Document:

HEI Exhibit 10.10(c)

 

AMENDMENT NO. 1 TO JANUARY 1, 2009, RESTATEMENT OF THE
 HAWAIIAN ELECTRIC INDUSTRIES, INC.
 EXCESS PAY PLAN

 

The following amendments are made to the Hawaiian Electric Industries, Inc. Excess Pay Plan (the “Plan”), which was restated effective January 1, 2009, to comply with final regulations under Section 409A of the Internal Revenue Code of 1986, as amended, (the “Code”).

 

1.         Effective January 1, 2011, the following is added to the end of Section 4.1(a):

 

For purposes of determining a Participant’s Excess Pay Plan benefit, the amount that would be payable under the Retirement Plan shall be calculated by including in the Participant’s “Compensation,” as defined in the Retirement Plan, any base salary deferred by the Participant under the Hawaiian Electric Industries Deferred Compensation Plan.  Any base salary deferred by a Participant shall be included in the Participant’s “Compensation” in the year and month deferred.

 

2.         In 2009, the Hawaiian Electric Industries, Inc. Pension Investment Committee amended the 24-month cost-of-living adjustment (“COLA”) in the Retirement Plan to provide a 12-month COLA that was actuarially equivalent to the historical 24-month COLA.  The amendment to the Retirement Plan was made solely to comply with final regulations under Section 401(a)(9) of the Code.  Since Section 401(a)(9) of the Code is not applicable to the Excess Pay Plan and since a change from a 24-month COLA to a 12-month COLA in the Excess Pay Plan would be an impermissible acceleration of Excess Pay Plan benefits under Section 409A of the Code, this amendment clarifies that that 24-month COLA continues to apply for purposes of the Excess Pay Plan.

 

3.         Except as modified herein, all the terms and provisions of the Excess Pay Plan, as amended, shall continue in full force and effect.

 

TO RECORD the adoption of this Amendment No. 1 to the Excess Pay Plan, Hawaiian Electric Industries, Inc. has executed this document December 13, 2010.

 

 

	
 
    	
HAWAIIAN ELECTRIC INDUSTRIES, INC.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Chester A. Richardson
    
	
 
    	
 
    	
Its  Senior Vice   President – General Counsel,
   Secretary and Chief Administrative OfficerHEI Exhibit 10.13(b)

 

CONSENT TO CHANGE OF OWNERSHIP/CONTROL OF CARRIER

 

 

THIS CONSENT (“Consent”) is made this 1st day of July, 2011, by and between K-Sea Operating Partnership, L.P., hereinafter called “Carrier”, and Hawaii Electric Light Company, Inc., hereinafter called “Shipper.”

 

Carrier was previously assigned the rights and obligations of Hawaiian Interisland Towing, Inc. (“Hawaiian Interisland”) under Hawaiian Interisland’s Contract of Private Carriage with Hawaii Electric Light Company, Inc. (hereinafter, “HELCO”) dated December 4, 2000 (hereinafter, the “Contract”).  Such previous assignment was made to Carrier by Smith Maritime, which in turn had been assigned and assumed Hawaiian Interisland’s rights and obligations under the Contract.

 

Carrier now seeks the consent of Shipper under clause 15 of the Contract to a change of ownership and control of Carrier pursuant to an Agreement of Merger between Carrier and Kirby Corporation effective July 1, 2011 (Merger”), and Shipper desires to accept such change.

 

NOW, THEREFORE, for good and valuable consideration, Shipper hereby accepts such change in ownership and control of the Carrier, all other terms and conditions of the Contract to remain unchanged.  Effective upon the date of the Merger, Carrier promises HELCO that it shall continue to perform and be responsible for the Carrier’s obligations thereunder, past, present and future, subject to the terms and conditions of the Contract. In consideration of that assumption and promise to perform, HELCO consents to, the change of ownership as provided herein.

 

This Consent shall be binding upon and inure to the benefit of the parties hereto and their respective successors, assigns, representatives, heirs and legatees.

 

This Consent shall be governed by, interpreted under, and construed and enforced in accordance with, the laws of the State of Hawaii.

