:italic;">CB SERP
  Agreement</font></i>&#148;). However, under the circumstances provided in this
  Agreement, you will be provided with benefits and/or payments as if these
  agreements continued in effect.</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Treatment of CBBI Options</font></i>. You agree that you have waived any
  further rights under Section 7(d)(iii) of your CB CIC Agreement to receive cash in return for your CB
  Bancshares options and agree that these options will be converted into
  options to purchase common stock of the Company in accordance with the terms
  of the Merger Agreement.</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Vacation. </font></i>You will be entitled to vacation
  totaling at least four weeks a year. </p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Club Dues</font></i>. The Company will reimburse you
  for the customary annual club membership dues at a Hawaii country club in
  which you are a member.</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Other Perquisites. </font></i>The Company will (i)
  either provide you with or reimburse you for cell phone charges for two cell
  phones to be used primarily for business purposes, (ii) provide an automobile
  allowance of $700 per month and (iii) reimburse your parking fees (to the
  extent the Company does not provide you with a parking spot in the building
  in which you are required work).</p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Cause Steps</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No additional steps.</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Good Reason</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following will also constitute Good Reason:</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;&nbsp; Requiring
  you to be principally based at any office or location more than 30 miles from
  your office at the time of this Agreement (it will not, however, be Good
  Reason for the Company to require you to travel on business to an extent
  consistent with your travel obligations at the time of this Agreement).</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;&nbsp; If
  you terminate your employment for any reason or no reason prior to December
  31, 2005.</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Good Reason Steps</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you terminate your employment on or before December 31, 2005,
  pursuant to clause (2) of this Schedule (in other words by invoking your
  right to &#147;terminate your employment for any reason or no reason prior to
  December 31, 2005&#148;), then in such event the Company shall not be given any
  opportunity to cure (cure not being applicable to this instance). You agree
  that you will provide the Company with a Termination Notice at least 60 days
  prior to the termination date and/or agree to continue your employment with
  the Company for a period of at least 60 days after having given the
  Termination Notice, and in either event the Company may accelerate the end of
  your employment by providing you with notice or, alternatively, may place you
  on paid leave during such period. In the event the Company accelerates the
  end of your employment or places you on paid leave during the aforementioned
  60-day period, the Company will pay you for the full 60-day notice period. </font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you terminate your employment for any other &#147;Good Reason&#148; (other
  than pursuant to clause (2) of this Schedule) under Sections 7(c)(1)(A), (B),
  (C), (D), or clause (1) under the &#147;Good Reason&#148; section of this Schedule,
  then in such event the Company shall be given an opportunity to cure before
  the termination date specified in such notice. You agree that you will
  provide the Company with a Termination Notice at least 60 days prior to the
  termination date and/or agree to continue your employment with the Company
  for a period of at least 60 days after having given the Termination Notice,
  and in either event the Company may accelerate the end of your employment by
  providing you with notice or, alternatively, may place you on paid leave
  during such period. In the event the Company accelerates the end of your
  employment or places you on paid leave during the aforementioned 60-day
  period, the Company will pay you for the full 60-day notice period.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Severance Period</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your Severance Period will be the lesser of 2 years or the remainder
  of the Agreement Period.</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Additional Good Reason/Without Cause Benefits</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If during the Agreement Period the Company terminates your employment
  without Cause or you terminate your employment for Good Reason:</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;&nbsp; The
  Company will pay you any excess of $819,579.53<b><font style="font-weight:bold;">&nbsp; </font></b>(your &#147;<i><font style="font-style:italic;">Existing
  Severance Amount&#148;</font></i>) over the severance amount under Section
  8(b)(3).</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(2)&nbsp;&nbsp; </font>Through the remainder of your
  Severance Period, you, your spouse and your dependents will continue to be
  entitled to participate in each of the Group&#146;s employee benefit and welfare
  plans providing for medical, dental, hospitalization, life or disability
  insurance on a basis that is at least as favorable as that provided to similarly
  situated executives of the Group and at least as favorable as the basis in
  effect immediately before Termination Notice was given (the &#147;<i><font style="font-style:italic;">Welfare Benefits</font></i>&#148;). However, if the Group&#146;s plans do not
  permit you, your spouse or your dependents to participate on this basis, the
  Company will provide Welfare Benefits (with the same after-tax effect for
  you) outside of the plans. If you become employed during the Severance Period
  and are eligible for coverage from your new employer, the Welfare Benefits
