Short answer
CENTRAL PACIFIC FINANCIAL CORP (CPF) filed an 8-K current report with the SEC on July 2, 2026 reporting Item 5.02 (Departure/Election of Directors or Officers). New change-in-control protection agreements cover executives, including CEO Arnold D. Martines, through June 30, 2029.
CENTRAL PACIFIC FINANCIAL CORP 8-K event analysis
AI summary of each reported item and its exhibits
Item 5.02 · Departure/Election of Directors or Officers
- New change-in-control protection agreements cover executives, including CEO Arnold D. Martines, through June 30, 2029
- Non-CEO severance: 2.0× base salary plus 2.0× average bonus, 18 months’ COBRA, equity vesting, and up to $25,000 outplacement
- CEO severance: 3.0× base salary plus 3.0× average bonus, alongside equivalent benefits for equity, healthcare, and outplacement
- Benefits activate after a change in control following qualifying termination without Cause or resignation for Good Reason
- No Section 280G tax gross-up, limiting potential company cost while preserving executives’ best-net after-tax benefit
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