The University of Hawaii is poised to announce a new $344,000 annual contract for men’s basketball coach Gib Arnold.

People familiar with the deal say the Hawaii Government Employees Association, the final hurdle in the deal, has approved the three-year agreement which had already been agreed to and signed by UH and Arnold.

The deal will be announced by UH in a press conference Monday. 

UH debuts Friday with an exhibition game against Hawaii Pacific University at the Stan Sheriff Center and opens its regular season Monday with an ESPN meeting against Cal State Northridge.

UH will pay $294,000 of Arnold’s annual salary with $50,000 to be picked up by donors, according to a party involved. He had been paid $240,000 for 2010-11, his first season. UH finished 19-13. 

The deal replaces his previous contract and goes into effect starting this season, retroactively to July 1.

Arnold can earn an automatic one-year rollover of his contract and possibly multi-years if he hits any of a series on benchmarks including 18 victories in a season (providing UH’s strength of schedule is in the top half of the country), an appearance by the  Rainbow Warriors in the NCAA or National Invitation Tournament or finishes first or second place in the conference regular season.

In addition, Arnold can qualify for several cash bonuses based upon the team’s performance in nationally-televised games, tournaments and season-ticket sales.