  will be secondary to your new coverage (if the Group reimburses you for any
  increased cost and provides any additional benefits that are necessary to
  provide you with the full Welfare Benefits).<b><font style="font-weight:bold;">&nbsp; </font></b>Notwithstanding
  the foregoing, if you terminate your employment on or before December 31,
  2005, for a reason other than as specified under Sections 7(c)(1)(A), (B),
  (C), (D), or clause (1) under the &#147;Good Reason&#148; section of this Schedule, you
  will not be entitled to receive Welfare Benefits, as consideration for such
  Welfare Benefits is covered in your Existing Severance Amount. However, you
  will be entitled to elect to receive coverage under COBRA for a minimum of 18
  months after any such termination.</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&nbsp;&nbsp; The
  Company will pay you the greater of (a) the actuarial equivalent of the
  Normal Retirement Benefit under Section 2.1.1 of your CB SERP Agreement
  (calculated as if your CB SERP Agreement had continued in effect until the
  effective date of termination of your employment); or (b) $6,124.33, in each
  case in equal monthly installments over a 20</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="21%" colspan="2" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt .25in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">year term commencing on the first day of
  the month following your 65th birthday. We refer to your right in this Clause
  (3) as your &#147;<i><font style="font-style:italic;">SERP</font></i>&nbsp; <i><font style="font-style:italic;">Benefit</font></i>,&#148;
  the benefit in Clause (3)(a) as the &#147;<i><font style="font-style:italic;">Normal</font></i>&nbsp; <i><font style="font-style:italic;">SERP</font></i>&nbsp; <i><font style="font-style:italic;">Benefit</font></i>&#148; and
  the benefit in Clause 3(b) as the &#147;<i><font style="font-style:italic;">CIC</font></i>&nbsp; <i><font style="font-style:italic;">SERP</font></i>&nbsp; <i><font style="font-style:italic;">Benefit</font></i>&#148;.
  Instead of receiving your SERP Benefit in the form of a monthly installment
  commencing at age 65, you may elect to receive it in the form of a lump-sum
  payable at age 65 or, if earlier, your termination of employment: in the case
  of Clause (3)(a), the amount of such lump-sum would be the actuarial
  equivalent of the Normal SERP Benefit, and in the case of Clause (3)(b), the
  amount of such lump-sum would be the present value of the CIC SERP Benefit
  using a discount rate of 7%. As an illustration, as of your Start Date, the
  lump sum value of your CIC SERP Benefit is approximately $426,000.</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Additional Death/Disability Benefits</font></i></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If your employment terminates as a result of your Death or
  Disability: </font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;&nbsp; The
  Company will pay your Existing Severance Amount. </font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt .25in;text-autospace:none;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;&nbsp; The
  Company will pay your SERP Benefit.</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Additional Provisions Related to Section 8 of the Agreement.</font></i></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If there is a &#147;Change in Control&#148;, as defined in the attached Change
  in Control Annex, your Agreement Period will automatically extend to the
  third anniversary of the Change in Control and the payments and benefits
  provided in the Change in Control Annex will substitute for those stated in
  Section 8, <i><font style="font-style:italic;">provided, however</font></i>, your
  entitlement to the excess of your Existing Severance Amount over the
  severance amount under Section 8(b)(3) will terminate on the third anniversary
  of your Start Date.</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You are entitled to the additional payments set forth in the attached
  Additional Payments Annex. For the avoidance of doubt, the Company
  acknowledges that the rights conveyed pursuant to the Additional Payments
  Annex will apply to payments in connection with the merger contemplated by
  the Merger Agreement.</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you terminate your
  employment for any reason or no reason on or before December 31, 2005, the
  Company will pay you those amounts set forth in Sections 8(b)(1), 8(b)(2) and
  8(b)(3) of the Agreement and clauses (1) and (3) of the &#147;Additional Good
  Reason/Without Cause</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Benefits&#148; section of this
  Schedule. You will not receive payments which are duplicative of payments
  calculated as part of the Existing Severance Amount, such as, for example
  payments under clause (2) of the &#147;Additional Good Reason/Without Cause
  Benefits&#148; section of this Schedule.</font>&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your entitlement to your SERP Benefit shall survive termination of
  the Agreement, and the Company will pay you your SERP Benefit on any
  termination of your employment.</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Restriction Period</font></i></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Company terminates your employment without Cause or you
  terminate your employment for Good Reason, your &#147;Restriction Period&#148; will be
  the period beginning on your Start Date and ending at the end of your
  Severance Period.</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.68%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.32%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Company terminates your employment for Cause or you terminate
  your employment without Good Reason, your &#147;Restriction Period&#148; will be the
  period beginning on your Start Date and ending at the end of your Agreement
  Period.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p style="margin:0in 0in .0001pt 4.8in;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Change in Control Annex</font></b></p>

