Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On August 27, 2012, Glen Blackmon, Executive Vice President and Chief
Information Officer of Central Pacific Financial Corp. and Central Pacific Bank
(the "Bank") submitted his resignation effective as of September 4, 2012.
Through Trinity M & A Group, LLC, Mr. Blackmon has agreed to provide
information technology consulting services to the Bank until February 28, 2013.
Mr. Blackmon's consulting agreement provides that unless earlier terminated, he
will be entitled to receive $21,667 per month, plus Hawaii general excise tax,
in exchange for his IT consulting services, including, without limitation,
services provided in connection with the Bank's data warehouse and finance suite
implementation. In addition, Mr. Blackmon will be eligible for a success-based
payment for services provided.
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