Document:

Assignment and Acceptance Agreement

 HECO Exhibit 10.9 
 ASSIGNMENT AND ACCEPTANCE AGREEMENT 
 Assignment and Acceptance Agreement (as the same may be
amended, supplemented or otherwise modified from time to time, this “Assignment and Acceptance Agreement”), dated as of September 18, 2008 by and between Lehman Brothers Bank, FSB a Lender under the Credit
Agreement referred to below (the “Assignor”), and Bank Hapoalim BM (the “Assignee”). 
 R E C I T A L S 
 A. Reference is made to the Credit Agreement, dated as of March 31, 2006, among Hawaiian Electric Company,
Inc., a Hawaii corporation (the “Borrower”), the Lenders party thereto and The Bank of New York Mellon, formerly The Bank of New York, as Administrative Agent (as the same may be amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”). Capitalized terms used herein which are not otherwise defined herein shall have the respective meanings ascribed thereto in the Credit Agreement. 
 B. Pursuant to the Credit Agreement and subject to the limitations set forth therein the Credit Parties agreed to make the Loans under the terms and
conditions therein set forth. 
 C. The amount of the Assignor’s Revolving Commitment (without giving effect to the assignment effected
hereby or to other assignments thereof which have not yet become effective) is specified in Item 1 of Schedule 1 hereto. The outstanding principal amount of the Assignor’s Revolving Loans without giving effect to the assignment effected
hereby or to other assignments thereof which have not yet become effective, is specified in Item 2 of Schedule 1 hereto. 
 D. The
Assignor wishes to sell and assign to the Assignee, and the Assignee wishes to purchase and assume from the Assignor, (i) the portion of the Assignor’s rights and obligations under the Loan Documents, including its Revolving Commitment
specified in Item 3 of Schedule 1 hereto (the “Assigned Commitment”), and (ii) the portion of the Assignor’s Revolving Loans specified in Item 4 of Schedule 1 hereto (the “Assigned
Loans”). 
 The parties agree as follows: 
  

	 	1.	Assignment 

 Subject to the terms and
conditions set forth herein and in the Credit Agreement, the Assignor hereby sells and assigns to the Assignee, and the Assignee hereby purchases and assumes from the Assignor, without recourse, on the date hereof, (i) all right, title and
interest of the Assignor in and to the Assigned Loans, and (ii) all obligations of the Assignor under the Loan Documents with respect to the Assigned 

 Commitment. As full consideration for the sale of the Assigned Loans, the Assignee shall pay to the Assignor on the date
hereof an amount equal to the principal amount of the Assigned Loans or such other amount as shall be agreed upon by the Assignor and the Assignee (the “Purchase Price”), and the Assignor shall pay the fee payable to the
Administrative Agent pursuant to Section 10.04(b) of the Credit Agreement. 
  

	 	2.	Representations and Warranties 

 (a)
Each of the Assignor and the Assignee represents and warrants to the other that (i) it has full power and legal right to execute and deliver this Assignment and Acceptance Agreement and to perform the provisions of this Assignment and
Acceptance Agreement; (ii) the execution, delivery and performance of this Assignment and Acceptance Agreement have been authorized by all action, corporate or otherwise, and do not violate any provisions of its organizational documents or any
contractual obligations or requirement of law binding on it; and (iii) this Assignment and Acceptance Agreement constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms. The Assignor further
represents that it is the legal and beneficial owner of the interest being assigned by it hereunder and that such interest is free and clear of any adverse claim created by the Assignor. 
 (b) The Assignee represents and warrants to the Assignor (i) it is an “accredited investor” within the meaning of Regulation
D of the Securities and Exchange Commission, as amended, and (ii) it has, independently and without reliance upon the Assignor, and based on such documents and information as it has deemed appropriate, made its own evaluation of, and
investigation into, the business, operations, property, financial and other condition and creditworthiness of the Borrower and its Subsidiaries and made its own decision to enter into this Assignment and Acceptance Agreement. 
  

	 	3.	Effect of Assignment. 

 (a)
Upon the effective date hereof, (i) the Administrative Agent shall record the assignment contemplated hereby, (ii) the Assignee, unless already a Lender, shall become a Lender, with all the rights and obligations as a Lender under
the Credit Agreement, and (iii) the Assignor, to the extent of the assignment provided for herein, shall be released from its obligations under the Loan Documents, with respect to the Assigned Loans and Assigned Commitments. 
 (b) The Assignee hereby appoints and authorizes the Administrative Agent to take such action, on and after the date hereof, as agent on its
behalf and to exercise such powers under the Loan Documents as are delegated to such Administrative Agent by the terms thereof, together with such powers as are reasonably incidental thereto. 
 (c) From and after the effective date hereof, the Credit Parties and the Loan Parties shall make all payments in respect of the interest
assigned hereby (including payments of principal, interest, fees and other amounts) to the Assignee. The Assignor 

 and the Assignee shall make all appropriate adjustments directly between themselves with respect to amounts under the
Loan Documents which accrued prior to the date hereof and which were paid thereafter. 
  

	 	4.	Method of Payment 

 All payments to be made
either to the Assignor or the Assignee by the other hereunder shall be made by wire transfer in immediately available funds to the account designated by the Assignor or the Assignee, as the case may be. 
  

	 	5.	Notices 

 All notices, requests and demands
to or upon the Assignee in connection with this Assignment and Acceptance Agreement and the Loan Documents are to be sent or delivered to the place set forth adjacent to its name on the signature page(s) hereof. 
  