<p style="margin:0in 0in .0001pt 4.8in;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">to Employment Agreement of</font></b></p>

<p style="margin:0in 0in .0001pt 4.8in;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Douglas R. Weld</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></i></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="1" face="Times New Roman" style="font-size:9.0pt;font-style:normal;font-weight:bold;">1.&#160;&#160;&#160;&#160; Change in Control</font></i></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A &#147;<i><font style="font-style:italic;">Change in Control</font></i>&#148;<font style="letter-spacing:0pt;vertical-align:super;"><sup>  </sup></font>means any of the following:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h4 style="font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Individuals who, on the
date of the Agreement, constitute the Board (the <i><font style="font-style:italic;">&#147;Incumbent Directors</font></i>&#148;) cease
for any reason to constitute at least a majority of the Board, provided that
any person becoming a director subsequent to the date of the Agreement, whose
election or nomination for election was approved by a vote of at least two-thirds
of the Incumbent Directors then on the Board (either by a specific vote or by
approval of the proxy statement of the Company in which such person is named as
a nominee for director, without written objection to such nomination) shall be
an Incumbent Director; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>, that no individual initially elected or nominated
as a director of the Company as a result of an actual or threatened election
contest with respect to directors or as a result of any other actual or
threatened solicitation of proxies or consents by or on behalf of any person
other than the Board shall be deemed to be an Incumbent Director;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:.65in;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160; Any &#147;person&#148; (as such
term is defined in Section&nbsp;3(a)(9) of the Securities Exchange Act of 1934,
as amended (the &#147;<i><font style="font-style:italic;">Exchange Act</font></i>&#148;)
and as used in Sections&nbsp;13(d)(3) and 14(d)(2) of the Exchange Act) is or
becomes a &#147;beneficial owner&#148; (as defined in Rule&nbsp;13d-3 under the
Exchange Act), directly or indirectly, of securities of the Company
representing 25% or more of the combined voting power of the Company&#146;s then
outstanding securities eligible to vote for the election of the Board (the &#147;<i><font style="font-style:italic;">Company Voting Securities</font></i>&#148;);
<i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>,
that the event described in this paragraph&nbsp;(ii) shall not be deemed to be
a Change in Control by virtue of any of the following
acquisitions:&nbsp;&nbsp;(A)&nbsp;by the Company or any Subsidiary, (B) by any
employee benefit plan (or related trust) sponsored or maintained by the Company
or any Subsidiary, (C) by any underwriter temporarily holding securities
pursuant to an offering of such securities, (D)&nbsp;pursuant to a
Non-Qualifying Transaction (as defined in paragraph (iii), or (E)&nbsp;pursuant
to any acquisition by you or any group of persons including you (or any entity
controlled by you or any group of persons including you); or</font></h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:.65in;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160; The consummation of a
merger, consolidation, statutory share exchange, sale of all or substantially
all of the Company&#146;s assets, a plan of liquidation or dissolution of the
Company or similar form of corporate transaction involving the Company or any of
its Subsidiaries that requires the approval of the Company&#146;s stockholders,
whether for such transaction or the issuance of securities in the transaction
(a &#147;<i><font style="font-style:italic;">Business Transaction</font></i>&#148;),
unless immediately following such Business Transaction:&#160; (A)&nbsp;more than 50%<font style="letter-spacing:0pt;vertical-align:super;"><sup>  </sup></font>of the total voting power of
(x)&nbsp;the corporation resulting from such Business Transaction (the &#147;<i><font style="font-style:italic;">Surviving Corporation</font></i>&#148;),
or (y)&nbsp;if applicable, the ultimate parent corporation that directly or
indirectly has beneficial ownership of at least 95% of the voting securities
eligible to elect directors of the Surviving Corporation (the &#147;<i><font style="font-style:italic;">Parent Corporation</font></i>&#148;),
is represented by Company Voting Securities that were outstanding immediately
prior to such Business Transaction (or, if applicable, is represented by shares
into which such Company Voting Securities were converted pursuant to such
Business Transaction), and such voting power among the holders thereof is in
substantially the same proportion as the voting power of such Company Voting
Securities among the holders thereof immediately prior to the Business
Transaction, (B)&nbsp;no person (other</font></h4>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h4 style="font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">than any employee benefit plan (or related
trust) sponsored or maintained by the Surviving Corporation or the Parent
Corporation),<font style="letter-spacing:0pt;vertical-align:super;"><sup>  </sup></font>is or becomes
the beneficial owner, directly or indirectly, of 25% or more of the total
voting power of the outstanding voting securities eligible to elect directors
of the Parent Corporation (or, if there is no Parent Corporation, the Surviving
Corporation) and (C)&nbsp;at least a majority of the members of the board of
directors of the Parent Corporation (or, if there is no Parent Corporation, the
Surviving Corporation) following the consummation of the Business Transaction
were Incumbent Directors at the time of the Board&#146;s approval of the execution of
the initial agreement providing for such Business Transaction<font style="letter-spacing:0pt;vertical-align:super;"><sup>  </sup></font>(any Business Transaction which
satisfies all of the criteria specified in (A), (B) and (C) above shall be
deemed to be a &#147;<i><font style="font-style:italic;">Non-Qualifying Transaction</font></i>&#148;).</font></h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:.65in;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the foregoing, a Change in Control of the Company shall
not be deemed to occur solely because any person acquires beneficial ownership
of more than 25% of the Company Voting Securities as a result of the
acquisition of Company Voting Securities by the Company which reduces the
number of Company Voting Securities outstanding; <i><font style="font-style:italic;">provided</font></i>,
<i><font style="font-style:italic;">that</font></i> if after such acquisition by the
Company such person becomes the beneficial owner of additional Company Voting
Securities that increases the percentage of outstanding Company Voting
Securities beneficially owned by such person, a Change in Control of the
Company shall then occur.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="1" face="Times New Roman" style="font-size:9.0pt;font-style:normal;font-weight:bold;">2.&#160;&#160;&#160;&#160; Qualifying Terminations</font></i></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The provisions of this Change in Control Schedule apply to any &#147;<i><font style="font-style:italic;">Qualifying Termination</font></i>.&#148;&#160;
