SEC Form 4 · accession 0001127602-15-009997

CENTRAL PACIFIC FINANCIAL CORP · CPF

Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗

A later amendment supersedes this filing — read the amendment. The figures below are kept as originally reported (version chain, not an overwrite).

Reporting owner

Officer — President & CEO · Director

Period of report

Mar 2, 2015

Accepted (ET)

Mar 4, 2015 · 3:05 pm EST

Rule 10b5-1 plan

unknown — predates the checkbox

Issuer CIK

0000701347

Table I — non-derivative securities

Security	Date	Code	Shares	Price	A/D	Owned after	D/I	Nature of ownership
Common Stock	Mar 2, 2015	A	8,460	$0.00	A	62,850	I	The John C Dean Rev Trust
Common Stock^F3	Mar 2, 2015	F	3,078	$22.98	D	59,772	I	The John C Dean Rev Trust
Common Stock^F1,F2,F4	Mar 2, 2015	F	1,941	$22.98	D	22,087	D

No Table II lines on this filing.

F1PSUs (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.
F2RSUs 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.
F3Shares exercised related to vesting from 2/28/13 grant
F4Shares exercised related to vesting from 2/28/14 grant