Exhibit 10.21
Amendment No. 2008-1 to the
Central Pacific Financial Corporation
2004 Annual Executive Incentive
Plan
THIS AMENDMENT (the “ Amendment ”) is made by
Central Pacific Financial Corporation (the “ Company
”) to be effective as of December 31, 2008.
WHEREAS, the
Company maintains the 2004 Annual Executive Incentive Plan (the
“ Plan ”) for the benefit of certain
participants (“ Participants ”);
WHEREAS, the
Company desires to amend certain provisions of the Plan in order to
comply with Section 409A of the Internal Revenue Code of 1986, as
amended (“ Section 409A ”); and
WHEREAS, the
Company has reserved the right to amend or modify the
Plan.
NOW, THEREFORE,
the Plan is hereby amended as follows:
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The final
sentence of the paragraph entitled, “Participant
Payout” shall be amended to read as follows:
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“Payment
of any award amounts will be made after audited financial
statements are made available, but no later than March 15 of the
calendar year following the year in which the Plan Year closes, or
such later date as permitted by applicable tax
rules.”
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The final
sentence of the paragraph entitled, “Termination of
Employment” shall be amended to read as follows:
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“Any
exceptions to this provision must be approv