A qualifying termination is any of the following from the time of a
Change in Control until the two-year anniversary of a Change in Control:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160; The Company terminating
your employment without Cause;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:.65in;"><font size="2" face="Times New Roman">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:.65in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160; Your terminating your
employment for Good Reason;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:.65in;"><font size="2" face="Times New Roman">&nbsp;</font></h3>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Also, a Qualifying Termination will include any termination of your
employment before a Change in Control for reasons that would have constituted a
Qualifying Termination if they had occurred following a Change in Control if
(i) the termination (or Good Reason event) was in anticipation of a Change in
Control or at the request of a third party who had indicated an intention or
taken steps reasonably calculated to effect a Change in Control; and (ii) such
Change in Control (or an alternative or competing Change in Control) actually
occurs.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="1" face="Times New Roman" style="font-size:9.0pt;font-style:normal;font-weight:bold;">3.&#160;&#160;&#160;&#160; Payments on Qualifying Termination</font></i></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">&nbsp;</font></i></b></h1>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(1)</font></i>&#160;&#160;&#160;&#160;&#160; Qualifying
Terminations<font style="font-style:normal;">.</font>
<font style="font-style:normal;">&#160;If there is a Qualifying Termination, the
Company will make the payments and provide the benefits set forth in Section
8(b) of the Agreement (as if there were a termination for Good Reason) </font>except<font style="font-style:normal;"> that your Severance
Period will be 3 years (notwithstanding any contrary provision in the Agreement
or your Schedule).</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(2)</font></i>&#160;&#160;&#160;&#160;&#160; Other
Terminations<font style="font-style:normal;">.</font>
<font style="font-style:normal;">&#160;If your employment terminates other than as a
result of a Qualifying Termination, the terms of the Agreement will continue to
apply.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-size:9.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><b><i><font size="1" face="Times New Roman" style="font-size:9.0pt;font-style:normal;font-weight:bold;">4.&#160;&#160;&#160;&#160; General Provisions</font></i></b>.</h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(1)&#160;&#160;&#160;&#160;&#160; Part of the Agreement. This
Annex is part of your Employment Agreement (the &#147;</font></i>Agreement<font style="font-style:normal;">&#148;) with Central Pacific
Financial Corp., a Hawaii corporation.&#160;
However, to the extent this Annex is inconsistent with the Agreement,
this Annex will govern.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h2 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(2)&#160;&#160;&#160;&#160;&#160; Defined Terms. Terms used
but not defined in this Annex are used with the meaning assigned in the
Agreement.</font></i></h2>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;text-indent:0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.0in;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Additional Payments Annex</font></b><br>
<b><font style="font-weight:bold;">to Employment Agreement of</font></b><br>
<b><font style="font-weight:bold;">Douglas R. Weld</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-size:9.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt .25in;page-break-after:auto;text-autospace:none;text-indent:-.25in;"><b><i><font size="1" face="Times New Roman" style="font-size:9.0pt;font-style:normal;font-weight:bold;">1.</font></i></b><b><font size="1" style="font-size:3.0pt;font-style:normal;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font style="font-style:normal;font-weight:bold;">Gross-Up</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Anything in the
Agreement to the contrary notwithstanding, in the event it shall be determined
that any payment, award, benefit or distribution (or any acceleration of any
payment, award, benefit or distribution) by the Company (or any of its
affiliated entities) or any entity which effectuates a Change in Control (or
any of its affiliated entities) to or for your benefit (whether pursuant to the
terms of the Agreement or otherwise, but determined without regard to any
additional payments required under this Annex) (the &#147;<i><font style="font-style:italic;">Payments</font></i>&#148;) would be subject to the excise tax imposed by
Section 4999 of the Internal Revenue Code of 1986, as amended (the &#147;<i><font style="font-style:italic;">Code</font></i>&#148;), or any
interest or penalties are incurred by you with respect to such excise tax (such
excise tax, together with any such interest and penalties, are hereinafter
collectively referred to as the &#147;<i><font style="font-style:italic;">Excise
Tax</font></i>&#148;), then the Company shall pay to you an additional payment (a &#147;<i><font style="font-style:italic;">Gross-Up Payment</font></i>&#148;) in
an amount such that after payment by you of all taxes (including, without
limitation, any income taxes and any interest and penalties imposed with
respect thereto, and any excise tax) imposed upon the Gross-Up Payment, you
retain an amount of the Gross-Up Payment equal to the Excise Tax imposed upon
the Payments.&#160; For purposes of
determining the amount of the Gross-Up Payment, you shall be deemed to
(i)&nbsp;pay federal income taxes at the highest marginal rates of federal
income taxation for the calendar year in which the Gross-Up Payment is to be
made and (ii)&nbsp;pay applicable state and local income taxes at the highest
marginal rate of taxation for the calendar year in which the Gross-Up Payment
is to be made, net of the maximum reduction in federal income taxes which could
be obtained from deduction of such state and local taxes.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-size:9.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt .25in;page-break-after:auto;text-autospace:none;text-indent:-.25in;"><b><i><font size="1" face="Times New Roman" style="font-size:9.0pt;font-style:normal;font-weight:bold;">2.</font></i></b><b><font size="1" style="font-size:3.0pt;font-style:normal;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font style="font-style:normal;font-weight:bold;">Determination</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">General</font></i>.&#160; Subject to the provisions of this Annex, all
determinations required to be made under this Annex, including whether and when
a Gross-Up Payment is required, the amount of such Gross-Up Payment, the amount
of any Option Redetermination (as defined below) and the assumptions to be
utilized in arriving at such determinations, shall be made by the public
accounting firm that is retained by the Company as of the date immediately
prior to the Change in Control (the &#147;<i><font style="font-style:italic;">Accounting
