Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No. )


HAWAIIAN TELCOM HOLDCO, INC.
(Name of Registrant as Specified In Its Charter)

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You are cordially invited to attend the Annual Meeting of Stockholders of Hawaiian Telcom Holdco, Inc. to be held on Friday, May 1, 2015 at 8:00 a.m. at our headquarters at 1177 Bishop Street, Honolulu, Hawaii 96813.

The Secretary's formal notice of the meeting and the Proxy Statement appear on the following pages and describe the matters to be acted upon at the Annual Meeting. You also will have the opportunity to hear an update on certain aspects of our business that have occurred in the past year.

Whether or not you plan to attend the Annual Meeting, please vote your shares as soon as possible so that your vote will be counted.

Hawaiian Telcom Holdco, Inc. will hold its Annual Meeting of Stockholders on Friday, May 1, 2015 at 8:00 a.m. H.S.T. at our headquarters at 1177 Bishop Street, Honolulu, Hawaii 96813.

The Board of Directors has selected March 13, 2015 as the record date for determining stockholders entitled to vote at the Annual Meeting. A list of stockholders as of that date will be available for inspection during ordinary business hours at our headquarters at 1177 Bishop Street, Honolulu, Hawaii 96813 for ten days before the Annual Meeting.

Pursuant to rules promulgated by the Securities and Exchange Commission, we have elected to provide access to our proxy materials by sending you this full set of proxy materials on or about March 30, 2015, including a proxy card, and by notifying you of the availability of our proxy materials on the Internet. This Proxy Statement and our 2015 Annual Report to Stockholders are available at http://ir.hawaiiantel.com.

Whether or not you plan to attend the Annual Meeting, please vote your shares as soon as possible in accordance with the instructions provided to you, to ensure that your vote is counted at the Annual Meeting.

HAWAIIAN TELCOM HOLDCO, INC.
2015 ANNUAL MEETING OF STOCKHOLDERS
NOTICE OF ANNUAL MEETING AND PROXY STATEMENT

At the Annual Meeting, directors will be elected to serve until the next Annual Meeting of Stockholders and until their successors are duly elected and qualified. The individuals named as proxy holders will vote your proxy for the election of the seven nominees unless you direct them to withhold your vote. If any nominee becomes unable to serve as a director before the Annual Meeting (or decides not to serve), the individuals named as proxy holders may vote for a substitute. There is no cumulative voting in the election of directors.

Our Nominating and Governance Committee is charged with identifying, evaluating, and recommending to the Board candidates for election to the Board or for appointment by the Board to fill a vacancy. The Nominating and Governance Committee seeks individuals with, among other things, knowledge of our industry and technologies, business management and financial oversight experience, and reputation in the industry and community. While we do not have a formal diversity policy for Board membership, we look for potential candidates that help ensure that the Board has the benefit of a wide range of knowledge and experience. We believe that our directors should represent the interests of our stockholders, be committed to enhancing stockholder value, and have sufficient available time to diligently perform their duties. The Nominating and Governance Committee will consider director candidates recommended by security holders, applying the same evaluation criteria described above. Any recommendation must be received by the Nominating and Governance Committee, c/o Secretary, Hawaiian Telcom Holdco, Inc., P.O. Box 2200, Honolulu, HI 96841, no earlier than January 7, 2016, and no later than February 6, 2016, for consideration for the 2016 Annual Meeting, and must include a resume and other written information supporting the nominee's qualifications to serve on the Board, a statement signed by the nominee confirming the nominee's willingness to serve as a director, and evidence of the security holder's ownership of our common stock. Stockholders who wish to nominate directors for election must also comply with the advance notice provisions of our current Amended and Restated Bylaws (the "Bylaws") as described in "Stockholder Proposals for the 2016 Annual Meeting" below.

Each of the current directors has been nominated for election by the Board upon recommendation by the Nominating and Governance Committee and has decided to stand for election. Set forth below are the names and ages of these nominees, the years they became directors, their principal occupations or employment for at least the past five years, and the names of other public companies for which they serve as a director or have served as a director during at least the past five years. Also set forth are the specific experience, qualifications, attributes, and skills that led our Nominating and Governance Committee and Board to conclude that they should serve as directors.

The following table provides information regarding directors as of March 1, 2015:

Name		Position(s)

Kurt M. Cellar(1)(2)	45	Director	2010
Walter A. Dods, Jr.(2)(3)(4)	73	Director	2005
Warren H. Haruki(3)(5)	62	Director	2010
Richard A. Jalkut(2)(5)	70	Director	2010
Steven C. Oldham(1)(5)	64	Director	2010
Bernard R. Phillips III(1)(3)	62	Director	2010
Eric K. Yeaman(5)	47	President, Chief Executive Officer and Director	2008

Kurt M. Cellar is President of Corner Pocket Investors, Inc. and has been a consultant to companies in the telecommunications, retail and insurance industries since January 2008. He previously had been a Partner and Portfolio Manager of Bay Harbour Management L.C., a hedge fund, from 1999 until January 2008. He currently serves on the Boards of Directors of Angiotech Pharmaceuticals, Inc., Horizon Lines, Inc., Six Flags Entertainment Corporation, and U.S. Concrete, Inc. Mr. Cellar is a Chartered Financial Analyst. Mr. Cellar has extensive experience in telecommunications, both as an investor and a board member, as well as significant financial analysis experience. He has chaired audit and compensation committees of other companies and has been designated by the Board as an "audit committee financial expert."

Walter A. Dods, Jr. became a Director on December 9, 2010, having previously served as a Director from May 2, 2005 until October 28, 2010 (Chairman of the Board from May 8, 2008 until October 28, 2010). Mr. Dods was the non-executive Chairman of the Board of BancWest Corporation, a $74 billion bank holding company wholly-owned by BNP Paribas based in Honolulu, Hawaii, from January 2005 through December 2007, and a director since 1983. He also has been the non-executive Chairman of the Board of First Hawaiian Bank from January 2005 until December 2008 and a director since 1979, as well as Vice Chairman of Bank of the West since 1998. First Hawaiian Bank and Bank of the West are subsidiaries of BancWest, Corporation. From 1996 to 1997, Mr. Dods served as the National President of the American Bankers Association and was a member of the Federal Advisory Council of the Federal Reserve System, representing the 12th district of the Federal Reserve from 1999 to 2000. Mr. Dods also has served as the Chairman of the Board of Matson, Inc. since June 2012, served on the Board of Directors of Alexander & Baldwin, Inc. from 1989 to 2014, and served on the Board of Maui Land & Pineapple Company, Inc. from October 2004 through May 2010. Mr. Dods also serves on the Board of Directors of several privately-held companies. Mr. Dods brings to the Board extensive experience managing complex business organizations as well as extensive knowledge of the Hawaii markets in which the Company operates.

Warren H. Haruki has been President and Chief Executive Officer of Grove Farm Company, Inc., a privately-held land development company located on Kauai, Hawaii, since February 2005. He also is the Chairman and Chief Executive Officer, since 2009, of Maui Land & Pineapple Company, Inc. He also serves on the Board of Directors of several privately-held companies located in Hawaii. From 1991 until his retirement in 2003, Mr. Haruki served as President of the predecessors of Hawaiian Telcom, Inc., and as a result is knowledgeable about the strategic issues facing the Company and the Hawaii markets and communities in which the Company operates. During his 26-year career with GTE and Verizon, he gained in-depth experience in all aspects of the operations of a telecommunications company.

Richard A. Jalkut has been President and Chief Executive Officer of U.S. TelePacific Corp. (dba TelePacific Communications), the third largest wireline telecom provider in California and second largest in Nevada, since 2002. Mr. Jalkut has more than 35 years' experience in the telecommunications industry, including previously serving as President and Chief Executive Officer of Pathnet Telecommunications, Inc., a wholesale provider of services to more than one hundred second- and third-tier markets located across the U.S., and President, Chief Executive Officer and Chairman of NYNEX Telephone Companies. Mr. Jalkut has served on the Board of Directors of other telecom companies, including Covad Communications Group, Inc. from 2005 to 2008 and Birch Telecom from 2000 to 2005. He brings to the Board extensive board experience with both telecom and non-telecom

companies and experience managing telecommunication companies, including serving on the Board of Directors of Univar Inc. from 2002 to the present and HSBC Holdings plc from 1991-2014, and has an in-depth understanding of the challenges and opportunities facing the telecommunications industry.

Steven C. Oldham served as President and Chief Executive Officer of SureWest Communications, a publicly-held integrated communications provider headquartered in Northern California, from January 2006 until his retirement in June 2012. Prior to joining SureWest, Mr. Oldham served as a Senior Advisor to The Brattle Group, which provides consulting services and expert testimony on economic, finance, regulatory and strategic issues, from May 2002 to May 2005. Mr. Oldham was a member of SureWest's Board of Directors from January 2004 to June 2012 and was chairman of its audit committee from June 2004 to December 2005. He served as Chairman of the United States Telecom Association, the leading trade association representing broadband service providers, manufacturers and suppliers, from October 2009 to November 2011. He brings to the Board extensive experience managing a telecommunication company and an in-depth understanding of the challenges and opportunities facing the telecommunications industry. He has been designated by the Board as an "audit committee financial expert."

Bernard R. Phillips III served as President and Chief Executive Officer of the National Rural Telecommunications Cooperative (NRTC) from 1987 until his retirement at the end of May 2010. NRTC is a cooperative that represents the advanced telecommunications and information technology interests of more than 1,500 rural utilities and affiliates, including an affiliate of the Company. Mr. Phillips served on the Board of Directors of Digital Bridge Communications Corp., a private operator of WiMAX 4G broadband networks in underserved and rural America, and served on the Board of Director of privately-held Avail-TVN, a digital media services company, until May 12, 2010. Mr. Phillips brings to the Board extensive legislative and regulatory telecom experience and broad experience generally in the telecommunications industry.

Eric K. Yeaman became our President, Chief Executive Officer and a Director in June 2008, and led the Company through its filing for bankruptcy protection under chapter 11 of the United States Bankruptcy Code in December 2008 and its emergence from chapter 11 in October 2010. Prior to joining us, Mr. Yeaman served as Senior Executive Vice President and Chief Operating Officer of Hawaiian Electric Company, Inc. (HECO) from January 2008 to June 2008, where he was responsible for its Oahu operations, energy solutions, public affairs and the financial and administrative process areas. From January 2003 to January 2008, Mr. Yeaman served as Financial Vice President, Treasurer and Chief Financial Officer of Hawaiian Electric Industries, Inc. (HEI), HECO's parent company. At HEI, he oversaw the controller, treasury, investor relations, corporate tax, information technology and enterprise risk management functions. Mr. Yeaman began his career at Arthur Andersen LLP in September 1989. Mr. Yeaman has been a director of Alexander & Baldwin, Inc. since June 2012 and a director of Alaska Air Group, Inc. since November 2012. He also is a director of the United States Telecom Association. Mr. Yeaman brings to the Board extensive experience managing complex business organizations as well as knowledge of the Hawaii markets in which the Company operates.

We have adopted policies and practices that we believe result in strong and effective corporate governance. These policies and practices include:

The Board has determined that Messrs. Cellar, Dods, Haruki, Jalkut, Oldham, and Phillips (all directors other than Mr. Yeaman) are "independent" under the NASDAQ rules. In making its independence determination, the Board considered among other things the Company's purchase of bulk fuel on a competitive bid basis from Mid Pacific Petroleum, LLC, of which Mr. Dods was Chairman of the Board and which is wholly-owned by a company of which Mr. Dods is a minority owner and was Vice Chairman of the Board.

