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):
December
31, 2009
Central
Pacific Financial Corp.
(Exact
name of registrant as specified in its charter)
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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
December 31, 2009, Central Pacific Financial Corp. (“CPF”) and Central Pacific
Bank (“CPB”) entered into an agreement with Ronald K. Migita, Chairman of the
Board, President and Chief Executive Officer of CPF and CPB, confirming the
terms of his compensation for the period January 1, 2010 through December 31,
2010. The agreement provides that Mr. Migita will receive a retainer
as Chairman of the Board of Directors of CPF and CPB of $100,000 per annum,
reduced from his current annual retainer of $160,000, but will not receive any
board or committee meeting fees. As President and Chief Executive
Officer of CPF and CPB, Mr. Migita will receive a salary of $500,000 per annum
and will be entitled to employee benefits and perquisites available to
executives, including an automobile allowance of $1,000 per month and payment of
monthly country club membership dues. Mr. Migita will not be entitled
to any short or long term incentive plan payments based on 2010
performance.
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: December
31, 2009
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By:
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/s/ Dean K. Hirata |
| Dean K. Hirata | ||
| Vice Chairman and Chief Financial Officer |