UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

BANK OF HAWAII CORPORATION

(Exact name of registrant as specified in its charter)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))

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

(e)           On February 17, 2009, the Human Resources and Compensation Committee of the Board of Directors of Bank of Hawaii Corporation (the “Company”) granted Mr. Kent T. Lucien, Vice Chairman and Chief Financial Officer of the Company, Mr. Mark A. Rossi, Vice Chairman and Corporate Secretary, and Ms. Mary E. Sellers, Vice Chairman and Chief Risk Officer, a cash award of $200,000 (the “Grant”).  The Grant is subject to certain terms and conditions, including the agreement that payment, net of taxes, be returned should employment be terminated due to reasons other than death, disability or retirement in the year following the second payment.

In 2008, the Committee approved the “Cash for Equity Program” as an alternative to equity based compensation.  The goals of the program are to accelerate stock accumulation, simplify compensation and foster long-term employment.

The foregoing does not constitute a complete summary of the terms of the Grant and reference is made to the complete text of the Grant attached hereto as Exhibit 10.2.  The Grant is incorporated herein by reference.

Item 9.01               Financial Statements and Exhibits

(d)           Exhibits

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

2

Exhibit 10.2

Congratulations and thank you for your leadership and dedication to Bank of Hawaii.  In recognition of your performance and your commitment to help lead Bank of Hawaii in the future, the Human Resources and Compensation Committee of the Board of Directors of Bank of Hawaii Corporation (the “Company”) has granted you an award of $200,000.00 (the “Grant”).  The Grant will be paid in two increments with the expectation that you use a substantial portion of the Grant to increase your holdings of the Company’s common stock.  Half of the grant will be paid on March 5, 2009 and the remaining half before year-end, provided you remain employed and in good standing with the Company on the payment dates. The Grant will be subject to the following terms and conditions:

1.               Withholding.  The Grant shall be subject to the satisfaction of applicable federal, state and local tax withholding requirements.

2.               Retirement and Other Benefits.  The Grant will not be included as (a) “compensation” for purposes of computing your benefits under the Company’s retirement plans (both qualified and nonqualified) or other benefit plans, or (b) compensation for purposes of computing your severance benefits under the Change-In-Control Plan.  For the sake of clarity, the Grant will not be taken into account with respect to calculating benefits under the Bank of Hawaii Retirement Savings Excess Benefit Plan.

3.               Clawback.  Should your employment be terminated due to reasons other than death, disability or retirement in the year following the second payment, we would expect payment, net of taxes withheld, to be returned.

Thank you for staying focused on what needs to be accomplished in 2009.  We have a great team and your continued commitment and support is much appreciated.