UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
report (Date of earliest event reported):
August
5, 2009
Central
Pacific Financial Corp.
(Exact
name of registrant as specified in its charter)
|
Hawaii
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0-10777
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99-0212597
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(State
or other jurisdiction
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(Commission
File
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(I.R.S.
Employer
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of
incorporation)
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Number)
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Identification
No.
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220
South King Street, Honolulu, Hawaii
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96813
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(Address
of principal executive offices)
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(Zip
Code)
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(808)
544-0500
(Registrant's
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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[
]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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[
]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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[
]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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[
]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
(e) On
August 5, 2009, Central Pacific Financial Corp. (the “Company”) and Central
Pacific Bank (“CPB”) entered into an agreement with Ronald K. Migita, Chairman
of the Board, President and Chief Executive Officer of the Company and CPB
confirming the terms of his compensation for the period July 1 through December
31, 2009 (the “Compensation Period”). The agreement provides that Mr.
Migita will continue to receive his current retainer as Chairman of the Board of
Directors of the Company and CPB totaling $80,000 for the 6-month Compensation
Period (prorated and paid monthly), but will not receive any board or committee
meeting fees. As President and Chief Executive Officer of the Company
and CPB, Mr. Migita will receive a total salary of $250,000 for the 6-month
Compensation Period (prorated and paid semi-monthly) and will be entitled to
standard employee benefits and perquisites available to executives of the
Company including an automobile allowance of $1,000 per month and payment of
country club membership dues. In addition, during this period Mr.
Migita will be eligible to receive performance based incentive equity grants in
the form of restricted stock of up to $165,000, based upon an assessment of his
performance against certain performance measures by the compensation
committee.
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, as amended, the registrant has duly caused this
report to be signed on its behalf by the undersigned hereunto duly
authorized.
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Central
Pacific Financial Corp.
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(Registrant)
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Date: August
7, 2009
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By:
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/s/ Dean K. Hirata |
| Dean K. Hirata | ||
| Vice Chairman and Chief Financial Officer |