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

On December 31, 2021, Mr. Kevin Dahlstrom, Executive Vice President and Chief Strategy Officer, Central Pacific Financial Corp. (the "Company") and Central Pacific Bank (the "Bank") provided notice of his resignation effective December 31, 2021. Mr. Dahlstrom has left the Company and the Bank to lead a new fintech initiative being formed in an arrangement with the Bank. In connection with his resignation, Mr. Dahlstrom will be entitled to receive a cash payment of $315,000 under the Company's Annual Incentive Compensation Plan for work performed by Mr. Dahlstrom during the 2021 fiscal year and a discretionary cash bonus in the amount of $182,000 in recognition of his contributions to the Company and the Bank. A press release announcing Mr. Dahlstrom's resignation is attached hereto as Exhibit 99.1 and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits



Exhibit No.                                                Description
          99.1                 Press release, dated January     3    , 2022
           104               Cover Page Interactive Data File (embedded in the cover page formatted
                             in Inline XBRL)

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