The Board met eight times in 2014. Seven of these Board meetings included executive sessions of the non-management directors. Each current director attended at least 75% of the total Board meetings and meetings of the committees on which they serve that were held in 2014. Directors are allowed to attend meetings of committees on which they do not serve as members. However, the Audit Committee and Compensation Committee regularly hold executive sessions of only the committee members or non-management Directors.

We currently separate the roles of Chief Executive Officer and Chairman of the Board in recognition of the differences between the two roles as they presently are defined. The Chief Executive Officer is responsible for setting our strategic direction and for our day-to-day leadership, operation and performance, while the Chairman leads the Board and provides guidance to our Chief Executive Officer.

Our Board has an Audit Committee, Compensation Committee, Nominating and Governance Committee, and Executive Committee. Each of our committees has a written charter approved by the Board that clearly establishes the committee's roles and responsibilities. Copies of the charters for the

Audit Committee, the Compensation Committee, the Nominating and Governance Committee and the Executive Committee can be found through the "Investor Relations" link on our website at www.hawaiiantel.com. Please note that information on, or that can be accessed through, our website is not part of the proxy soliciting materials, is not deemed "filed" with the SEC and is not to be incorporated by reference into any of our filings under the Securities Act of 1933, as amended, or the Securities and Exchange Act of 1934, as amended (the "Exchange Act").

Audit Committee. The duties and responsibilities of the Audit Committee include recommending the appointment or termination of the engagement of our independent registered public accounting firm, overseeing the relationship with our independent registered public accounting firm, and reviewing significant accounting policies and controls. The members of the Audit Committee are Messrs. Oldham (Chairman), Cellar, and Phillips, each of whom is an independent director under the NASDAQ rules. The Audit Committee met four times in 2014. Each member of the Audit Committee meets the additional requirements regarding independence for Audit Committee members under the NASDAQ rules.

The Board has determined that the Audit Committee includes two "audit committee financial experts", Steven C. Oldham and Kurt M. Cellar, as that term is defined in SEC regulations. Mr. Oldham has financial expertise through his experience as Chief Executive Officer and past audit committee chairman of a publicly-held telecommunications company. Mr. Cellar currently is the chairman of two audit committees of public companies and has financial expertise as a Chartered Financial Analyst and former manager of a hedge fund. Messrs. Oldham and Cellar also are "independent" under the NASDAQ independence standards. In addition, the Board believes that all of the members of the Audit Committee are qualified to address any issues that are likely to come before the Audit Committee, including the evaluation of our financial statements and supervision of our independent registered public accounting firm.

Compensation Committee. The duties and responsibilities of the Compensation Committee include reviewing and approving the compensation of executive officers and reviewing and making recommendations to the Board concerning the compensation of the independent directors. The members of the Compensation Committee are Messrs. Haruki (Chairman), Dods, and Phillips. The Compensation Committee met twice in 2014. In addition to being independent under the NASDAQ rules, each member of the Compensation Committee is a "non-employee director" for purposes of the Exchange Act.

The Compensation Committee determines all compensation for our executive officers. Before making decisions on compensation for each of the executive officers other than the Chief Executive Officer, the Compensation Committee reviews with our Chief Executive Officer each executive's performance and accomplishments over the prior year. Mr. Yeaman makes recommendations to the Compensation Committee regarding base salary increases and other compensation matters for each executive other than himself.

To independently assist and advise the Compensation Committee, the Compensation Committee has retained Pay Governance LLC ("Pay Governance"), a national compensation consulting firm. The engagement of Pay Governance is exclusively with the Compensation Committee, which has sole authority to retain and terminate any compensation consultant or other advisor that it uses. In March 2015, Pay Governance provided a letter to the Compensation Committee confirming its independence. As needed, the Compensation Committee consults with Pay Governance on our executive compensation programs, compensation program design changes, compensation strategy, and effectiveness of pay delivery, and asks Pay Governance to review and analyze market information on compensation trends and practices and to make recommendations to the Compensation Committee based on competitive compensation data.

Nominating and Governance Committee. The duties and responsibilities of the Nominating and Governance Committee include making recommendations regarding individuals qualified to become directors, the structure and composition of the Board and committees of the Board, and corporate governance policies and practices. The members of the Nominating and Governance Committee are Messrs. Dods (Chairman), Cellar, and Jalkut, each of whom is an independent director under the NASDAQ rules. The Nominating and Governance Committee met three times in 2014.

Executive Committee. The purpose of the Executive Committee is to act for the Board between Board meetings. The Executive Committee has all the powers of the Board except as otherwise provided in the Company's Bylaws or the corporation laws of the State of Delaware. The members of the Executive Committee are Messrs. Jalkut (Chairman), Haruki, Oldham, and Yeaman. The Executive Committee met five times in 2014.

To align the Board's interests with the interests of our stockholders, the Board has adopted stock ownership guidelines for its members. The guidelines state that each Board member, not later than five years after the later of the date of adoption of the guidelines and the date the individual becomes a member of the Board, should own shares of our common stock with a value at least equal to three times the applicable annual cash retainer. Such shares may be owned directly or by the individual's revocable living trust. All of our Board members have met the ownership guidelines or have time remaining under the guidelines.

Our Company faces a number of risks, including operational, competitive, regulatory, financial, economic, and legal risks. Our management is responsible for the day-to-day management of the risks we face. While our Board, as a whole, has ultimate responsibility for the oversight of risk management, it administers its risk oversight role in part through the Board committee structure, with the Audit Committee and Compensation Committee responsible for monitoring and reporting on the material risks associated with their respective subject matter areas.

The Board's role in our risk oversight process includes receiving regular reports from members of senior management, as well as from external advisors such as Deloitte & Touche LLP, on areas of material risk to us, including operational, competitive, regulatory, financial, economic, and legal risks. The full Board (or the appropriate Board committee in the case of risks that are reviewed by a particular committee) reviews these reports in order to understand our risk exposures and the steps that management has taken to monitor and control these exposures. Reports received by a Board committee, or summaries thereof, are provided to the full Board, thereby enabling the Board and its committees to coordinate the risk oversight role. The Audit Committee assists the Board in oversight and monitoring of principal risk exposures related to financial statements, legal, regulatory and other matters, as well as related mitigation efforts. The Compensation Committee assesses the risks associated with the Company's compensation policies. See also "Compensation of the Named Executive Officers and Directors—Relationship Between Compensation Plans and Risk."

We encourage, but do not require, our directors to attend our annual meetings of stockholders. All but one of our directors attended our 2014 Annual Meeting of Stockholders.

Our current Bylaws provide that the number of directors that constitute the whole Board may not be less than five and not more than seven. Additionally, the Bylaws do not currently specifically articulate how the actual number within that range is fixed, although in practice the number is fixed by the Board of Directors. The Board believes that an increase in the maximum number of directors that constitute the Board of Directors from seven to nine could permit two additional directors to be added who could build upon and diversify the Board's existing experience and expertise. An increase in the maximum number of directors could also provide for greater flexibility in staffing of the Board's committees. Additionally, specifying that the Board of Directors fixes the actual number of directors that constitute the Board at a given time provides greater clarity and removes potential ambiguity.

We are asking stockholders to approve Amended and Restated Bylaws to provide that the number of directors that constitute the whole Board may not be less than five and not more than nine and to clarify that the number of directors that constitute the Board within the specified range is determined by resolution of the Board. The Board, at its meeting on March 10, 2015, approved the Amended and Restated Bylaws subject to stockholder approval. In the proposed Amended and Restated Bylaws, Section 3.2 is amended in its entirety to read as follows, with added language underscored and deleted language struck through:

THE BOARD RECOMMENDS THAT YOU VOTE "FOR" THE APPROVAL OF THE AMENDED AND RESTATED BYLAWS.

PROPOSAL NO. 3

RATIFICATION OF THE SELECTION OF DELOITTE & TOUCHE LLP AS THE COMPANY'S
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE FISCAL YEAR ENDING
DECEMBER 31, 2015

The Audit Committee has selected Deloitte & Touche LLP ("Deloitte") as our independent registered public accounting firm to perform the audit of our financial statements for the fiscal year ending December 31, 2015, and we are asking you to ratify this selection. Deloitte has been our independent accounting firm since 2005.

The Audit Committee annually reviews the independent registered public accounting firm's independence, including reviewing all relationships between the independent registered public accounting firm and us and any disclosed relationships or services that may impact the objectivity, independence, and performance of the independent registered public accounting firm. Additionally, our Deloitte engagement audit partner is subject to regular rotation, the most recent rotation having occurred in 2013. As a matter of good corporate governance, the Board, upon recommendation of the

Audit Committee, has determined to submit to stockholders for ratification the selection of Deloitte. In the event that a majority of the shares of common stock present in person or represented by proxy at the Annual Meeting and entitled to vote on Proposal No. 3 does not ratify the selection of Deloitte, the Audit Committee will review its future appointment of Deloitte.

Even if the selection is ratified, the Audit Committee in its discretion may direct the appointment of a different independent registered public accounting firm at any time if the Audit Committee believes that such a change would be in the best interests of the Company and its stockholders.

We expect that a representative of Deloitte will be present at the Annual Meeting and that the representative will have an opportunity to make a statement if he or she desires and will be available to respond to appropriate questions.

Policy on Audit Committee Pre-Approval of Audit and Permissible Non- Audit Services of Independent Registered Public Accounting Firm

The Audit Committee must pre-approve all audit and permissible non-audit services to be provided by the independent registered public accounting firm. These services may include audit services, audit-related services, tax services, and other services. Pre-approval is generally requested annually and any pre-approval is detailed as to the particular service, which must be classified in one of the four categories of services. The Audit Committee also may, on a case-by-case basis, pre-approve particular services that are not contained in the annual pre-approval request. In connection with this pre-approval policy, the Audit Committee also considers whether the categories of pre-approved services are consistent with the rules on accountant independence of the SEC.

The following is a summary of the fees billed or to be billed to us by Deloitte for professional services rendered for the years ended December 31, 2014 and December 31, 2013:

Audit Fees. Consist of fees billed for professional services rendered for the annual audit of our consolidated financial statements and services that Deloitte normally provides in connection with statutory and regulatory filings or engagements.

The Audit Committee determined that Deloitte's provision of these services, and the fees that we paid for these services (and no non-audit fees), are compatible with maintaining the independence of the independent registered public accounting firm. The Audit Committee pre-approved the services that Deloitte provided in 2014 and 2013 in accordance with the pre-approval policy discussed above.

THE BOARD RECOMMENDS THAT YOU VOTE "FOR" RATIFICATION OF THE SELECTION OF DELOITTE & TOUCHE LLP AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE FISCAL YEAR ENDING DECEMBER 31, 2015.

The Audit Committee of the Board (the "Audit Committee") consists of Steven C. Oldham (Chairman), Kurt M. Cellar and Bernard R. Phillips III. Each member of the Audit Committee meets the definition of "independent director" and otherwise qualifies to be a member of the Audit Committee under the NASDAQ rules.

The Audit Committee's general role is to assist the Board in monitoring the Company's financial reporting process and related matters. Its specific responsibilities are set forth in its charter. The Audit Committee reviews its charter annually. The charter was last reviewed in March 2015 and is available through the "Investor Relations" link on our website at www.hawaiiantel.com.

As required by the charter, the Audit Committee reviewed the Company's audited financial statements for the fiscal year ended December 31, 2014, and met with management, as well as with representatives of Deloitte, the Company's independent registered public accounting firm, to discuss the financial statements. The Audit Committee also discussed with members of Deloitte the matters required to be discussed by applicable Public Company Accounting Oversight Board and Securities and Exchange Commission rules.

