X0306 4/A 2015-05-04 2015-05-05 0000701347 CENTRAL PACIFIC FINANCIAL CORP CPF 0001515661 Hudson David William 220 S KING ST., 22ND FLOOR HONOLULU HI 96813 1 EVP Common Stock 2015-05-04 4 M 0 1165 22.99 A 12778 I David Hudson and Dana Kokubun Trust dated 2/3/99 Common Stock 2015-05-04 4 M 0 12090 22.99 A 24868 I David Hudson and Dana Kokubun Trust dated 2/3/99 Common Stock 2015-05-04 4 M 0 158 22.99 A 25026 I David Hudson and Dana Kokubun Trust dated 2/3/99 Common Stock 2015-05-04 4 M 0 1640 22.99 A 26666 I David Hudson and Dana Kokubun Trust dated 2/3/99 Common Stock 2015-05-04 4 F 0 681 22.99 D 25985 I David Hudson and Dana Kokubun Trust dated 2/3/99 Common Stock 2015-05-04 4 F 0 5820 22.99 D 20165 I David Hudson and Dana Kokubun Trust dated 2/3/99 Common Stock 2015-05-04 4 F 0 84 22.99 D 20081 I David Hudson and Dana Kokubun Trust dated 2/3/99 Common Stock 2015-05-04 4 F 0 706 22.99 D 19375 I David Hudson and Dana Kokubun Trust dated 2/3/99 Common Stock 12149 I David W. Hudson and Dana E. Kokubum Family Trust dtd 2/3/99 Common Stock 8465 D Common Stock 3207 D Common Stock 1068 D Restricted Stock Unit 0 2015-05-04 4 M 0 1165 0 D 2013-05-02 2017-05-02 Common Stock 1165 18674 D Restricted Stock Unit 0 2015-05-04 4 M 0 12090 0 D 2013-05-02 2017-05-02 Common Stock 12090 6584 D Restricted Stock Unit 0 2015-05-04 4 M 0 158 0 D 2013-05-02 2017-05-02 Common Stock 158 6426 D Restricted Stock Unit 0 2015-05-04 4 M 0 1640 0 D 2013-05-02 2017-05-02 Common Stock 1640 4786 D PSUs vested at 1.73X target. 1st tranche = 60% 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 (one-third of 2/28/14 grant) Time Based, whereby shares vest in equal increments over 3 years. 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 RSUs time-based; granted 2/17/15 /s/ Patricia Foley, attorney-in-fact for David W. Hudson 2015-05-05