Firm</font></i>&#148;) which shall provide detailed supporting calculations both to
the Company and you within fifteen (15) business days of the receipt of notice
from the Company or you that there has been a Payment, or such earlier time as
is requested by the Company (collectively, the &#147;<i><font style="font-style:italic;">Determination</font></i>&#148;).&#160;
Notwithstanding the foregoing, in the event (i) the Board shall
determine prior to the Change in Control that the Accounting Firm is precluded
from performing such services under applicable auditor independence rules, (ii)
the Audit Committee of the Board determines that it does not want the
Accounting Firm to perform such services because of auditor independence
concerns or (iii) the Accounting Firm is serving as accountant or auditor for
the person(s) effecting the Change in Control, the Board shall appoint another
nationally recognized public accounting firm to make the determinations
required hereunder (which accounting firm shall then be referred to as the
Accounting Firm hereunder).&#160; All fees and
expenses of the Accounting Firm shall be borne solely by the Company and the
Company shall enter into any agreement requested by the Accounting Firm in
connection with the performance of the services hereunder.&#160; The Gross-Up Payment under this Annex with respect
to any Payments shall be made no later than thirty (30) days following such
Payment.&#160; If the Accounting Firm
determines that no Excise Tax is payable by you, it shall</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">furnish you
with a written opinion to such effect, and to the effect that failure to report
the Excise Tax, if any, on your applicable federal income tax return will not
result in the imposition of a negligence or similar penalty.&#160; The Determination by the Accounting Firm
shall be binding upon the Company and you.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Underpayment
and Overpayment</font></i>.&#160; As a result
of the uncertainty in the application of Section 4999 of the Code at the time
of the Determination, it is possible that Gross-Up Payments which will not have
been made by the Company should have been made (&#147;<i><font style="font-style:italic;">Underpayment</font></i>&#148;) or Gross-Up Payments are made by the Company
which should not have been made (&#147;<i><font style="font-style:italic;">Overpayment</font></i>&#148;),
consistent with the calculations required to be made hereunder.&#160; In the event the amount of the Gross-Up
Payment is less than the amount necessary to reimburse you for your<b><font style="font-weight:bold;">  </font></b>Excise Tax, the Accounting Firm shall determine the amount
of the Underpayment that has occurred and any such Underpayment (together with
interest at the rate provided in Section 1274(b)(2)(B) of the Code) shall be
promptly paid by the Company to or for your benefit.&#160; In the event the amount of the Gross-Up
Payment exceeds the amount necessary to reimburse you for your<b><font style="font-weight:bold;">  </font></b>Excise Tax, the Accounting Firm shall determine the amount
of the Overpayment that has been made and any such Overpayment (together with
interest at the rate provided in Section 1274(b)(2) of the Code) shall be
promptly paid by you to or for the benefit of the Company immediately after it
is refunded to you by the Internal Revenue Service.&#160; You shall cooperate, to the extent your expenses
are reimbursed by the Company, with any reasonable requests by the Company in
connection with any contests or disputes with the Internal Revenue Service in
connection with the Excise Tax.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Option
Redetermination</font></i>.&#160; In the event
that the Company determines that the value of any accelerated vesting of stock
options held by you shall be redetermined within the context of Treasury
Regulation &#167;1.280G-1 Q/A 33 (the &#147;<i><font style="font-style:italic;">Option Redetermination</font></i>&#148;),
you shall (i) file with the Internal Revenue Service an amended federal income
tax return that claims a refund of the overpayment of the Excise Tax
attributable to such Option Redetermination and (ii) promptly pay the
refundable Excise Tax to the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-size:9.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt .25in;page-break-after:auto;text-autospace:none;text-indent:-.25in;"><b><i><font size="1" face="Times New Roman" style="font-size:9.0pt;font-style:normal;font-weight:bold;">3.</font></i></b><b><font size="1" style="font-size:3.0pt;font-style:normal;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font style="font-style:normal;font-weight:bold;">General Provisions.</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Part of the
Agreement</font></i>.&#160; This Annex is part
of your Employment Agreement (the &#147;<i><font style="font-style:italic;">Agreement</font></i>&#148;)
with Central Pacific Financial Corp., a Hawaii corporation.&#160; However, to the extent this Annex is
inconsistent with the Agreement, this Annex will govern.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Defined
Terms</font></i>.&#160; Terms used but not
defined in this Annex are used with the meaning assigned in the Agreement.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:right;text-autospace:ideograph-numeric ideograph-other;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
A to Employment Agreement</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:right;text-autospace:ideograph-numeric ideograph-other;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form of
Release</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:right;text-autospace:ideograph-numeric ideograph-other;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This is your <b><font style="font-weight:bold;">RELEASE </font></b>with <b><font style="font-weight:bold;">Central Pacific Financial
Corp.</font></b>, a Hawaii corporation (the &#147;<i><font style="font-style:italic;">Company</font></i>&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-size:9.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt .25in;page-break-after:auto;text-autospace:none;text-indent:-.25in;"><b><i><font size="1" face="Times New Roman" style="font-size:9.0pt;font-style:normal;font-weight:bold;">1.</font></i></b><b><font size="1" style="font-size:3.0pt;font-style:normal;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font style="font-style:normal;font-weight:bold;">Your Employment Agreement</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Release
relates to your Employment Agreement (which includes your Terms Schedule,
[Change of Control Annex and Additional Payments Annex](1)) dated as of June <b><font style="font-weight:bold;">[day]</font></b>, 2004 and as amended from time to time, with the
Company (your &#147;<i><font style="font-style:italic;">Employment Agreement</font></i>&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-size:9.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt .25in;page-break-after:auto;text-autospace:none;text-indent:-.25in;"><b><i><font size="1" face="Times New Roman" style="font-size:9.0pt;font-style:normal;font-weight:bold;">2.</font></i></b><b><font size="1" style="font-size:3.0pt;font-style:normal;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font style="font-style:normal;font-weight:bold;">Release of Claims</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></i></h1>

