SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Hudson David William (Last) (First) (Middle) 220 S KING ST., 22ND FLOOR (Street) HONOLULU HI 96813 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol CENTRAL PACIFIC FINANCIAL CORP [ CPF ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) EVP
	3. Date of Earliest Transaction (Month/Day/Year) 05/04/2015
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/04/2015		M		1,165	A	$0	12,778	I	David Hudson and Dana Kokubun Trust dated 2/3/99
Common Stock	05/04/2015		M		12,090(1)	A	$0	24,868	I	David Hudson and Dana Kokubun Trust dated 2/3/99
Common Stock	05/04/2015		M		158	A	$0	25,026	I	David Hudson and Dana Kokubun Trust dated 2/3/99
Common Stock	05/04/2015		M		1,640(1)	A	$0	26,666	I	David Hudson and Dana Kokubun Trust dated 2/3/99
Common Stock	05/04/2015		F		681	D	$22.99	25,985	I	David Hudson and Dana Kokubun Trust dated 2/3/99
Common Stock	05/04/2015		F		5,820	D	$22.99	20,165	I	David Hudson and Dana Kokubun Trust dated 2/3/99
Common Stock	05/04/2015		F		84	D	$22.99	20,081	I	David Hudson and Dana Kokubun Trust dated 2/3/99
Common Stock	05/04/2015		F		706	D	$22.99	19,375	I	David Hudson and Dana Kokubun Trust dated 2/3/99
Common Stock								12,149	I	David W. Hudson and Dana E. Kokubum Family Trust dtd 2/3/99
Common Stock(2)(3)								8,465	D
Common Stock(4)								3,207	D
Common Stock(5)								1,068	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Unit	$0	05/04/2015		M			1,165	05/02/2013	05/02/2017	Common Stock	1,165	$0	18,674	D
Restricted Stock Unit	$0	05/04/2015		M			12,090(1)	05/02/2013	05/02/2017	Common Stock	12,090	$0	6,584	D
Restricted Stock Unit	$0	05/04/2015		M			158	05/02/2013	05/02/2017	Common Stock	158	$0	6,426	D
Restricted Stock Unit	$0	05/04/2015		M			1,640(1)	05/02/2013	05/02/2017	Common Stock	1,640	$0	4,786	D

Explanation of Responses:

1. PSUs vested at 1.73X target. 1st tranche = 60%

2. 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.

3. RSUs (one-third of 2/28/14 grant) Time Based, whereby shares vest in equal increments over 3 years.

4. RSUs performance-based, granted 2/17/15 reported at maximum number of shares to vest. Actual number of shares to vest based on performance results

5. RSUs time-based; granted 2/17/15

	/s/ Patricia Foley, attorney-in-fact for David W. Hudson	05/05/2015
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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