 

The parties agree that this Consent may be executed in counterparts, each of which shall be deemed an original, and all of which shall together constitute one and the same instrument binding all parties notwithstanding that all of the parties are not signatories to the same counterparts. For all purposes, duplicate unexecuted and unacknowledged pages of the counterparts may be discarded and the remaining pages assembled as one document. This Consent may also be executed by exchange of executed copies via facsimile or other electronic means, such as PDF, in which case, but not as a condition to the validity of the Consent, each party shall subsequently send the other party by mail the original executed copy. A party’s signature transmitted by facsimile or similar electronic means shall be considered an “original” signature for purposes of this Consent.

 

 

IN WITNESS WHEREOF, the parties have executed and delivered this Consent, and HELCO consents thereto, as of the day and year first above written.

 

 

	
 
    	
K-Sea Operating Partnership,   L.P.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Richard P.   Falcenelli
    
	
 
    	
 
    	
Its Executive   VP/Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Kirby Corporation
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Amy Husted
    
	
 
    	
 
    	
Its Vice President -   Legal
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Consent Given:
    
	
 
    	
 
    
	
 
    	
HAWAII ELECTRIC LIGHT   COMPANY, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By
    	
/s/ Jay M. Ignacio
    
	
 
    	
 
    	
Its PresidentHEI Exhibit 10.14(b)

 

CONSENT TO CHANGE OF OWNERSHIP/CONTROL OF CARRIER

 

 

THIS CONSENT (“Consent”) is made this 1st day of July, 2011, by and between K-Sea Operating Partnership, L.P., hereinafter called “Carrier”, and Maui Electric Company, Ltd., hereinafter called “Shipper.”

 

Carrier was previously assigned the rights and obligations of Hawaiian Interisland Towing, Inc. (“Hawaiian Interisland”) under Hawaiian Interisland’s Contract of Private Carriage with Maui Electric Company, Ltd. (hereinafter, “MECO”) dated December 4, 2000 (hereinafter, the “Contract”).  Such previous assignment was made to Carrier by Smith Maritime, which in turn had been assigned and assumed Hawaiian Interisland’s rights and obligations under the Contract.

 

Carrier now seeks the consent of Shipper under clause 15 of the Contract to a change of ownership and control of Carrier pursuant to an Agreement of Merger between Carrier and Kirby Corporation effective July 1, 2011 (Merger”), and Shipper desires to accept such change.

 

NOW, THEREFORE, for good and valuable consideration, Shipper hereby accepts such change in ownership and control of the Carrier, all other terms and conditions of the Contract to remain unchanged.  Effective upon the date of the Merger, Carrier promises MECO that it shall continue to perform and be responsible for the Carrier’s obligations thereunder, past, present and future, subject to the terms and conditions of the Contract. In consideration of that assumption and promise to perform, MECO consents to, the change of ownership as provided herein.

 

This Consent shall be binding upon and inure to the benefit of the parties hereto and their respective successors, assigns, representatives, heirs and legatees.

 

This Consent shall be governed by, interpreted under, and construed and enforced in accordance with, the laws of the State of Hawaii.

 

The parties agree that this Consent may be executed in counterparts, each of which shall be deemed an original, and all of which shall together constitute one and the same instrument binding all parties notwithstanding that all of the parties are not signatories to the same counterparts. For all purposes, duplicate unexecuted and unacknowledged pages of the counterparts may be discarded and the remaining pages assembled as one document. This Consent may also be executed by exchange of executed copies via facsimile or other electronic means, such as PDF, in which case, but not as a condition to the validity of the Consent, each party shall subsequently send the other party by mail the original executed copy. A party’s signature transmitted by facsimile or similar electronic means shall be considered an “original” signature for purposes of this Consent.

 

 

IN WITNESS WHEREOF, the parties have executed and delivered this Consent, and MECO consents thereto, as of the day and year first above written.