<h2 style="font-size:10.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:normal;">(a)&#160;&#160;&#160;&#160;&#160; </font></i>Released
Claims.&#160; <font style="font-style:normal;">In consideration of the payments and benefits
described in your Employment Agreement, you release and discharge the Company
and its subsidiaries, affiliates, officers, directors, employees, agents and
their successors and assigns (the &#147;</font>Group Released Parties<font style="font-style:normal;">&#148;) from any and all
actions, causes of action, claims, allegations, rights, obligations,
liabilities, or charges (collectively, &#147;</font>Claims<font style="font-style:normal;">&#148;) that you may have, whether known or unknown, by
reason of any matter, related to any Employment Matter (as defined in your
Employment Agreement).&#160; Without
limitation, released Claims include (1) Claims for compensation, bonuses or
benefits, (2) Claims under any compensation plan or arrangement maintained by
any member of the Group, (3) Claims for wrongful, constructive or unlawful
discharge, (4) Claims for age and national origin discrimination, (5) Claims
for sexual harassment, (6) Claims related to whistleblowing, (7) Claims for
emotional distress, intentional infliction of emotional distress, assault,
battery or pain and suffering, (8) Claims for punitive or exemplary damages,
(9) Claims for violations of any of the following acts or laws:&#160; the Equal Pay Act, Title VII of the Civil
Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in
Employment Act of 1967 (&#147;</font>ADEA<font style="font-style:normal;">&#148;), the Americans with Disabilities Act of 1991,
the Employee Retirement Income Security Act of 1974, the Worker Adjustment
Retraining and Notification Act, the Family Medical Leave Act, Hawaii&#146;s Whistle
Blowers Protection Act, Hawaii&#146;s Employment Practices Law, Hawaii&#146;s Payment of
Wages Law, Hawaii&#146;s Wage and Hour Law, Hawaii&#146;s Temporary Disability Insurance
Law, Hawaii&#146;s Prepaid Health Care Act, Hawaii&#146;s Dislocated Workers&#146; Act, Hawaii&#146;s
Occupational Safety and Health Law and Hawaii&#146;s Family Leave Law (including all
amendments to any of these acts or laws), or (10) Claims for violations of any
other federal, state or municipal fair employment statutes or laws.&#160; In addition, in consideration of the
provisions of your Employment Agreement, you further agree to waive any and all
rights under the laws of any jurisdiction in the United States, or any other
country, that limit a general release to those claims that are known or
suspected to exist in your favor as of the date of this Agreement.</font></h2>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Exceptions</font></i>.&#160; Notwithstanding Section 2(a), this Release
shall not (1) limit in any way your ability to bring an action to enforce your
rights under your Employment Agreement, (2) release any claim for Other Accrued
Benefits (as defined in your Employment Agreement), or (3) release any claim
for indemnification and continued liability coverage (under your Employment
Agreement or otherwise).&#160; For purposes of
this</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Include
if applicable.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Release, the term &#147;Claims&#148; as
used shall not include any claims not released by you as set forth in this
Section 2(b).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Representations
and Warranties</font></i>.&#160; You represent
and warrant that you have not, and as of the Effective Date (as defined in
Section 4) will not have, filed any civil action, suit, arbitration,
administrative charge, or legal proceeding against any Group Released Party nor
have you assigned, pledged, or hypothecated as of the Effective Date any Claim
to any person and no other person has an interest in the claims that you are
releasing herein.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">No Relief
for Released Claims</font></i>.&#160; You
agree that should any person or entity file or cause to be filed any civil
action, suit, arbitration or other legal proceeding seeking equitable or
monetary relief concerning any Claim released by you, you will not seek or
accept any personal relief from or as the result of the action, suit,
arbitration or proceeding.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-size:9.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt .25in;page-break-after:auto;text-autospace:none;text-indent:-.25in;"><b><i><font size="1" face="Times New Roman" style="font-size:9.0pt;font-style:normal;font-weight:bold;">3.</font></i></b><b><font size="1" style="font-size:3.0pt;font-style:normal;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font style="font-style:normal;font-weight:bold;">Your Understanding of this
Release and Your Rights</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You
acknowledge and agree that you have read this Release in its entirety and that
this Release releases known and unknown Claims, including, without limitation,
to rights and claims arising under ADEA.&#160;
You further acknowledge and agree that:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 69.15pt;text-autospace:none;text-indent:-20.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>You are entering into this Release and
releasing, waiving and discharging rights or claims only in exchange for
consideration which you are not already entitled to receive.</p>

