X0306 4 2015-03-02 0000701347 CENTRAL PACIFIC FINANCIAL CORP CPF 0001491133 Dean John C 220 S. KING ST HONOLULU HI 96813 1 1 President & CEO Common Stock 2015-03-02 4 A 0 8460 0 A 62850 I The John C Dean Rev Trust Common Stock 2015-03-02 4 F 0 3078 22.98 D 59772 I The John C Dean Rev Trust Common Stock 2015-03-02 4 F 0 1941 22.98 D 22087 D PSUs (Two-thirds of 02/28/14 performance award grant): Based on attainment of 90% (threshold) of Board approved 2014 Target Net Income of $40.05 million. If threshold is not achieved, all shares will be forfeited. If threshold is achieved, the first tranche will vest in 2015; followed by the second and third tranches in 2016 and 2017 respectively. Vesting in 2016 is conditioned on the Company achieving a net income of at least $30 million in 2015. Likewise, vesting in 2017 is conditioned on the Company achieving a net income of at least $30 million in 2016. Actual shares earned will be based on 2014 Target Net Income results, with a Stretch Opportunity from 90% of Target up to 200% (cap). 1/3 of each portion will vest equally over the next 3 years. RSUs Time Based: One-third of this portion of the grant will vest equally on the anniversaries of the grant date for the next 3 years. Shares exercised related to vesting from 2/28/13 grant Shares exercised related to vesting from 2/28/14 grant /s/ Patricia Foley, attorney-in-fact for Mr. John C. Dean 2015-03-04