 

 

	
 
    	
K-Sea Operating Partnership,   L.P.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Richard P.   Falcenelli
    
	
 
    	
 
    	
Its Executive   VP/Secretary
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Kirby Corporation
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Amy Husted
    
	
 
    	
 
    	
Its Vice President -   Legal
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Consent Given:
    
	
 
    	
 
    
	
 
    	
MAUI ELECTRIC   COMPANY, LTD.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Lyle J. Matsunaga
    
	
 
    	
 
    	
Its Assistant TreasurerExhibit 4.(d)(ii)

 

	
Protective Life Insurance Company
    	
P. O. Box 10648
    	
Birmingham, Alabama 35202-0648
    	
800-456-6330
    

 

NURSING HOME ENDORSEMENT

FOR THE GUARANTEED MINIMUM WITHDRAWAL BENEFIT

 

We are amending the Guaranteed Minimum Withdrawal Benefit (“GMWB”) rider included with your Contract to describe an increased GMWB withdrawal percentage if the Covered Person meets the qualifying conditions described in this endorsement.  There is no cost to you for this additional benefit.  The existing provisions of your Contract remain in full force and effect unless specifically modified by this endorsement.

 

Increased GMWB Withdrawal Percentage for Nursing Home Confinement — As of the Qualification Date, we will double the GMWB withdrawal percentage established on the Benefit Election Date — up to a maximum increased GMWB withdrawal percentage of 10% — and will use the increased GMWB withdrawal percentage to calculate the Annual Withdrawal Amount available each Contract Year, up to a maximum aggregate Nursing Home Benefit Period of 5 Contract Years.  The Nursing Home Benefit Period is the period of time during which the increased GMWB withdrawal percentage is used to calculate the Annual Withdrawal Amount.  Any Contract Year or portion thereof during which the increased GMWB withdrawal percentage is used to calculate the Annual Withdrawal Amount will be a full Contract Year for the purpose of determining the Nursing Home Benefit Period.

 

DEFINITIONS

 

Activities of Daily Living:  Six basic human functions necessary for a person to live independently.  Specifically, they include:

 

1.             Bathing — The ability to wash oneself by sponge bath, or in a tub or shower, including the task of getting into or out of the tub or shower.

2.             Continence — The ability to maintain control of one’s bowel or bladder, or when unable to maintain such control, the ability to perform associated personal hygiene including caring for a catheter or colostomy bag.

3.             Dressing — The ability to put on and take off all items of clothing, including any necessary braces, fasteners, or artificial limbs.

4.             Eating — The ability to feed oneself by getting food into the body from a receptacle (such as a plate, cup or table), by a feeding tube or intravenously.

5.             Toileting — The ability to get to and from the toilet; getting on and off the toilet; and, performing the associated personal hygiene.

6.             Transferring — The ability to move into or out of a bed, chair or wheelchair.

 

Physician:   A medical doctor currently licensed by a state’s Board of Medical Examiners, or similar authority in the United States, acting within the scope of her or his license.

 

Nursing Home:  A facility (or portion of a facility) primarily engaged in providing continuous, on-going nursing care to its residents in accordance with the authority granted by a license issued by State or Federal government, and qualified as a “skilled nursing home facility” under Medicare or Medicaid.  A “Nursing Home” does not include: a hospital or clinic; a facility operated primarily for the treatment of alcoholism or drug addiction; or, an assisted living facility engaged primarily in custodial care.

 

Qualification Date:  The end of a Valuation Period during which we determine the Covered Person qualifies for the increased GMWB withdrawal percentage.

 

Severe Cognitive Impairment:  A loss or deterioration of intellectual capacity that is comparable to, and includes, Alzheimer’s disease and similar forms of irreversible dementia.  Severe Cognitive Impairment is characterized by clinical evidence and the results of standardized tests that reliably measure impairment in the person’s:  a) short-term or long-term memory; b) orientation as to people, place or time; c) deductive or abstract reasoning; and, d) judgment, as it relates to safety awareness.

 

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CLAIMING THE INCREASED GMWB PERCENTAGE FOR NURSING HOME CONFINEMENT

 

Ineligibility — You are not eligible for the increased GMWB withdrawal percentage if the Covered Person was confined to a Nursing Home any time during the period that starts 1-year prior to the date the GMWB rider was purchased and ends 1-year after the date the GMWB rider was purchased

 

Qualifying Conditions — You must request the increased GMWB withdrawal percentage by Written Notice on or after the Benefit Election Date.  Your Written Notice must include proof the Covered Person:

 

1.                                     was not confined to a Nursing Home any time during the period that began 1-year prior to the date the GMWB rider was purchased and ended 1-year after the date the GMWB rider was purchased; and,

 

2.                                     has been continuously confined to a Nursing Home for at least 90 days immediately preceding the date of your Written Request; and,

 

3.                                     is unable to perform at least two of the six Activities of Daily Living, or is diagnosed with a Severe Cognitive Impairment.