In addition, the Audit Committee received the written disclosures and letter required by the applicable requirements of the Public Company Accounting Oversight Board regarding Deloitte's communications with the Audit Committee concerning independence and discussed with members of Deloitte its independence from management and the Company.

Based on these discussions, the financial statement review and other matters it deemed relevant, the Audit Committee recommended to the Board that the Company's audited financial statements for 2014 be included in the Company's proxy statement and Annual Report on Form 10-K for the year ended December 31, 2014.

Furthermore, in connection with the standards for independence promulgated by the Securities and Exchange Commission, the Audit Committee reviewed the services provided by Deloitte, the fees the Company paid for these services, and whether the provision of the services is compatible with maintaining the independence of the independent registered public accounting firm. The Audit Committee deemed that the provision of the services is compatible with maintaining that independence.

The Audit Committee has selected Deloitte to be the Company's independent registered public accounting firm for the fiscal year ending December 31, 2015. In doing so, the Audit Committee considered the results from its review of Deloitte's independence, including (a) all relationships between Deloitte and the Company and any disclosed relationships or services that may impact Deloitte's objectivity and independence, (b) Deloitte's performance and qualification as an independent registered public accounting firm, and (c) the regular rotation of Deloitte's engagement audit partner, as required by applicable laws and regulations. As a matter of good corporate governance, the Audit Committee has determined to submit its selection of Deloitte to the stockholders for ratification. In the event that a majority of the shares of common stock present in person or represented by proxy at the Annual Meeting and entitled to vote on the matter do not ratify this selection, the Audit Committee will review its future appointment of Deloitte.

Security Ownership of Certain Stockholders, Directors and Executive Officers

The following table sets forth information with respect to the beneficial ownership of the common stock of the Company as of March 1, 2015, by:

The amounts and percentages of common stock beneficially owned are reported on the basis of regulations of the SEC governing the determination of beneficial ownership of securities. The information relating to the Company's 5% beneficial owners is based on information received by the Company from such holders or filed by such holders with the SEC. Under the rules of the SEC, a person is deemed to be a "beneficial owner" of a security if that person has or shares voting power, which includes the power to vote or direct the voting of a security, or investment power, which includes the power to dispose of or to direct the disposition of a security. A person is also deemed to be a beneficial owner of any securities of which that person has a right to acquire beneficial ownership within 60 days. Securities that can be so acquired are deemed to be outstanding for purposes of computing such person's ownership percentage, but not for purposes of computing any other person's percentage. Under these rules, more than one person may be deemed to be a beneficial owner of the same securities and a person may be deemed to be a beneficial owner of securities as to which such person has no economic interest.

Except as otherwise indicated in these footnotes, each of the beneficial owners listed has, to our knowledge, sole voting and investment power with respect to the indicated shares of common stock. Unless otherwise noted otherwise in the footnotes below, the address of each person listed in the table is: c/o General Counsel, Hawaiian Telcom Holdco, Inc., 1177 Bishop Street, Honolulu, Hawaii 96813.

Name and Address of Beneficial Owner

*5% or Greater Stockholders*
Black Diamond Capital Management, L.L.C.(1)	2,617,829	24.5	%
Twin Haven Capital Partners, L.L.C.(2)	1,760,200	16.5	%
Tennenbaum Capital Partners, LLC(3)	724,159	6.8	%
Loomis, Sayles & Company, L.P.(4)	698,913	6.5	%
*Directors and Named Executive Officers*
Richard A. Jalkut(5)	15,674	*
Kurt M. Cellar(6)	33,936	*
Walter A. Dods, Jr.(7)	8,936	*
Warren H. Haruki(8)	8,936	*
Steven C. Oldham(9)	8,936	*
Bernard R. Phillips III(10)	11,936	*
Eric K. Yeaman(11)	208,775	1.9	%
Scott K. Barber(12)	14,325	*
Robert F. Reich(13)	42,330	*
John T. Komeiji(14)	40,156	*
Kevin T. Paul(15)	9,809	*
All Named Executive Officers and directors as a group (11 persons)	389,349	3.6	%

(1): Based on a Schedule 13G/A filed with the SEC on January 12, 2015. According to the Schedule 13G/A, Black Diamond Capital Management, L.L.C. and Stephen H. Deckoff have shared voting and shared dispositive power over all 2,617,829 shares. The address for Black Diamond Capital Management, L.L.C. is One Sound Shore Drive, Suite 200, Greenwich, CT 06830. The address for Stephen H. Deckoff, is c/o Black Diamond, 5330 Yacht Haven Grande, Suite 100, St. Thomas, U.S. Virgin Islands 00802.
(2): Based on a Schedule 13G/A filed with the SEC on February 13, 2015. According to the Schedule 13G/A, Twin Haven Capital Partners, L.L.C., Robert Webster, and Paul Mellinger have shared voting and shared dispositive power over all 1,687,000 shares, including 1,457,000 shares held by Twin Haven Special Opportunities Fund III, L.P. and 230,000 shares held by Twin Haven Special Opportunities Fund IV, L.P. . The address for Twin Haven Capital Partners, L.L.C., Robert Webster, and Paul Mellinger is 33 Riverside Avenue, 3^rd Floor, Westport, CN 06880.
(3): Based on a Schedule 13G filed with the SEC on May 3, 2012. According to the Schedule 13G, Tennenbaum Capital Partners, LLC has sole voting and sole dispositive power over all 724,159 shares. Tennenbaum Capital Partners, LLC's address is 2951 28^th Street, Suite 1000, Santa Monica, CA 90405.
(4): Based on a Schedule 13G/A filed with the SEC on February 17, 2015. According to the Schedule 13G/A, Loomis, Sayles & Company, L.P. has sole voting and sole dispositive power over all 698,913 shares. Loomis, Sayles & Company, L.P.'s address is One Financial Center, Boston, MA 02111.
(5): Includes 3,243 shares of Common Stock issuable upon settlement of outstanding restricted stock unit awards within 60 days of March 1, 2015.
(6): Includes 1,771 shares of Common Stock issuable upon settlement of outstanding restricted stock unit awards within 60 days of March 1, 2015.
(7): Includes 1,771 shares of Common Stock issuable upon settlement of outstanding restricted stock unit awards within 60 days of March 1, 2015.
(8): Includes 1,771 shares of Common Stock issuable upon settlement of outstanding restricted stock unit awards within 60 days of March 1, 2015.
(9): Includes 1,771 shares of Common Stock issuable upon settlement of outstanding restricted stock unit awards within 60 days of March 1, 2015.
(10): Includes 1,771 shares of Common Stock issuable upon settlement of outstanding restricted stock unit awards within 60 days of March 1, 2015. Also includes 1, 500 shares of Common Stock held by the Bernard R.Phillips III Revocable Trust and 1, 500 shares of Common Stock held by the Nancy L. Phillips III Revocable Trust.
(11): Includes 45,075 shares of Common Stock issuable upon settlement of outstanding restricted stock unit awards within 60 days of March 1, 2015. Also includes 14, 000 shares of Common Stock held by the Eric Yeaman Irrevocable Trust.
(12): Includes 5,477 shares of Common Stock issuable upon settlement of outstanding restricted stock unit awards within 60 days of March 1, 2015.
(13): Includes 11,106 shares of Common Stock issuable upon settlement of outstanding restricted stock unit awards within 60 days of March 1, 2015.
(14): Includes 10,109 shares of Common Stock issuable upon settlement of outstanding restricted stock unit awards within 60 days of March 1, 2015.
(15): Includes 3,851 shares of Common Stock issuable upon settlement of outstanding restricted stock unit awards within 60 days of March 1, 2015.

Under U.S. securities laws, directors, certain executive officers and persons holding more than 10% of our common stock must report their initial ownership of the common stock and any changes in that ownership to the SEC. The SEC has designated specific deadlines for these reports and we must identify in this Proxy Statement those persons who did not timely file these reports. Based solely on our review of copies of the reports filed with the SEC and written representations of our directors and executive officers, with the limited exceptions noted below, we believe that all persons subject to reporting filed the required reports on time in 2014. Our executive officers made the following late filings of Form 4 in 2014. Kevin Paul filed one late report with respect to one transaction involving our withholding of shares in payment of tax liability upon vesting of restricted stock units, and one late report with respect to one transaction involving the grant of restricted stock units. Additionally, each of Scott Barber, Robert Reich, John Komeiji and Eric Yeaman filed one late report in each case with respect to one transaction involving the grant of restricted stock units.

This Compensation Discussion and Analysis provides information concerning the 2014 compensation program for the executive officers identified in the Summary Compensation Table below (the "Named Executive Officers"). This Compensation Discussion and Analysis contains forward-looking statements that are based on our current plans, considerations, expectations, and determinations regarding future compensation programs. The actual compensation programs that we adopt in the future may differ materially from currently planned programs as summarized in this discussion.

The compensation of our Named Executive Officers' consists of three principal elements: (1) base salary, (2) cash-based performance compensation, and (3) equity compensation. We believe our executive compensation programs are effectively designed to align the interests of our executives with the interests of our stockholders and are instrumental in achieving our business objectives. In determining executive compensation for fiscal year 2014, the Compensation Committee considered the strong stockholder support that the "Say-on-Pay" proposal received at our May 13, 2011 and May 6, 2014 annual meeting of stockholders (approximately 93% and 99%, respectively, of the votes cast (excluding broker non-votes) voted to approve the compensation of Company's named executive officers). In order to support our business strategy and operations going forward, the Compensation Committee seeks to target total direct compensation for our Named Executive Officers, on average, at the 50^th percentile (median) based on competitive survey and peer company data compiled by Pay Governance LLC, our compensation consultant.

As has been the case in the past, the Compensation Committee will consider stockholder concerns and feedback on our executive compensation program that it receives. Also, consistent with the results of our stockholder vote at our May 13, 2011 annual meeting of stockholders on the frequency of future advisory votes on executive compensation, we will hold an advisory vote on the compensation of our Named Executive Officers every three years (the most recent vote was held in 2014) until the next required vote on the frequency of advisory votes on the compensation of our Named Executive Officers.

The Compensation Committee periodically evaluates our executive compensation policies and practices and adjusts them as appropriate to reflect our performance and competitive needs. The Compensation Committee has engaged Pay Governance LLC ("Pay Governance"), an independent, national compensation consulting firm, to provide analysis of our Named Executive Officers' compensation.

In 2014, our senior management continued to make progress executing our strategic plan, including investing in the key growth areas of our business, the ultimate goal of which is to increase stockholder value. Reflecting such progress, we recorded our fifth consecutive year of profitability since becoming a standalone company. We also continued our transformation to a next-generation communications company and made strategic decisions, highlighted in 2014 by our commitment to the SEA-US trans-pacific fiber optic cable project (the "SEA-US Cable"), to further our growth strategy and better position the Company to be successful over the long-term. Revenue from our consumer channel continued to grow, continuing the reversal that began in the second quarter of 2012 from the secular declines in legacy services. We continued to invest in our broadband network to expand and enhance our broadband capabilities and strengthen our competitive position. In particular, we were able to expand our portfolio of IP-based business products, expand the speed and reach of our high-speed Internet service, integrate and continue to grow our data center business and expand the footprint and subscriber base of our Hawaiian Telcom TV service. We also upgraded and optimized our systems architecture in order to enhance and broaden our portfolio of services. In general, consistent with our philosophy of paying for performance and maintaining competitive compensation packages, in 2014 our Named Executive Officers received base salary increases based on a two percent merit increase for non-union employees, as well as performance compensation awards reflecting performance against corporate performance metrics for 2014 and restricted stock unit awards pursuant to our 2010 Equity Incentive Plan.

