Central Pacific Financial enters change-in-control deals offering CEO 3x salary, bonus severance

Central Pacific Financial Corp.

Central Pacific Financial Corp.

CPF

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  • Central Pacific Financial entered change-in-control agreements with executive officers on June 30, 2026, including CEO Arnold D. Martines.
  • Agreements run about three years to June 30, 2029, with automatic one-year renewals unless the company gives nonrenewal notice.
  • Non-CEO severance: lump sum equal to 2x base salary, 2x average bonus over prior two years, 18 months of COBRA premiums.
  • CEO severance multiple rises to 3x base salary, 3x average bonus over the prior two years.
  • Benefits require a release; triggered by termination without cause or for good reason around a change in control; no 280G gross-up.


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