AMENDED AND RESTATED RETENTION AGREEMENT Between Bank of Hawaii and Wayne Y. Hamano dated July, 1, 2013

Retention Payment (“Monetary Consideration”). Provided that (a) you remain employed with the Bank through July 31, 2014, (the “Retention Date”), and (b) the Performance Conditions (defined below) are satisfied as of the Retention Date, then you will be entitled to a payment of $450,000.00 (the “Retention Payment”), less amounts required to satisfy tax withholding or other withholding liabilities under state or federal law. The Retention Payment payable to you will be paid as a single lump sum on August 15, 2014 (the “Retention Payment Date”). If you fail to remain employed with the Bank through the Retention Date, or if the Performance Conditions have not been satisfied as of the Retention Date, you will completely forfeit any rights to the Retention Payment. For purposes of this Restatement, “Performance Conditions” are satisfied if and only if the Bank has achieved positive net income for the period commencing April 1, 2013 through March 31, 2014, as publicly announced by the Bank in its earnings releases for such period. Moreover, in the event that, at the time of payment, you are a “covered employee” within the meaning of Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), the Bank's Compensation Committee must certify in writing

Where Notices are to be Sent. Any notice required or permitted by this Restatement shall be in writing sent to the following addresses: For you, [intentionally deleted for filing purposes]; for the Bank, Bank of Hawaii, Human Resources #320, P.O. Box 2900, Honolulu, HI ###-###-####.

Enforcing this Restatement. To the extent permitted by law, if you breach any of your obligations under this Restatement, the Bank will be entitled to recover the benefits paid under this Restatement and to obtain all other relief provided by law or equity.

Interpretation of this Restatement. In deciding any question about the parties' intent in creating this Restatement, the following rules will be applied:

If any provision of this Restatement is deemed to be unlawful, the provision will be deemed deleted from this Restatement and the remainder of the Restatement will continue in effect.

The paragraph headings and other guides in this Restatement, as well as any cover letter or other documents accompanying it, are only intended to improve the readability of the Restatement, and not to alter its substance.

This Restatement is formed at Honolulu, Hawaii, and is to be interpreted and enforced under the applicable federal and Hawaii state laws.

This Restatement represents the complete agreement of the parties and supersedes any and all prior agreements unless otherwise specified in this Restatement. In consideration for this Restatement and the benefits hereunder, you waive all rights and forever forfeit any benefits under any other agreements unless otherwise specified in this Restatement.

This Restatement may only be amended in writing signed by both you and the Bank.

This Restatement is not intended to be and is not an admission of any fact or wrongdoing or liability by any of the parties.

Nothing contained in this Restatement shall be construed as conferring upon you the right to continue in the service of the Bank as an employee or in any other capacity.

This Restatement is intended to meet the requirements of Code section 409A, so that the Retention Payment is not includible in your gross income under Code section 409A(a)(1)(A) and the terms of this Restatement shall be construed and interpreted in a manner consistent with such intent.

The Retention Payment is intended to be “qualified performance based compensation” as that term is defined under Code section 162(m), so that the

The Compensation Committee and/or its delegate shall have the sole authority to administer and interpret the terms of this Restatement.