We are in a highly-technical and competitive industry and compete with many other companies for qualified executives. To meet this challenge, our Compensation Committee seeks to offer a compensation program that is competitive; attracts, retains, and motivates highly-skilled executives who contribute to our success; aligns our executives' interests with the interests of stockholders; and helps us to achieve our financial and strategic objectives by tying a substantial portion of our executives' annual and long-term compensation to the achievement of meaningful performance objectives. To date, we have not adopted formal policies or guidelines for allocating compensation between current and long-term compensation, between cash and non-cash compensation, or among different forms of non-cash compensation, but our Compensation Committee considers data from surveys conducted by its compensation consultant in determining the appropriate allocation of our executives' total compensation among annual base salary, annual cash performance compensation, and long-term, equity-based compensation. Our Compensation Committee seeks to target total direct compensation, on average, at the 50^th percentile (median) based on competitive survey and peer company data provided by its compensation consultant.

Our Compensation Committee is responsible for establishing our executive compensation philosophy and administering our executive compensation program, including reviewing and approving the compensation of our Named Executive Officers. It also has the responsibility to assess the compensation policies and practices for all employees to determine if they create risks that are reasonably likely to have a material adverse effect on the Company. The Compensation Committee regularly consults with and reports to our full Board of Directors on its deliberations and actions.

Currently, the Compensation Committee consists of three members of the Board of Directors, Messrs. Dods, Haruki and Phillips. Our Board of Directors determined that each member of our Compensation Committee was and remains a non-employee director for purposes of Rule 16b-3 under the Exchange Act and an independent director as that term is defined under the NASDAQ rules.

The Compensation Committee intends to review our executive compensation program on a periodic basis to determine whether it is appropriate, properly coordinated, and achieves its intended purposes.

In carrying out its responsibilities, our Compensation Committee works with our Chief Executive Officer and other members of our senior management team to obtain information such as Company and individual performance, market data, and management's perspective and recommendations on compensation matters. Typically, our Chief Executive Officer makes recommendations to the Compensation Committee regarding the compensation of executives other than himself and attends Compensation Committee and Board meetings at which such compensation matters are discussed (other than those portions of such meetings involving his own compensation).

The Compensation Committee has the authority to retain the services of compensation consultants and other advisors from time to time, as it deems necessary or appropriate, in connection with the establishment and administration of our compensation and employee benefit plans, policies and programs. In February 2013, pursuant to the request of the Compensation Committee, Pay Governance completed its evaluation of the competitiveness and effectiveness of the total compensation package offered to our executives, including our Named Executive Officers (the "2013 Report"). In December 2014, Pay Governance provided an updated Bi-Annual Executive Compensation review (the "2014 Updated Report") including a market review and recommendations for 2015 for the base salaries, performance compensation payments and long-term equity compensation programs, as well as a review of, and recommendations for 2015 regarding, annual incentive plan design, performance measures and performance ranges. Pay Governance serves at the discretion of the Compensation Committee and does not advise the Company on any other matters.

The 2013 Report compared the pay levels for 13 executive positions to competitive market data from the Towers Watson 2011/2012 Survey Report on Top Management Compensation and to publicly-reported compensation at the following peer telecommunications companies: Alaska Communications Systems Group Inc., CenturyLink, Inc., Consolidated Communications Holdings Inc., FairPoint Communications Inc., Frontier Communications Corporation, General Communication Inc., NTELOS Holdings Corp., USA Mobility, Inc., and Windstream Corporation. The 2014 Updated Report compared the pay levels for 11 executive positions to competitive market data from the Towers

Watson 2013/2014 Survey Report on Top Management Compensation and to publicly-reported compensation at the following peer telecommunications companies: Alaska Communications Systems Group Inc., Atlantic Tele-Network, Inc., Cogent Communications Holdings, Inc., Consolidated Communications Holdings Inc., FairPoint Communications Inc., General Communication Inc., Inteliquent, Inc., Iridium Communications Inc., Lumos Networks Corp., NTELOS Holdings Corp., Premiere Global Services, Inc., Shenandoah Telecommunications Co., Spok Holdings, Inc., and Vonage Holdings Corporation. The Compensation Committee reviews the peer group periodically and makes adjustments to its composition as necessary.

The results of both the 2013 Report and the 2014 Updated Report showed that, on average, our executive base salaries are positioned at approximately the 50^th percentile of the competitive survey and peer company data; target annual performance payments are positioned between the 50^th and 62.5^th percentiles; and our long-term incentive compensation (as a percentage of base salary) is below the 50^th percentile. Target total cash compensation (the sum of base salary and target annual performance compensation) is, on average, between the 50^th and 62.5^th percentiles, while target total direct compensation (the sum of base salary, target annual performance compensation, and long-term incentive compensation) was, on average, 3% below the 50^th percentile as of the 2013 Report and 11% below the 50^th percentile as of the 2014 Updated Report.

In determining executive compensation, the Compensation Committee also considers, among other factors, the possible tax consequences to the Company and to its executives, accounting consequences to the Company, and the impact of certain arrangements on stockholder dilution. However, to maintain maximum flexibility in designing appropriate compensation programs, the Compensation Committee, while considering these items as factors in determining compensation, will not limit compensation to those levels or types of compensation that are intended to have a particular tax or accounting result, to be deductible by the Company, or to achieve a specific level of stockholder dilution.

Our Compensation Committee considers the provisions of Section 162(m) of the Internal Revenue Code and related regulations that restrict deductibility for federal income tax purposes of executive compensation paid to certain of our executive officers, to the extent such compensation exceeds $1,000,000 for any of such officers in any year and does not qualify for an exception under the statute or regulations. However, in the event our Compensation Committee believes that our interests are best served, in a particular situation, by providing compensation that does not qualify as performance-based compensation under Section 162(m), it may grant compensation which may be subject to the $1,000,000 annual limit on deductibility, including base salary, annual cash bonuses, and equity awards.

Sections 280G and 4999 of the Internal Revenue Code provide that executive officers, persons who hold significant equity interests, and certain other highly-compensated service providers may be subject to an excise tax if they receive payments or benefits in connection with a change in control of our Company that exceeds certain prescribed limits, and that our Company (or a successor) may forfeit a deduction on the amounts subject to this additional tax. Further, Section 409A of the Internal Revenue Code imposes certain additional taxes on service providers who enter into certain deferred compensation arrangements that do not comply with the requirements of Section 409A. We have not agreed to pay any executive officer, including any Named Executive Officer, a "gross-up" or other reimbursement payment for any tax liability that he might owe as a result of the application of Sections 280G, 4999 or 409A.

For 2014, the compensation program for our Named Executive Officers consisted of three principal elements: (1) base salary, (2) cash-based performance compensation, and (3) equity compensation. The

compensation program is designed to motivate our Named Executive Officers to perform in a manner that will enable us to meet our strategic goals. Set forth below is a discussion of each element of our executive compensation program, including why each element is included, and the criteria for decisions made with respect to each such element for fiscal year 2014.

Base Salary. Base salaries for our Named Executive Officers are based on the scope of their responsibilities, taking into account competitive survey data compiled by Pay Governance on compensation paid by comparable companies for similar positions. Base salary merit increases for Named Executive Officers are considered each year and are based on the individual performance appraisals of the executives and on the amount of the merit increase pool budgeted by management and approved by the Compensation Committee for the year in question. The 2013 Report determined that our executive base salaries, on average, were positioned at approximately the 50^th percentile of the competitive survey and peer company data. For 2014, the Compensation Committee considered Pay Governance's 2013 Report, salary adjustment survey data obtained from Hawaii businesses by the Hawaii Employers Council, and past merit increases for our Named Executive Officers. Taking into account the foregoing, the Compensation Committee approved a merit increase for our non-union employees, including the Named Executive Officers, averaging two percent. The two percent merit increase was below the national and Hawaii averages, but still recognizes the contributions of our Named Executive Officers and other non-union employees while balancing our overall cost structure requirements. When making the decisions on base salary increases, our Chief Executive Officer reviews the performance of the other Named Executive Officers and the Compensation Committee reviews the performance of our Chief Executive Officer.

The following table shows the base salary information for each Named Executive Officer:

Annual Performance Compensation Plan. The annual Performance Compensation Plan provides our Named Executive Officers and other key employees with the opportunity to obtain, in addition to their base salary, an annual cash performance payment that is dependent upon achieving defined corporate performance goals. Any cash performance payments generally are awarded no later than the end of the first quarter of the following year. Employment with the Company at the time of award is a prerequisite to receiving an award.

The 2013 Pay Governance market compensation study determined that our target annual cash performance payments for our executives generally were positioned between the 50^th and 62.5^th percentiles of the competitive survey and peer company data. Following a review of our Performance Compensation Plan, Pay Governance recommended revising the payout percentages for achieving threshold and maximum levels from 75% and 125% of target, respectively, to either 75% and 150%, respectively, or 50% and 200%, respectively. At its March 2014 meeting, the Compensation Committee chose a more conservative approach and decided to maintain the 2013 payout percentages for threshold and maximum levels at 75% and 125%, respectively.

The Performance Compensation Plan is reviewed annually and its terms may be modified from time to time to reflect changes in our business strategies and focus. Pursuant to the Performance Compensation Plan, the Compensation Committee approves the target annual performance payment awards for our Chief Executive Officer and other Named Executive Officers and the corporate and

individual performance goals, if any, and their relative weights. The performance payment is calculated as a percentage of the employee's annual salary. For our Named Executive Officers for the 2014 plan year, the percentages of annual salary used to determine the target annual performance payment ranged from 40% to 100%. Depending on the achievement of the predetermined targets set by the Compensation Committee, the annual performance payment may be less than or greater than the target annual performance payment. In addition, solely at our discretion, additional performance-based compensation may be paid to our Named Executive Officers and other key employees apart from the Performance Compensation Plan. The corporate performance calculations under our Performance Compensation Plan are based on our audited financial results, as shown below.

For the 2014 plan year, the Compensation Committee determined that the Performance Compensation Plan should be based on the achievement of only Company goals, and eliminated reliance on individual performance goals, based on the rationale that executives have a greater influence on corporate performance and to better align the interests of our executives with those of the stockholders. The Company goals consisted of revenue, adjusted EBITDA, net cash flow, and customer satisfaction. Customer satisfaction was based on transactional surveys of our consumer and business customers conducted by independent market research firms. Target customer satisfaction was based on a composite of total surveys from each of the consumer, HTTV and business customer service categories in which survey participants rated the Company either an "8," "9," or "10" on a scale from 1 to 10. The relative weighting of the Company goals, performance target levels, and threshold and maximum levels are set forth in the table below, with the customer satisfaction targets representing the average of the three customer service categories:

Company Goal			Percentage of Target	Target ($ in mils)

Revenue	30	%
Threshold			95%	$	387.4	75	%
Target			100%	$	407.8	100	%
Maximum			105%	$	428.2	125	%
Adjusted EBITDA	25	%
Threshold			95%	$	116.8	75	%
Target			100%	$	123.0	100	%
Maximum			105%	$	129.2	125	%
Net Cash Flow	20	%
Threshold			0%	$	0.0	75	%
Target			100%	$	3.0	100	%
Maximum			200%	$	6.0	125	%
Customer Satisfaction	25	%
Threshold			2.7% Less than Target on average		—	75	%
Target			Target		—	100	%
Maximum			2.7% Better than Target on average		—	125	%

The Compensation Committee determined that no payments for the 2014 plan year would be made unless the minimum thresholds for both revenue and adjusted EBITDA were achieved. In addition, individual payouts were contingent upon the executive obtaining a "meets expectations" or better performance evaluation. Target annual performance payments were based on a payout schedule that provided for target opportunities of 100% of annual salary for the Chief Executive Officer, 75% for the Chief Operating Officer, and between 40% and 65% for the Named Executive Officers who were senior vice presidents, and maximum payout opportunities of 125% for the Chief Executive Officer, 93.75% for the Chief Operating Officer, and between 50% and 81.25% for the other Named Executive Officers.