<p style="margin:0in 0in .0001pt 69.15pt;text-autospace:none;text-indent:-20.9pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 69.15pt;text-autospace:none;text-indent:-20.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>You have been advised, and are being
advised by the terms of the Release, to consult with an attorney before
executing this Release.&#160; You also
acknowledge that you chose and consulted with the counsel of your choice
concerning your rights and that your counsel negotiated this Release on your
behalf.</p>

<p style="margin:0in 0in .0001pt 69.15pt;text-autospace:none;text-indent:-20.9pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 69.15pt;text-autospace:none;text-indent:-20.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>You have been advised, and are being
advised by the terms of this Release, that you have had at least 21 days within
which to consider this Release.</p>

<p style="margin:0in 0in .0001pt 68.25pt;text-autospace:none;text-indent:-21.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-size:9.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt .25in;page-break-after:auto;text-autospace:none;text-indent:-.25in;"><b><i><font size="1" face="Times New Roman" style="font-size:9.0pt;font-style:normal;font-weight:bold;">4.</font></i></b><b><font size="1" style="font-size:3.0pt;font-style:normal;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font style="font-style:normal;font-weight:bold;">Your Ability to Revoke
this Release; Effective Date</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></i></h1>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">You may
revoke this Release within 7 days of signing (for any reason or no reason) by
complying with the following sentence.&#160; </font></i>To
revoke this Release, you must deliver (or cause to be delivered) written notice
of your revocation to the Group at <b><font style="font-weight:bold;">[Address and Contact
Person] </font></b>no later than 5:00 p.m. Hawaii time on <b><font style="font-weight:bold;">[date]</font></b>.&#160; If you revoke this Release in accordance with
the preceding sentence, it will become null and void.&#160; If you do not, this Release will become
effective at such time (the &#147;<i><font style="font-style:italic;">Effective Date</font></i>&#148;).</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-size:9.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt .25in;page-break-after:auto;text-autospace:none;text-indent:-.25in;"><b><i><font size="1" face="Times New Roman" style="font-size:9.0pt;font-style:normal;font-weight:bold;">5.</font></i></b><b><font size="1" style="font-size:3.0pt;font-style:normal;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font style="font-style:normal;font-weight:bold;">Your Employment Agreement</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the
avoidance of doubt, your Employment Agreement will continue in full force and
effect, including, without limitation, your obligations under Sections 9 and 10
of your Employment Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h1 style="font-size:9.0pt;font-style:italic;font-weight:normal;margin:0in 0in .0001pt .25in;page-break-after:auto;text-autospace:none;text-indent:-.25in;"><b><i><font size="1" face="Times New Roman" style="font-size:9.0pt;font-style:normal;font-weight:bold;">6.</font></i></b><b><font size="1" style="font-size:3.0pt;font-style:normal;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font style="font-style:normal;font-weight:bold;">Dispute Resolution</font></b></h1>

<h1 style="font-style:italic;font-weight:normal;margin:0in 0in .0001pt;page-break-after:auto;text-autospace:none;"><i><font size="1" face="Times New Roman" style="font-size:9.0pt;">&nbsp;</font></i></h1>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:48.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The terms of
this Release shall be governed by Section 13 of your Employment Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accepted and Agreed:</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.08%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="82%" valign="top" style="padding:0in 0in 0in 0in;width:82.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<TYPE>EX-31.1
<SEQUENCE>4
<FILENAME>a04-14752_1ex31d1.htm
<DESCRIPTION>EX-31.1
<TEXT>
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<head>





