Common use of Program Rewards Clause in Contracts

Program Rewards. On the last business day of January and July (each a “Determination Date”) following enrollment in the Program, Bank of Hawaii will determine whether a Program Participant has saved a total of $500 or more, and is eligible to receive a one-time Program Reward of $50 into the Program Participant’s GROW Account and/or whether a Program Participant has saved a total of $1,000 in the GROW Account, and is eligible to receive an additional one-time Program Reward of $100 into the Program Participant’s GROW Account. We will use the end of day ledger balance on a Determination Date to determine qualification for a Program Reward. Therefore, if the Program Participant had saved the $500 or $1,000 prior to a Determination Date, but Program Participant, a co-owner or authorized signer on the GROW Account also made withdrawals prior to the Determination Date taking the GROW Account end of day ledger balance to below the $500 or $1,000 level, Program Participant will not receive the Program Reward. Please note that it is possible to be eligible to receive both Program Rewards on the same Determination Date. For example, if Program Participant opened their GROW Account on May 1st and on the July 31st Determination Date the GROW Account end of day ledger balance is $1,000, the Program Participant would receive both the $50 Reward and the $100 Reward at the same time. Program Rewards will be deposited into the Program Participant’s GROW Account during the month following the Determination Date (e.g. August and February), provided the Program Participant is still employed by Employer and the GROW Account remains open. Program Rewards are considered compensation and Program Participant is responsible for all federal, state, local and payroll taxes. Employer will pay Program Participant an additional amount to cover the estimated amount of income taxes Program Participant will owe on the Program Reward(s). Additional amount paid and tax deductions will be processed via Payroll. Please note that each individual’s situation is unique and the additional amount paid to Program Participant by Employer may or may not cover the actual amount of taxes that they owe.

Program Rewards. On the last business day of January 31st and July 31st (each a “Determination Date”) following enrollment in the Program, Bank of Hawaii will determine whether a Program Participant has saved a total of $500 or more, and is eligible to receive a one-time Program Reward of $50 into the Program Participant’s GROW Account and/or whether a Program Participant has saved a total of $1,000 in the GROW Account, and is eligible to receive an additional one-time Program Reward of $100 into the Program Participant’s GROW Account. We will use the end of day ledger balance on a Determination Date to determine qualification for a Program Reward. Therefore, if the Program Participant had saved the $500 or $1,000 prior to a Determination Date, but Program Participant, a co-owner or authorized signer on the GROW Account also made withdrawals prior to the Determination Date taking the GROW Account end of day ledger balance to below the $500 or $1,000 level, Program Participant will not receive the Program Reward. Please note that it is possible to be eligible to receive both Program Rewards on the same Determination Date. For example, if Program Participant opened their GROW Account on May 1st and on the July 31st Determination Date the GROW Account end of day ledger balance is $1,000, the Program Participant would receive both the $50 Reward and the $100 Reward at the same time. Program Rewards will be deposited into the Program Participant’s GROW Account during the month following the Determination Date (e.g. August and February), provided the Program Participant is still employed by Employer and the GROW Account remains open. Program Rewards are considered compensation and Program Participant is responsible for all federal, state, local and payroll taxes. Employer will pay Program Participant an additional amount to cover the estimated amount of income taxes Program Participant will owe on the Program Reward(s). Additional amount paid and tax deductions will be processed via Payroll. Please note that each individual’s situation is unique and the additional amount paid to Program Participant by Employer may or may not cover the actual amount of taxes that they owe.