The Company's results for 2014 for revenue, adjusted EBITDA, net cash flow, and customer satisfaction are presented in the table below. Based on the foregoing, the Compensation Committee approved 2014 plan year performance payments for the Named Executive Officers that reflected 67% of the Company goals component of their target annual performance payments, summarized as follows:

The following chart shows the 2014 plan year target and actual annual performance payment awards, as represented by reference to the applicable percentage of base salary, and actual dollar payouts for each Named Executive Officer:

2010 Equity Incentive Plan. The 2010 Equity Incentive Plan provides key employees, including our Named Executive Officers, and non-employee directors of the Company and its subsidiaries with the opportunity to receive restricted stock units (RSUs), stock options, and other equity-based awards. The maximum number of shares of our common stock issuable pursuant to awards granted under the 2010 Equity Incentive Plan is 1,400,000 shares. As explained above, Pay Governance's 2013 Report determined that our long-term incentive compensation (as a percentage of base salary) was below the 50^th percentile of the competitive survey and peer-company data.

The RSU awards are intended to provide long-term compensation for a four-year period beginning on the grant date. The size of each RSU award is based on a percentage of the executive's base salary as well as on the fair market value of our common stock on the grant date. The Compensation Committee set the base salary percentage for each Named Executive Officer in line with the recommendation of the Company's compensation consultant which was made following its assessment of competitive long-term incentive compensation levels for each Named Executive Officer.

The RSUs awarded to the Named Executive Officers are divided equally into time-based RSUs and performance-based RSUs. The time-based RSUs vest in equal installments over a four-year period. In the case of the time-based RSUs awarded in 2014, for example, vesting will take place on March 12, 2015, March 12, 2016, March 12, 2017, and March 12, 2018. In furtherance of the Compensation Committee's desire to tie RSU awards to shareholder return as well as the Company's financial performance, the Named Executive Officers' performance-based RSUs vest in three equal installments over a four-year period, subject to meeting total shareholder return ("TSR") and financial performance goals. In the case of the performance-based RSUs awarded in 2014, for example, vesting will be determined on the determination date (in the case of RSU grants made in 2014, for example, vesting will occur on the later of March 12, 2016 and the date in 2016 that the Compensation Committee determines the vesting of the performance-based RSUs) and on each of the first two anniversaries of the determination date, depending upon (i) the Company's financial performance in 2014 for revenue and adjusted EBITDA and (ii) the Company's TSR for 2013 and 2014 in comparison to the NASDAQ Telecommunications Index, subject to continued employment through each vesting date and provided that no performance-based RSUs will vest if the fiscal year 2014 Adjusted EBITDA performance is below the threshold performance goal. More specifically, the number of performance-based RSUs that vest on the determination date and on each of the first two anniversaries thereof will be equal to the product of A times B times C, where:

In the event of performance between Threshold and Target or between Target and Maximum, straight-line interpolation will determine the weighted percentages set forth above. If performance is below Threshold, the applicable weighted percentage will equal zero percent (0%). In no event may the Weighted % Vested from Revenue Performance or the Weighted % Vested from Adjusted EBITDA Performance exceed 125%.

The Weighted % Vested from Revenue Performance, the Weighted % Vested from Adjusted EBITDA Performance, and the TSR Award Modifier allow for the possibility of vesting more than the target number of performance-based RSUs in the event of over-performance in relation to the performance goals as well as for the possibility of vesting fewer than the target number in the event of under-performance.

During 2014, the Compensation Committee granted a total of 52,691 performance-based RSUs (which assumes performance at target level) and time-based RSUs (collectively, "Target RSUs") to our Named Executive Officers. The following chart shows the number of Target RSUs awarded to each Named Executive Officer in 2014, as well as the maximum number of RSUs that could vest in the event of performance at above target levels ("Maximum RSUs"):

For the performance-based RSUs scheduled to vest in 2015 (with respect to the 2014 performance period), the Company achieved the revenue, adjusted EBITDA and TSR presented in the table below.

Based on those results, the Compensation Committee approved performance-based RSU vesting for the Named Executive Officers at 92.4% of target, summarized as follows:

For all RSUs, the Compensation Committee has the discretion, after consideration of such factors as it deems appropriate, to reduce the number of performance-based RSUs that otherwise would vest based upon the achievement of the applicable performance goals. In addition, all RSU awards are non-transferable, and the shares issued pursuant to vesting of performance-based RSUs will be non-transferable subject to such transfer restriction lapsing in equal annual installments over a three-year period.

RSUs vest on an accelerated basis upon the participant's death or disability, termination without Cause or by the participant for Good Reason or a change of control, as those terms are defined in the 2010 Equity Incentive Plan. See "Potential Payments on Termination or Change in Control" below.

We have a tax-qualified Section 401(k) retirement savings plan for our employees, including the Named Executive Officers, who satisfy certain eligibility requirements. Under this plan, participants may elect to make pre-tax contributions, not to exceed the applicable statutory income tax limitation

(which was $17,500 in 2014). In addition, we may make discretionary contributions to the plan in any year, up to certain limits. In 2014, we provided a matching contribution equal to 100% of a participant's salary deferrals, up to a maximum of 6% of a participant's compensation. Our contributions to the accounts of the Named Executive Officers are shown in the All Other Compensation column of the Summary Compensation Table below. We intend for the plan to qualify under Section 401(a) of the Internal Revenue Code so that contributions by participants to the plan, and income earned on plan contributions, are not taxable to participants until withdrawn from the plan.

Additional benefits received by our Named Executive Officers include Company-funded executive group life, disability, and accidental death and dismemberment insurance; reimbursement of out-of-pocket medical expenses; entitlement to severance benefits in the event of termination of employment under certain circumstances (as described in more detail below); and group medical plans and medical and dependent care flexible spending accounts available to salaried employees generally.

Except as described herein, we generally do not provide perquisites or other personal benefits to our Named Executive Officers. Currently, we do not view perquisites or other personal benefits as a significant component of our executive compensation program. In the future, we may provide perquisites in limited circumstances, such as where we believe they are appropriate to assist our executives in the performance of their duties, to make our executives more efficient and effective, and/or for recruitment, motivation, or retention purposes. All future practices with respect to perquisites or other personal benefits will be approved and subject to periodic review by the Compensation Committee.

While we intend to continue to maintain our current benefits and perquisites for our Named Executive Officers, we have discretion to revise, amend, or add to them. We believe these benefits and perquisites are at competitive levels for comparable companies.

Our Board of Directors recognizes that it is critical to provide competitive compensation packages to attract and retain experienced and skilled executives in a competitive and dynamic labor market. This includes competitive severance benefits. We believe that the severance benefits provided by the employment agreements with our Named Executive Officers and by our Executive Severance Plan, among other things, allow them to maintain continued focus and dedication to their assigned duties to maximize stockholder value. A discussion of the severance benefits of our Named Executive Officers is explained in greater detail under "Potential Payments on Termination or Change in Control" set forth below.

Our Board of Directors believes that ownership of our common stock by our directors and officers promotes a focus on long-term growth and aligns the interests of our directors and officers with those of our stockholders. Our stock ownership guidelines require our executives at the senior vice president level and higher, including our Named Executive Officers, and our non-employee directors to achieve, not later than five years after the later of the date of adoption of the stock ownership guidelines and the date the individual becomes subject to the guidelines, ownership of our common stock with a value at least as great as the values noted below:

Chief Executive Officer, Chief Operating Officer, and senior vice presidents—200% of annual base salary

Such ownership includes ownership of restricted as well as unrestricted shares of common stock, whether owned by the individual, jointly, or by the individual's revocable living trust, as well as unvested time-based restricted stock units. All of our named executive officers have met the ownership guidelines or have time remaining under the guidelines.

We have a policy regarding hedging the economic risk of the ownership of shares of our common stock which prohibits the Named Executive Officers from engaging in short sales and similar arrangements involving our common stock.

Once final rules regarding clawback policies are issued as contemplated by the Dodd-Frank Act, we intend to develop a policy regarding retroactive adjustments to our Named Executive Officers' compensation in situations where such compensation was predicated upon the achievement of financial results that subsequently were the subject of a financial restatement. Once final rules are released regarding clawback requirements under the Dodd-Frank Act, we intend to review our policies and plans and, if necessary, amend them to comply with the new mandates.

The Compensation Committee has reviewed and discussed with management the Compensation Discussion and Analysis contained in this Proxy Statement. Based on this review and discussion, the Compensation Committee has recommended to the Board that the Compensation Discussion and Analysis be incorporated into the Company's Proxy Statement and Annual Report on Form 10-K for the year ended December 31, 2014.

Notwithstanding anything to the contrary set forth in any of the Company's filings under the Securities Act of 1933 or the Securities Exchange Act of 1934 that might incorporate future filings, including this Proxy Statement, in whole or in part, the Compensation Committee Report shall not be deemed to be incorporated by reference into any such filings, unless we specifically incorporate these reports by reference in some other filed document.

We believe that the Company's compensation programs, either individually or in the aggregate, do not encourage executives or employees to undertake unnecessary or excessive risks that are reasonably likely to have a material adverse effect on us. We note the following mitigating factors:

The following table sets forth information regarding compensation earned for the fiscal years ended December 31, 2014, 2013, and 2012 by our Named Executive Officers who were serving as executive officers at the end of 2014.

Name and Principal Position	Year		Salary ($)		Bonus ($)		Stock Awards ($)(2)		Option Awards ($)		Non-Equity Incentive Plan Compensation ($)(3)		Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)		All Other Compensation ($)(4)		Total ($)

(a)	(b)		(c)		(d)		(e)		(f)		(g)		(h)		(i)		(j)
Eric K. Yeaman		2014		724,154		—		744,035		—		485,750		—		29,188		1,983,127
President and Chief		2013		710,000		—		722,628		—		607,760		—		26,710		2,067,098
Executive Officer		2012		706,231		—		567,472		—		494,362		—		24,982		1,796,046
Scott K. Barber(1)		2014		407,631		—		314,026		—		204,834		—		29,315		955,806
Chief Operating Officer		2013		386,154		—		541,024		—		239,723		—		92,648		1,259,549
		2012		—		—		—		—		—		—		—		—
Robert F. Reich		2014		339,611		—		226,813		—		147,901		—		22,523		736,848
Senior Vice President,		2013		331,375		—		220,305		—		181,687		—		22,194		755,561
Chief Financial Officer		2012		325,908		—		163,044		—		158,702		—		20,629		668,283
and Treasurer
John T. Komeiji		2014		336,600		—		172,927		—		146,589		—		20,651		676,767
Senior Vice President		2013		328,523		—		167,932		—		197,014		—		21,356		714,825
and General Counsel		2012		323,546		—		161,856		—		147,634		—		20,929		653,965
Kevin T. Paul		2014		295,532		—		121,379		—		79,203		—		12,981		509,095
Senior Vice President—		2013		288,769		—		118,053		—		104,146		—		13,393		524,362
Technology		2012		284,846		—		35,588		—		70,913		—		13,273		404,621

(1): Mr. Barber's employment with the Company as Chief Operating Officer commenced January 14, 2013.
(2): Represents the aggregate grant date fair values, calculated in accordance with FASB ASC Topic 718, of restricted stock unit awards under the 2010 Equity Incentive Plan. There can be no assurance that these grant date fair values will ever be realized by the Named Executive Officers. For fiscal 2014, this column includes the grant date fair values of the target number of shares that may be earned pursuant to restricted stock unit awards granted in 2014. See the "Grants of Plan-Based Awards" table below for information on restricted stock unit awards made in fiscal 2014. The grant date fair value of the maximum number of shares that may be earned are: (a) Eric Yeaman: $957,415, (b) Scott Barber: $404,084, (c) Robert Reich: $291,860, (d) John Komeiji: $222,520 and (d) Kevin Paul: $156,188.
(3): Represents cash performance payments earned in the year indicated, under the Company's Performance Compensation Plan.
(4): "All Other Compensation" in 2014 includes: (i) amounts contributed by the Company to its 401(k) plan (Mr. Yeaman—$17,500, Mr. Barber—$13,149, Mr. Reich—$17,500, Mr. Komeiji—$17,500, and Mr. Paul—$10,736), (ii) premiums paid with respect to supplemental term life, accidental death and dismemberment, disability and health benefits for the benefit of the Named Executive Officers, and (iii) reimbursement of out-of-pocket medical expenses for each of the Named Executive Officers.