 

We will notify you in writing whether the Covered Person qualifies for the increased GMWB withdrawal percentage and if so, advise you of the Qualification Date.

 

Continuing Qualification — The Covered Person must prove continuing qualification for the increased GMWB withdrawal percentage each Contract Year during the Nursing Home Benefit Period.  Beginning with the second Contract Anniversary after the Qualification Date, you must provide us an annual Written Notice proving the Covered Person:

 

1.             remains confined to a Nursing Home; and,

 

2.             remains unable to perform at least two of the six Activities of Daily Living, or is currently diagnosed with a Severe Cognitive Impairment.

 

We must receive the annual Written Notice not less than 10, nor more than 30 days prior to each applicable Contract Anniversary during the Nursing Home Benefit Period.  However, if it was not reasonably possible to send us the Written Notice within the prescribed time, the delay will not reduce the benefit if Written Notice is provided as soon as reasonably possible to do so.

 

Proof of Qualification — A written statement signed by the Covered Person’s Physician addressing the qualifying conditions constitutes satisfactory proof.  However, we reserve the right to require an examination of the Covered Person by a Physician of our choice at our expense. In the event of a conflict between the medical opinions, the opinion of our Physician shall prevail with respect to initial or continuing qualification.

 

CALCULATING THE ANNUAL WITHDRAWAL AMOUNT

USING THE INCREASED GMWB WITHDRAWAL PERCENTAGE

 

Qualifying Year  — Qualification for the increased GMWB withdrawal percentage may result in an increase in the Annual Withdrawal Amount available for the remainder of the Contract Year during which qualification occurs.  However, an increase in the Annual Withdrawal Amount will not change the effect of any withdrawal that occurred prior to the Qualification Date.

 

If your aggregate GMWB withdrawals from the beginning of the qualifying Contract Year through the Qualification Date are less than or equal to the Annual Withdrawal Amount, we will calculate the remaining Annual Withdrawal Amount by multiplying the Benefit Base on the Qualification Date by the increased GMWB withdrawal percentage, and subtracting the aggregate GMWB withdrawals already taken that Contract Year.

 

If you have taken an Excess Withdrawal during the qualifying Contract Year prior to the Qualification Date, we will calculate 

 

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the remaining Annual Withdrawal Amount for that Contract Year by subtracting the GMWB withdrawal percentage determined on the Benefit Election Date according to the GMWB rider you purchased from the increased GMWB withdrawal percentage provided by this endorsement, and multiplying the difference in those percentages by the Benefit Base on the Qualification Date.

 

We will include the amount of the increase in the Annual Withdrawal Amount for the qualifying year in the notice we send that confirms the Covered Person’s qualification for the increased GMWB withdrawal percentage.

 

Continuing Qualification Years — For any Contract Year during which continuing qualification would apply, we multiply the Benefit Base on the Contract Anniversary by the increased GMWB withdrawal percentage to determine the Annual Withdrawal Amount for that Contract Year.

 

Non-Qualifying Years — For any Contract Year during which the Covered Person fails to qualify for the increased GMWB percentage, we calculate the Annual Withdrawal Amount using the GMWB withdrawal percentage established on the Benefit Election Date according to the terms of the GMWB rider you purchased and that Contract Year will not be included in the Nursing Home Benefit Period.

 

GENERAL PROVISIONS

 

Two Covered Persons — If the GMWB withdrawal percentage established on the Benefit Election Date was based on two Covered Persons, both must meet the qualifying conditions; and all provisions that reference the “Covered Person” shall be interpreted to mean both “Covered Persons”.

 

Termination — This endorsement terminates at the end of the Nursing Home Benefit Period, or if sooner, when the GMWB rider is terminated.  In the event the GMWB rider is reinstated according to the provisions of that rider, this endorsement will also be reinstated unless the Nursing Home Benefit Period has expired.

 

Signed for the Company and made a part of the Contract as of the GMWB Rider Effective Date.

 

Protective Life Insurance Company

 

	

    	
 
    
	
Secretary
    	
 
    

 

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