</head>

<body lang="EN-US" link="blue" vlink="purple">

<div style="font-family:Times New Roman;">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 31.1</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CERTIFICATION PURSUANT TO</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RULE 13a-14(a),</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AS ADOPTED PURSUANT TO</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;302 OF THE SARBANES-OXLEY ACT OF 2002</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I,
Clint Arnoldus, Chief Executive Officer of Central Pacific Financial Corp. (the
&#147;Company&#148;), certify that:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 50.75pt;text-indent:-21.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>I have reviewed this quarterly report on Form
10-Q/A of the Company;</p>

<p style="margin:0in 0in .0001pt 50.75pt;text-indent:-21.65pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 50.75pt;text-indent:-21.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, this report does not
contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period
covered by this report;</p>

<p style="margin:0in 0in .0001pt 50.75pt;text-indent:-21.65pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 50.75pt;text-indent:-21.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, the financial
statements, and other financial information included in this report, fairly
present in all material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in this
report;</p>

<p style="margin:0in 0in .0001pt 50.75pt;text-indent:-21.65pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 50.75pt;text-indent:-21.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company&#146;s other certifying officer and I
are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company
and have:</p>

<p style="margin:0in 0in .0001pt 50.75pt;text-indent:-21.65pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.95pt;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a) Designed such disclosure controls and
procedures, or caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information relating to the Company,
including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being
prepared;</font></p>

<p style="margin:0in 0in .0001pt 48.95pt;text-indent:24.5pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.95pt;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b) Evaluated the effectiveness of the Company&#146;s
disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the
end of the period covered by this report based on such evaluation; and</font></p>

<p style="margin:0in 0in .0001pt 48.95pt;text-indent:24.5pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.95pt;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c) Disclosed in this report any change in the
Company&#146;s internal control over financial reporting that occurred during the Company&#146;s
most recent fiscal quarter (the Company&#146;s fourth fiscal quarter in the case of
an annual report) that has materially affected, or is reasonably likely to materially
affect, the Company&#146;s internal control over financial reporting; and</font></p>

<p style="margin:0in 0in .0001pt 48.95pt;text-indent:24.5pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 50.75pt;text-indent:-21.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company&#146;s other certifying officer and I
have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the Company&#146;s auditors and the audit committee of the Company&#146;s
board of directors (or persons performing the equivalent functions):</p>

<p style="margin:0in 0in .0001pt 50.75pt;text-indent:-21.65pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.95pt;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a) All significant deficiencies and material
weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the Company&#146;s ability
to record, process, summarize and report financial information; and</font></p>

<p style="margin:0in 0in .0001pt 48.95pt;text-indent:24.5pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.95pt;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b) Any fraud, whether or not material, that
involves management or other employees who have a significant role in the Company&#146;s
internal control over financial reporting.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:
  December&nbsp;13, 2004</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="37%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:37.76%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Clint
  Arnoldus</font></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.76%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Clint Arnoldus</font></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.76%;">
  <p style="margin:0in 0in .0001pt 10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Executive Officer</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>5
<FILENAME>a04-14752_1ex31d2.htm
<DESCRIPTION>EX-31.2
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</head>

<body lang="EN-US" link="blue" vlink="purple">

<div style="font-family:Times New Roman;">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 31.2</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CERTIFICATION PURSUANT TO </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RULE 13a-14(a), </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AS ADOPTED PURSUANT TO </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 302 OF THE
SARBANES-OXLEY ACT OF 2002 </font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, Dean K. Hirata, Executive Vice President and
Chief Financial Officer of Central Pacific Financial Corp. (the &#147;Company&#148;), certify
that:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 50.75pt;text-indent:-21.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I have reviewed this quarterly report on Form
10-Q/A of the Company;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 50.75pt;text-indent:-21.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, this report does not
contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period
covered by this report;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 50.75pt;text-indent:-21.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, the financial
statements, and other financial information included in this report, fairly
present in all material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in this
report;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 50.75pt;text-indent:-21.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company&#146;s other certifying officer and I
are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the
Company and have:</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.95pt;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)
Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that
material information relating to the Company, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.95pt;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)
Evaluated the effectiveness of the Company&#146;s disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this
report based on such evaluation; and</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.95pt;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c)
Disclosed in this report any change in the Company&#146;s internal control over
financial reporting that occurred during the Company&#146;s most recent fiscal
quarter (the Company&#146;s fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect, the
Company&#146;s internal control over financial reporting; and</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 50.75pt;text-indent:-21.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company&#146;s other certifying officer and I
have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the Company&#146;s auditors and the audit committee of the
Company&#146;s board of directors (or persons performing the equivalent functions):</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.95pt;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)
All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to
adversely affect the Company&#146;s ability to record, process, summarize and report
financial information; and</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.95pt;text-indent:24.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b) Any fraud, whether or not material, that
involves management or other employees who have a significant role in the
Company&#146;s internal control over financial reporting.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:
  December&nbsp;13, 2004</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="37%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:37.76%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/&nbsp; Dean K. Hirata</font></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.76%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dean K.Hirata</font></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.76%;">
  <p style="margin:0in 0in .0001pt 10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Vice President<br>
  and Chief Financial Officer</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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