Each of Messrs. Yeaman, Barber, Reich, Komeiji, and Paul has entered into an employment agreement with us, with each of Messrs. Yeaman, Komeiji and Paul entering into new employment agreements in 2014. Each of the employment agreements has no specified term but instead provides that the Named Executive Officer is an at-will employee of the Company and that either party may

terminate the employment agreement at any time. Each of the employment agreements also provides that the respective Named Executive Officer is eligible to receive an annual performance payment under our Performance Compensation Plan (see "Annual Performance Compensation Plan" above) and an equity award under the Company's 2010 Equity Incentive Plan (see "2010 Equity Incentive Plan" above) pursuant to which performance payments and equity grants are tied to achieving certain corporate performance goals, as determined under the respective plan. Each of the employment agreements also provides that the respective Named Executive Officer is entitled to participate in our Executive Severance Plan (see "Potential Payments on Termination or Change of Control" below) and employee benefit plans, programs and arrangements at a level commensurate with their position.

The following table summarizes pertinent information concerning plan-based awards granted each of to the Named Executive Officers during the fiscal year ended December 31, 2014:

															All Other Stock Awards: Number of Shares of Stock or Units (#)(2)		All Other Option Awards: Number of Securities Underlying Options (#)

			Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1)						Estimated Future Payouts Under Equity Incentive Plan Awards										Exercise or Base Price of Option Awards ($/Sh)		Grant Date Fair Value of Stock and Option Awards ($)(3)
Name	Grant Date		Threshold ($)		Target ($)		Maximum ($)		Threshold (#)		Target (#)(2)		Maximum (#)						Exercise or Base Price of Option Awards ($/Sh)		Grant Date Fair Value of Stock and Option Awards ($)(3)
(a)	(b)		(c)		(d)		(e)		(f)		(g)		(h)		(i)		(j)		(k)		(l)
Eric K. Yeaman		—		543,750		725,000		906,250		—		—		—		—		—		—		—
		3/10/14		—		—		—		—		12,412		19,394		—		—		—		379,340
		3/10/14		—		—		—		—		—		—		12,413		—		—		364,695
Scott K. Barber		—		228,289		304,385		380,481		—		—		—		—		—		—		—
		3/10/14		—		—		—		—		5,239		8,186		—		—		—		160,105
		3/10/14		—				—		—		—		—		5,239		—		—		153,922
Robert F. Reich		—		164,831		219,775		274,719		—		—		—		—		—		—		—
		3/10/14		—		—		—		—		3,783		5,911		—		—		—		115,639
		3/10/14		—		—		—		—		—		—		3,784		—		—		111,174
John T. Komeiji		—		163,369		217,825		272,281		—		—		—		—		—		—		—
		3/10/14		—		—		—		—		2,885		4,508		—		—		—		88,166
		3/10/14		—		—		—		—		—		—		2,885		—		—		84,761
Kevin T. Paul		—		88,272		117,695		147,119		—		—		—		—		—		—		—
		3/10/14		—		—		—		—		2,025		3,164		—		—		—		61,884
		3/10/14		—				—		—		—		—		2,026		—		—		59,495

(1): Represents potential payouts under the Company's Performance Compensation Plan. The actual payouts are reflected in column (g) of the Summary Compensation Table.
(2): Each restricted stock unit award listed in column (g) was granted under the 2010 Equity Incentive Plan and represents half of the restricted stock unit awards granted on the grant dates shown in column (b). These restricted stock unit awards are performance-based and vest in three equal installments over four years subject to the performance goals being met as described in "Executive Compensation Program—2010 Equity Incentive Plan" above. The other half of the restricted stock unit awards granted on the grant date shown in column (b) are listed in column (i). These restricted stock unit awards are time-based and vest in equal annual increments over a four-year period each March 12 of 2015, 2016, 2017, and 2018.
(3): Represents the aggregate grant date fair values, computed in accordance with FASB ASC Topic 718, of restricted stock unit awards under the 2010 Equity Incentive Plan. There can be no assurance that these grant date fair values will ever be realized by the Named Executive Officers. For fiscal 2014, this column includes the grant date fair values of the target number of shares that may be earned pursuant to restricted stock unit awards granted in 2014. See the "Grants of Plan-Based Awards" table below for information on restricted stock unit awards made in fiscal 2014.

The following table summarizes the outstanding equity awards held by each of the Named Executive Officers at December 31, 2014. There were no outstanding option awards as of December 31, 2014.

	Stock Awards

Name	Number of Shares or Units of Stock That Have Not Vested (#)		Market Value of Shares or Units of Stock That Have Not Vested($)		Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested(#)(1)		Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested($)(2)
Eric K. Yeaman		—		—
2010		40,121		1,106,136		—		—
2012		13,616		375,393		8,714		240,224
2013		27,617		761,401		13,256		365,468
2014		19,395		534,720		12,412		342,199
Scott K. Barber		—		—
2013		11,670		321,742		5,601		154,419
2014		8,185		225,660		5,239		144,439
Robert F. Reich		—		—
2010		8,024		221,222		—		—
2012		3,912		107,854		2,504		69,035
2013		8,420		232,139		4,040		113,383
2014		5,912		162,994		3,783		104,297
John T. Komeiji		—		—
2010		7,952		219,237		—		—
2012		3,883		107,054		2,486		68,539
2013		6,418		176,944		3,081		84,943
2014		4,507		124,258		2,885		79,539
Kevin T. Paul		—		—
2011		2,043		56,326		1,307		36,034
2012		854		23,545		546		15,053
2013		4,512		124,396		2,165		59,689
2014		3,165		87,259		2,025		55,829

(1): Restricted Stock Unit ("RSU") grants under the Company's 2010 Equity Incentive Plan are divided equally into time-based RSUs and performance-based RSUs. The time-based RSUs vest in equal installments over a four-year period. In the case of the time- based RSUs awarded in 2014, for example, vesting will take place on March 12, 2015, March 12, 2016, March 12, 2017, and March 12, 2018. Performance-based RSUs vest in three equal installments over a four-year period subject to meeting total shareholder return and financial performance goals. The number of unearned RSUs assumes that the maximum performance goals were achieved. See "2010 Equity Incentive Plan" above.
(2): The market value of the restricted stock units that have not vested was determined by multiplying the number of units that have not vested by the closing price of our common stock on December 31, 2014, which was $27.57 per share. Dollar values rounded up to the nearest whole dollar.

The following table sets forth the number of shares acquired on vesting of restricted stock units by each of the Named Executive Officers during the fiscal year ended December 31, 2014. The table also presents the value realized upon such vesting, as calculated based on the closing price per share of our common stock on the vesting date. Amounts presented in the "Value Realized on Vesting" column under "Stock Awards" do not necessarily mean that the Named Executive Officer has actually sold the vested shares for cash. None of our Named Executive Officers was granted or exercised stock options during the fiscal year ended December 31, 2014.

None of the Named Executive Officers participate in or have account balances in the Hawaiian Telcom Management Pension Plan.

None of the Named Executive Officers participate in or have account balances in a non-qualified defined contribution plan or other deferred compensation plan maintained by the Company.

The Named Executive Officers are entitled to receive payments upon certain terminations under the Hawaiian Telcom Holdco, Inc. Executive Severance Plan ("Executive Severance Plan") and accelerated vesting of Restricted Stock Units upon certain terminations or a change of control under the Company's 2010 Equity Incentive Plan and the respective Named Executive Officer's Restricted Stock Unit Grant Agreement, in each case as described in more detail below. As of December 31, 2014, none of the Named Executive Officers were entitled to receive a cash payment in the event of a change in control of the Company.

Under each of the Named Executive Officers' respective employment agreement with us, the Named Executive Officer is eligible to participate and receive the benefits under the Executive Severance Plan, currently administered by the Company's Compensation Committee. Under the Executive Severance Plan, participants have the right to receive certain payments in the event of a termination by us without Cause, by them for Good Reason, or due to death or Disability (in each case as defined below). Our Executive Severance Plan was amended and restated effective March 11, 2014, to incorporate the severance terms previously in Mr. Yeaman's Amended and Restated Employment Agreement dated as of April 5, 2010, as amended, which was superseded as of October 28, 2014, by Mr. Yeaman's 2014 employment agreement. The Executive Severance Plan defines "Cause" as including any of the following facts and circumstances: (i) the failure to follow a legal order of the Board of Directors that is not remedied within 30 days; (ii) gross or willful misconduct that causes or is

reasonably likely to cause damage to the Company; (iii) conviction of a felony or crime involving material dishonesty or moral turpitude; (iv) fraud or personal dishonesty involving Company assets; or (v) unlawful use or possession of illegal drugs on the Company's premises or while performing the participant's duties to the Company. The Executive Severance Plan defines a resignation for "Good Reason" as a resignation due to the occurrence of any of the following which occurs without the participant's written consent, provided that the requirements regarding advance notice and an opportunity to cure are satisfied: (i) a material diminution in the authority, duties of the participant or the supervisor to whom he is required to report; (ii) the Company's material breach of the Severance Plan or the participant's offer letter or employment agreement; or (iii) relocation of the participant's principal office to a location in excess of 100 miles from Honolulu, Hawaii. The Executive Severance Plan defines "Disability" as the absence of a participant from his duties to the company on a full-time basis for no less than a total of six months during any twelve-month period, and results in death or continues or can be expected to continue for at least 12 months, as a result of incapacity due to mental or physical illness, which determinations are made by a physician selected by the Company and acceptable to the participant or the participant's legal representative.

Under the Executive Severance Plan, upon termination of Mr. Yeaman's employment either by us without Cause or by him for Good Reason as of December 31, 2014, provided he delivers and does not revoke a waiver and release of claims against the Company, he is entitled to receive a lump sum equal to (i) two times the sum of his annual base salary and his annual performance payment at the target level under the Performance Compensation Plan, (ii) continue to receive, for 12 months, coverage for himself and any dependents under the Company group health benefit plans in which he was entitled to participate immediately prior to the date of termination, other than certain supplemental coverage plans available to senior executives, and (iii) the amount of his annual performance payment under the Performance Compensation Plan deemed to be earned for the most recent fiscal year but not yet paid, in the event the termination occurs after the beginning of the year but prior to the date of payment. The Executive Severance Plan also provides that, upon termination of Mr. Yeaman's employment due to his death or Disability, he or his estate is entitled to receive a lump sum equal to his annual bonus under the Company's Performance Compensation Plan to the extent declared or earned but not yet paid for a completed calendar year.

