Yes, financial compensation is involved, and “exact terms of the agreements are confidential.”

But Bank of Hawaii isn’t just throwing stacks of cash at the eight University of Hawaii student-athletes with which it announced unprecedented endorsement partnerships Thursday.

Compensation for use of the names, images and likenesses of the “SimpliFi Athletes” also includes “financial education and preparedness; professional/career development and training, such as internships; and community service and engagement experiences,” according to a release from the bank.

It’s no coincidence that the eight athletes — Amber Igiede and Brooke Van Sickle (women’s volleyball), Chaz Galloway and Max Rosenfeld (men’s volleyball), Kelsie Imai and Daejah Phillips (women’s basketball) and Samuta Avea and Kamaka Hepa (men’s basketball) — all play in the facility that Bank of Hawaii bought the naming rights for with a $5 million, 10-year investment last year.

It’s now known as SimpliFi Arena at the Stan Sheriff Center. The bank also created a $100,000 scholarship endowment for student-athletes in the name of Sheriff, the UH athletic director who envisioned and secured funding for what was originally called the Special Events Arena when it opened in 1994, a year after his death.

“Bank of Hawaii has a long history with the arena, and we thought it was important to have representation across the sport teams that play there,” BOH chairman, president and CEO Peter Ho said. “We reached out to these eight athletes in recognition of their athletic performance and capabilities, and as role models at school and in the community.”

No specifics were made available Thursday, but don’t be surprised if you see some of your favorite UH athletes in commercials soon, on various platforms.

“While this process is new to us, Bank of Hawaii is looking forward to partnering with the athletes on a variety of programs and projects, which could include promotion through social media, advertisements and photo opportunities,” Ho said.

This type of arrangement was impossible before July 1, when the NCAA changed its rules that did not allow student-athletes to benefit individually from the use of their name, image or likeness.

“I’m super grateful to be one of the first generation of athletes to get this opportunity,” Van Sickle said.

In July, UH quarterback Chevan Cordeiro secured an endorsement deal with Central Pacific Bank.