Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

As previously announced, on October 26, 2021, the Board of Directors of Central Pacific Financial Corp. (the "Company") and Central Pacific Bank (the "Bank") approved the promotion of Arnold Martines to President and Chief Operating Officer of the Company and the Bank and David Morimoto to Senior Executive Vice President and Chief Financial Officer of the Company and the Bank, both effective as of January 1, 2022. In connection therewith, on January 25, 2022 the Company's Board of Directors (following approval by the Company's Compensation Committee) approved the following changes to the compensation for Mr. Martines and Mr. Morimoto as of January 1, 2022. Mr. Martines' base salary has been set at $475,000. In addition, Mr. Martines is now eligible for an annual incentive compensation plan bonus up to 65% of his annual base salary and a long-term incentive equity grant opportunity at up to 75% of his base salary. Mr. Morimoto's base salary has been set at $450,000. In addition, Mr. Morimoto is now eligible for an annual incentive compensation plan bonus up to 55% of his base salary and a long-term incentive equity grant opportunity at up to 70% of his base salary.

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