Upon termination of any of Mr. Barber's, Mr. Reich's, Mr. Komeiji's or Mr. Paul's employment either by us without Cause or by him for Good Reason, in each case provided he delivers and does not revoke a waiver and release of claims against the Company, he is entitled to (i) continue to receive, in separate and equal installment payments in accordance with the Company's standard payroll procedures, his base salary for 12 months following termination, subject to termination in the event he breaches any of the covenants described in his employment agreement, (ii) continue to receive for 12 months coverage for himself and any dependents under the Company group health benefit plans in which he was entitled to participate immediately prior to the date of termination other than certain supplemental coverage plans available to senior executives, and (iii) a pro-rata portion of his performance payment under the Performance Compensation Plan for the year of termination, to be paid at the same time as performance payments are paid to the other executive officers.

The Named Executive Officers also have the right to accelerate vesting of their unvested restricted stock units in the event of a change in control of the Company as of December 31, 2014, or termination by us without cause, by them for good reason, or due to death or disability. For the Named Executive Officers, the terms "cause", "good reason" and "disability" have the same meanings as in the Executive Severance Plan.

In the event of a change in control, all unvested RSUs granted in or prior to 2012 and held by our Named Executive Officers (with the exception of unvested RSUs granted in 2010 to Mr. Yeaman)

would vest immediately, with performance-based RSUs vesting at the target level. In the case of Mr. Yeaman, the unvested performance-based RSUs granted in 2010 would vest immediately subject to achievement of the applicable performance goal as determined by the Compensation Committee at the time of the change in control, and the unvested time-based RSUs granted in 2010 and scheduled to vest on the next vesting date would vest immediately on a pro-rated basis. In the case of RSUs granted in and after 2013 and held by our Named Executive Officers, including Mr. Yeaman, any unvested time-based RSUs would vest immediately and the unvested maximum number of performance-based RSUs would vest immediately subject to achievement of the applicable performance goal as determined by the Compensation Committee at the time of the change in control. In all cases, any contractual transfer restrictions applicable to any shares of common stock previously issued to our Named Executive Officers upon vesting of performance-based RSUs would immediately lapse.

In the event of death, disability, or termination of employment without cause or for good reason, with the exception of unvested RSUs granted in 2010 to Mr. Yeaman, unvested time-based RSUs held by our Named Executive Officers that otherwise would have vested on the next vesting date would vest immediately on a pro-rated basis, and unvested performance-based RSUs held by our Named Executive Officers that otherwise would have vested on the next determination date or vesting date, as applicable, subject to upon achievement of the applicable performance goal, would remain outstanding and vest on such determination date or vesting date, as applicable, on a pro-rated basis. In the case of RSUs granted to Mr. Yeaman in 2010, death or disability would result in the immediate vesting of both the unvested time-based RSUs scheduled to vest on the next vesting date and the unvested performance-based RSUs scheduled to vest on the next determination date, and termination of employment without cause or for good reason would result in the immediate vesting of the unvested time-based RSUs scheduled to vest on the next vesting date, while the unvested performance-based RSUs scheduled to vest on the next determination date would remain outstanding and would vest on such determination date subject to achievement of the applicable performance goal. In all cases, any contractual transfer restrictions applicable to any shares of common stock previously issued to the Named Executive Officers upon vesting of performance-based RSUs would immediately lapse. The following table

reflects the total payments that each Named Executive Officer would have received if the following triggering events had occurred on December 31, 2014:

Name	Termination w/o Cause or Resignation for Good Reason		Termination Upon Death/Disability		Change in Control

Eric K. Yeaman
RSU Agreement(1)	$	1,811,873	$	1,811,873	$	2,725,625
Severance Plan(2)(3)	$	3,642,132	$	1,450,000		—
Scott K. Barber
RSU Agreement(1)	$	177,964	$	177,964	$	649,218
Severance Plan(2)(3)	$	725,852	$	509,723		—
Robert F. Reich
RSU Agreement(1)	$	431,388	$	431,388	$	748,222
Severance Plan(2)(3)	$	572,877	$	390,747		—
John T. Komeiji
RSU Agreement(1)	$	398,359	$	398,359	$	634,689
Severance Plan(2)(3)	$	572,922	$	387,290		—
Kevin T. Paul
RSU Agreement(1)	$	157,976	$	157,976	$	353,172
Severance Plan(2)(3)	$	430,632	$	266,113		—

(1): Represents the value, based on the closing price of the Company's common stock on December 31, 2014, of the number of RSUs that could have vested upon the occurrence of the respective triggering event assuming target performance goals were achieved pursuant to the Named Executive Officers' Restricted Stock Unit Grant Agreement ("RSU Agreement").
(2): Represents the sum of cash payments payable under the Hawaiian Telcom Holdco, Inc. Executive Severance Plan upon the occurrence of the respective triggering event assuming target performance goals were achieved under the Performance Compensation Plan.
(3): Includes health insurance costs for 12 months, estimated to be approximately $17,132 for each of Mr. Yeaman and Mr. Komeiji, $12,129 for each of Mr. Barber and Mr. Reich, and $16,619 for Mr. Paul.

Each respective employment agreement prohibits the Named Executive Officer from competing with us or soliciting our employees and customers during the term of his employment and for one year (two years in the case of Mr. Yeaman) following the termination of his employment or the expiration of his term of employment, whichever is longer. Each employment agreement also places restrictions on the dissemination by the Named Executive Officer of confidential or proprietary information.

The compensation of directors is determined by the full Board. The Compensation Committee annually reviews the non-employee director compensation (including cash retainer, cash meeting fees and equity awards) and recommends to the full Board for adoption any changes to such compensation. Changes to non-employee director compensation are made to ensure that their compensation levels are market-competitive and that the compensation structure supports our business objectives, aligns the directors' interests with those of our stockholders, and reflects competitive best practices.

In January 2013, pursuant to the request of the Compensation Committee, Pay Governance completed an evaluation of the Company's non-employee director compensation. Consistent with the recommendations of Pay Governance based on such evaluation, the Company's non-employee directors receive an annual cash retainer of $50,000 (an additional $30,000 if also serving as Chairman of the Board); an additional annual fee if also serving as Chairperson of a committee of the Board ($15,000 for the Audit Committee, $10,000 for the Compensation Committee, $7,500 for the Nominating and Governance Committee, and $5,000 for the Executive Committee); annual equity grants valued at $45,000 (an additional $35,000 if also serving as Chairman of the Board); and an attendance fee of $1,500 per Board or committee meeting attended in person or telephonically.

The following table sets forth a summary of the compensation earned by our non-employee directors during the fiscal year ended December 31, 2014.

Name	Fees Earned or Paid in Cash ($)		Stock Awards ($)(2)(3)		Option Awards ($)		Non-Equity Incentive Plan Compensation ($)		Change in Pension Value and Nonqualified Deferred Compensation Earnings		All Other Compensation ($)		Total ($)

(a)(1)	(b)		(c)		(d)		(e)		(f)		(g)		(h)
Kurt M. Cellar		69,500		45,275		—		—		—		—		114,775
Walter A. Dods, Jr.		74,000		45,275		—		—		—		—		119,275
Warren H. Haruki		79,500		45,275		—		—		—		—		124,775
Richard A. Jalkut		106,000		80,472		—		—		—		—		186,472
Steven C. Oldham		86,000		45,275		—		—		—		—		131,275
Bernard R. Phillips III		68,000		45,275		—		—		—		—		113,275

(1): Mr. Yeaman did not receive any additional compensation for his service on the Board of Directors.
(2): "Stock Awards" represent the aggregate grant date fair values, computed in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 718, of restricted stock unit awards issued to non-employee directors pursuant to the 2010 Equity Incentive Plan. There can be no assurance that these grant date fair values will ever be realized by the non-employee directors. For a discussion of the valuation assumptions, see Note 11 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2014.
(3): As of December 31, 2014, Richard Jalkut had 3,243 unvested RSUs, and ach of the other directors (except Mr. Yeaman) had 1,771 unvested RSUs.

The members of our Compensation Committee are Messrs. Haruki (Chairman), Dods, and Phillips. None of the members of our Compensation Committee serves, or has served during the last completed fiscal year, as an officer or employee of the Company. None of our executive officers currently serves, or during the past fiscal year has served, as a member of the board of directors or compensation committee of any entity that has one or more executive officers who serve on our Board or Compensation Committee.

The Company has a written Code of Business Conduct and conflict of interest policies that require employees to disclose any actual or perceived conflict of interest and any material transaction that

could be expected to give rise to a conflict of interest, including a potential related party transaction. In the case of the Company's executive officers, any potential conflict of interest must be reported to and reviewed by the Chief Executive Officer, or if the potential conflict of interest involves a material amount, by the Board of Directors. The Chief Executive Officer or the Board, as the case may be, will make a determination whether a violation of the code of conduct has occurred based on consideration of all relevant facts and circumstances. In the event of a violation, employees may be disciplined up to and including dismissal. Directors also are required, pursuant to the Code of Conduct of the Board of Directors of the Company, to disclose any situation that involves, or may reasonably be expected to involve, a conflict of interest with the Company. Such disclosure must be made promptly to the Chairman of the Nominating and Governance Committee.

Proposals of stockholders intended to be presented pursuant to Rule 14a-8 under the Exchange Act at the Company's Annual Meeting in 2016 must be received at the Company's headquarters on or before November 24, 2015 in order to be considered for inclusion in the 2016 Proxy Statement and proxy. The Company's Bylaws require that proposals of stockholders made outside of Rule 14a-8 under the Exchange Act be submitted, in accordance with Section 2.9 of the Bylaws, not earlier than January 2, 2016 and not later than February 1, 2016; provided, however, that in the event the 2016 Annual Meeting is called for a date that is not within 30 days before or after the anniversary date of the 2015 Annual Meeting, notice by the stockholders in order to be timely must be received by the Company not later than the close of business on the 10th day following the day on which notice of the date of the 2016 Annual Meeting was mailed or public disclosure of the date of the 2016 Annual Meeting was made, whichever occurs first. Additionally, in accordance with Rule 14a-4(c) under the Exchange Act, management proxy holders intend to use their discretionary voting authority with respect to any stockholder proposal raised at the 2016 Annual Meeting as to which the stockholder fails to notify the Company on or before February 1, 2016.

The Board knows of no other matters to be presented for stockholder action at the Annual Meeting. However, if other matters do properly come before the Annual Meeting or any adjournments or postponements thereof, the Board intends that the persons named in the proxies will vote upon such matters in accordance with their best judgment.

Appendix A

Schedule of Adjusted EBITDA Calculation
(Unaudited, dollars in thousands)

	For Three Months Ended December 31,				For the Year Ended December 31,

	2014		2013		2014		2013
Net income	$	1,976	$	2,629	$	8,099	$	10,488
Income tax provision		1,755		3,261		5,910		8,782
Interest expense and other income and expense, net		4,088		4,157		16,462		22,501
Depreciation and amortization		20,693		18,769		78,014		77,301
Gain on sale of property		—		—		—		(6,546	)

EBITDA		28,512		28,816		108,485		112,526
Non-cash stock compensation		1,108		850		4,174		2,736
SystemMetrics earn-out		272		—		1,087		—
Non-recurring costs		402		695		2,448		2,553
Severance costs		197		—		197		712
Wavecom integration costs		87		374		339		1,343
Storm Iselle costs		134		—		1,077		—

Adjusted EBITDA	$	30,712	$	30,735	$	117,807	$	119,870

Signature of Stockholder Date: Signature of Stockholder Date: Note: Please sign exactly as your name or names appear on this Proxy. When shares are held jointly, each holder should sign. When signing as executor, administrator, attorney, trustee or guardian, please give full title as such. If the signer is a corporation, please sign full corporate name by duly authorized officer, giving full title as such. If signer is a partnership, please sign in partnership name by authorized person. To change the address on your account, please check the box at right and indicate your new address in the address space above. Please note that changes to the registered name(s) on the account may not be submitted via this method. 1. Election of Directors: O Richard A. Jalkut O Kurt M. Cellar O Walter A. Dods, Jr. O Warren H. Haruki O Steven C. Oldham O Bernard R. Philips III O Eric K. Yeaman 2. To approve Amended and Restated Bylaws to increase the maximum number of directors that may constitute our Board of Directors from seven to nine and to clarify that the number of directors within the specified range that constitute the Board is determined by resolution of the Board of Directors. 3. To ratify the selection of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2015. THIS PROXY WILL BE VOTED AS DIRECTED, OR IF NO DIRECTION IS INDICATED, WILL BE VOTED “FOR” THE ELECTION OF DIRECTORS AND “FOR” PROPOSAL NOS. 2 AND 3. FOR AGAINST ABSTAIN FOR ALL NOMINEES WITHHOLD AUTHORITY FOR ALL NOMINEES FOR ALL EXCEPT (See instructions below) INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark “FOR ALL EXCEPT” and fill in the circle next to each nominee you wish to withhold, as shown here: JOHN SMITH 1234 MAIN STREET APT. 203 NEW YORK, NY 10038 NOMINEES: ANNUAL MEETING OF STOCKHOLDERS OF HAWAIIAN TELCOM HOLDCO, INC. may 1, 2015 INTERNET - Access “www.voteproxy.com” and follow the on-screen instructions or scan the QR code with your smartphone. Have your proxy card available when you access the web page. TELEPHONE - Call toll-free 1-800-pROXiEs (1-800-776-9437) in the United States or 1-718-921-8500 from foreign countries from any touch-tone telephone and follow the instructions. Have your proxy card available when you call. Vote online/phone until 11:59 PM EST the day before the meeting. mail - Sign, date and mail your proxy card in the envelope provided as soon as possible. IN PERSON - You may vote your shares in person by attending the Annual Meeting. GO GREEN - e-Consent makes it easy to go paperless. With e-Consent, you can quickly access your proxy material, statements and other eligible documents online, while reducing costs, clutter and paper waste. Enroll today via www.amstock.com to enjoy online access. PROXY VOTING INSTRUCTIONS Please detach along perforated line and mail in the envelope provided IF you are not voting via telephone or the Internet. THE BOARD OF DIRECTORS RECOMMENDS A VOTE "FOR" THE ELECTION OF DIRECTORS AND "FOR" PROPOSAL NOS. 2 AND 3. PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE X 20730030000000000000 2 050115 COMPANY NUMBER ACCOUNT NUMBER NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIAL: The Notice of Meeting, proxy statement and proxy card are available at http://ir.hawaiiantel.com FOR AGAINST ABSTAIN

0 14475 HAWAIIAN TELCOM HOLDCO, INC. proxy for annual meeting of stockholders on May 1, 2015 THIS PROXY IS SOLICITED BY THE BOARD OF DIRECTORS OF THE COMPANY The undersigned hereby appoints Richard A. Jalkut and Eric K. Yeaman, and each of them, with power to act without the other and with power of substitution, as proxies and attorneys-in-fact and hereby authorizes them to represent and vote, as provided on the other side, all the shares of Hawaiian Telcom Holdco, Inc. Common Stock which the undersigned is entitled to vote, and, in their discretion, to vote upon such other business as may properly come before the Annual Meeting of Stockholders of the Company to be held May 1, 2015 or at any adjournment or postponement thereof, with all powers which the undersigned would possess if present at the Meeting. (continued and to be signed on the reverse side.) 1.1

ANNUAL MEETING OF STOCKHOLDERS OF HAWAIIAN TELCOM HOLDCO, INC. May 1, 2015 NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIAL: The Notice of Meeting, proxy statement and proxy card are available at http://ir.hawaiiantel.com Please sign, date and mail your proxy card in the envelope provided as soon as possible. Signature of Stockholder Date: Signature of Stockholder Date: Note: Please sign exactly as your name or names appear on this Proxy. When shares are held jointly, each holder should sign. When signing as executor, administrator, attorney, trustee or guardian, please give full title as such. If the signer is a corporation, please sign full corporate name by duly authorized officer, giving full title as such. If signer is a partnership, please sign in partnership name by authorized person. To change the address on your account, please check the box at right and indicate your new address in the address space above. Please note that changes to the registered name(s) on the account may not be submitted via this method. 1. Election of Directors O Richard A. Jalkut O Kurt M. Cellar O Walter A. Dods, Jr. O Warren H. Haruki O Steven C. Oldham O Bernard R. Philips III O Eric K. Yeaman 2. To approve Amended and Restated Bylaws to increase the maximum number of directors that may constitute our Board of Directors from seven to nine and to clarify that the number of directors within the specified range that constitute the Board is determined by resolution of the Board of Directors. 3. To ratify the selection of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2015. THIS PROXY WILL BE VOTED AS DIRECTED, OR IF NO DIRECTION IS INDICATED, WILL BE VOTED “FOR” THE ELECTION OF DIRECTORS AND “FOR” PROPOSAL NOS. 2 AND 3. FOR AGAINST ABSTAIN FOR ALL NOMINEES WITHHOLD AUTHORITY FOR ALL NOMINEES FOR ALL EXCEPT (See instructions below) INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark “FOR ALL EXCEPT” and fill in the circle next to each nominee you wish to withhold, as shown here: NOMINEES: THE BOARD OF DIRECTORS RECOMMENDS A VOTE "FOR" THE ELECTION OF DIRECTORS AND "FOR" PROPOSAL NOS. 2 AND 3. PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE X Please detach along perforated line and mail in the envelope provided. 20730030000000000000 2 050115 GO GREEN e-Consent makes it easy to go paperless. With e-Consent, you can quickly access your proxy material, statements and other eligible documents online, while reducing costs, clutter and paper waste. Enroll today via www.amstock.com to enjoy online access. FOR AGAINST ABSTAIN


Filed by the Registrant ý
Filed by a Party other than the Registrant o
Check the appropriate box:
o		Preliminary Proxy Statement
o		Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
ý		Definitive Proxy Statement
o		Definitive Additional Materials
o		Soliciting Material under §240.14a-12

Fee Category	Fiscal Year 2014		Fiscal Year 2013

Audit Fees	$	972,000	$	904,712
Audit-Related Fees		—		—
Tax Fees		—		—
All Other Fees		—		—

Total Fees	$	972,000	$	904,712

Name	Base Salary as of December 31, 2013		Base Salary as of December 31, 2014

Eric K. Yeaman	$	710,000	$	725,000	2.0	%
Scott K. Barber	$	400,000	$	408,000	2.0	%
Robert F. Reich	$	333,000	$	340,000	2.1	%
John T. Komeiji	$	330,000	$	337,000	2.1	%
Kevin T. Paul	$	290,000	$	295,800	2.0	%

Corporate Performance Metric	Target ($ in millions)(1)		Result ($ in millions)(1)

Revenue	$	407.8	$	390.7	95.8	%	30	%	23.7	%
Adjusted EBITDA	$	123.0	$	117.8	95.8	%	25	%	19.7	%
Net Cash Flow	$	3.0	$	2.8	93.1	%	20	%	19.7	%
Customer Satisfaction(4)		—		—	—		25	%	3.9	%

Payout percentage									67	%

Name			Potential Payout Range as a Percentage of Annual Salary			Actual Payout

Eric K. Yeaman	100	%	0 - 125%	67.4	%	$	485,750
Scott K. Barber	75	%	0 - 93.75%	50.3	%	$	204,835
Robert F. Reich	65	%	0 - 81.25%	43.6	%	$	147,901
John T. Komeiji	65	%	0 - 81.25%	43.6	%	$	146,589
Kevin T. Paul	40	%	0 - 50%	26.8	%	$	79,202


		Sincerely,
		/s/ ERIC K. YEAMAN Eric K. Yeaman President and Chief Executive Officer


		By Order of the Board of Directors,
		/s/ SEAN K. CLARK Sean K. Clark Secretary

		Page

General Information			1
Proposal No. 1—Election of Directors			4
Proposal No. 2—Approval of Amended and Restated Bylaws			10
Proposal No. 3—Ratification of the Selection of Deloitte & Touche LLP as the Company's Independent Registered Public Accounting Firm for the Fiscal Year Ending December 31, 2015			10
Audit Committee Report			12
Stock Ownership			13
Security Ownership of Certain Stockholders, Directors and Executive Officers			13
Section 16(a) Beneficial Ownership Reporting Compliance			15
Compensation of the Named Executive Officers and Directors			16
Compensation Discussion and Analysis			16
Compensation Committee Report			27
Relationship between Compensation Plans and Risk			27
Summary Compensation Table			28
Employment Agreements			28
Grants of Plan-Based Awards			29
Outstanding Equity Awards at Fiscal Year-End			30
Option Exercises and Stock Vested			31
Pension Benefits			31
Nonqualified Deferred Compensation			31
Potential Payments on Termination or Change in Control			31
Compensation of Directors			34
Compensation Committee Interlocks and Insider Participation			35
Certain Relationships and Related Transactions			35
Other Information			36
Stockholder Proposals for the 2016 Annual Meeting			36
Other Matters			36
Appendix A			A-1


		Steven C. Oldham, Chairman Kurt M. Cellar Bernard R. Phillips III


A	=	The target number of performance-based RSUs scheduled to vest with respect to the applicable performance period.
B	=	Weighted % Vested from Revenue Performance + Weighted % Vested from Adjusted EBITDA Performance, each of which is determined as follows:

Measurement					Amount

					($ in mils)
FY2014 Revenue	40	%
Threshold			95	%	$	387.40	75	%
Target			100	%	$	407.80	100	%
Maximum			105	%	$	428.20	125	%

Measurement					Amount

					($ in mils)
FY2014 Adjusted EBITDA	60	%
Threshold			95	%	$	116.80	75	%
Target			100	%	$	123.00	100	%
Maximum			105	%	$	129.20	125	%


C		=		TSR Award Modifier, which ranges from 75% to 125% depending upon the performance of the Company's TSR relative to the performance of the NASDAQ Telecommunications Index (Index) TSR, as follows:

Name

Eric K. Yeaman	100	24,825	31,807
Scott K. Barber	75	10,478	13,424
Robert F. Reich	65	7,567	9,695
John T. Komeiji	50	5,770	7,392
Kevin T. Paul	40	4,051	5,190

TSR Modifier	January 2013*		December 2014*

Hawaiian Telcom Holdco, Inc.	$	19.94	$	27.56	38.2	%
NASDAQ Telecom Index	$	207.15	$	390.7	32.7	%

TSR Award Modifier					117.0	%

Level	TSR Relative Performance [(Company TSR minus Index TSR) × 100%]

High	+15% and higher	125	%
Target	0%	100	%
Low	–15% and lower	75	%


		Respectfully Submitted By: The Compensation Committee Warren H. Haruki, Chairman Walter A. Dods, Jr. Bernard R. Phillips III

	Stock Awards

Name	Number of Shares Acquired on Vesting (#)		Value Realized on Vesting ($)
Eric K. Yeaman		66,965		1,987,450
Scott K. Barber		13,867		379,317
Robert F. Reich		14,649		416,461
John T. Komeiji		14,215		403,940
Kevin T. Paul		4,011		116,519


		By Order of the Board of Directors
		/s/ SEAN K. CLARK Sean K. Clark Secretary