	 	6.	Miscellaneous 

 (a) For
purposes of this Assignment and Acceptance Agreement, all calculations and determinations with respect to the Assigned Loans, the Assigned Commitment and all other similar calculations and determinations, shall be made and shall be deemed to be made
as of the commencement of business on the date of such calculation or determination, as the case may be. 
 (b) Section
headings have been inserted herein for convenience only and shall not be construed to be a part hereof. 
 (c) This Assignment
and Acceptance Agreement embodies the entire agreement and understanding between the Assignor and the Assignee with respect to the subject matter hereof and supersedes all other prior arrangements and understandings between the Assignor and the
Assignee with respect to the subject matter hereof. 
 (d) This Assignment and Acceptance Agreement may be executed in any
number of separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same agreement. It shall not be necessary in making proof of this Assignment and Acceptance Agreement to produce or account for
more than one counterpart signed by the party to be charged. 
 (e) Every provision of this Assignment and Acceptance Agreement
is intended to be severable, and if any term or provision hereof shall be invalid, illegal or unenforceable for any reason, the validity, legality and enforceability of the remaining provisions hereof shall not be affected or impaired thereby, and
any invalidity, illegality or unenforceability in any jurisdiction shall not affect the validity, legality or enforceability of any such term or provision in any other jurisdiction. 

 (f) This Assignment and Acceptance Agreement shall be binding upon and inure to the benefit
of the Assignor and the Assignee and their respective successors and permitted assigns, except that neither party may assign or transfer any of its rights or obligations hereunder (i) without the prior written consent of the other party, and
(ii) in contravention of the Credit Agreement. 
 (g) This Assignment and Acceptance Agreement and the rights and
obligations of the parties hereunder shall be governed by, and construed and interpreted in accordance with, the law of the State of New York. 
 (h) This Assignment and Acceptance Agreement shall become effective on the date it has been executed by the Assignor, the Assignee, the Administrative Agent, and, unless an Event of Default has occurred and is continuing, the
Borrower. 
 [Signature Pages To Follow] 

 IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Acceptance Agreement to be duly
executed and delivered by their proper and duly authorized officers as of the day and year first above written. 
  

			
	Lehman Brothers Bank, FSB, as Assignor
		
	By:	 	 /s/ Tina Chen

	 Name:
	 	 Tina Chen

	 Title:
	 	 Authorized Signatory

  

			
	Bank Hapoalim BM, as Assignee
		
	By:	 	 /s/ Shaun Breidbart/Charles McLaughlin

	 Name:
	 	 Shaun Breidbart/Charles McLaughlin

	 Title:
	 	 Vice President/Senior Vice President

 Consented to and Accepted this 18th day: 
 of September, 2008 
 THE BANK OF NEW YORK MELLON, as Administrative Agent and
Issuing Bank 
  

			
	By:	 	 /s/ Ronald R. Reedy

	 Name:
	 	 Ronald R. Reedy

	 Title:
	 	 Managing Director

 Consented to this 17th day: 
 of September, 2008 
 HAWAIIAN ELECTRIC COMPANY, INC. 
  

			
	By:	 	 /s/ Tayne S. Y. Sekimura

	 Name:
	 	 Tayne S. Y. Sekimura

		
	By:	 	 /s/ Lorie Ann Nagata

	 Name:
	 	 Lorie Ann Nagata

 SCHEDULE 1 
 TO 
 ASSIGNMENT AND ACCEPTANCE AGREEMENT, 
 dated as of September 18, 2008, 
 between Lehman Brothers Bank, FSB as Assignor

 and 
 Bank Hapoalim BM, as
Assignee, 
 relating to the 
 Credit Agreement, dated as of March 31, 2006, 
 by and among 
 Hawaiian Electric Company, Inc., 
 the Lenders party thereto 
 and 
 The Bank of New York Mellon, formerly
The Bank of New York, as Administrative Agent 
  

						
	 Item 1.
	  	Amount of Assignor’s Aggregate Commitment *:
			
		  	(a) Revolving Commitment	  	$	9,545,454.55
		
	 Item 2.
	  	Outstanding principal balance/amount of the Assignor’s Loans *:
			
		  	(a) Revolving Loans consisting of:	  		
		  	 ABR Borrowing
	  	$	00.00
		  	 Eurodollar Borrowing
	  	$	00.00
			
	 Item 3.
	  	Amount of Revolving Commitment and/or Letter of Credit Commitment being assigned:	  		
			
		  	 (a) Revolving Commitment
	  	$	9,545,454.55
			
	 Item 4.
	  	Outstanding principal balance/amount of the Revolving Loans being assigned:	  		
			
		  	 (a) Revolving Loans consisting of:
	  		
		  	 ABR Borrowing
	  	$	0.00
		  	 Eurodollar Borrowing
	  	$	0.00Letter agreement dated June 13, 2008 between T. Michael May and HECO

 HECO Exhibit 10.10 
 [HECO letterhead] 
 June 13, 2008 
 CONFIDENTIAL 
 Mr. T. Michael May 
 President and Chief Executive Officer 
 Hawaiian Electric Company, Inc. 
 P. O. Box 2750 
 Honolulu, Hawaii 96840 
  

	 	Re:	Retirement Understanding for T. Michael May 

 Dear Mike:

 In recognition of your 17 years of service to Hawaiian Electric Company and at your request, I have agreed to memorialize the terms of your retirement from
the Company, which terms we have discussed in detail. Those terms are set forth below. 
 First, you can continue as President and CEO and a director of HECO
(the “Company”) until August 1, 2008, at which point in time you will step down from those positions. However, as chair of the board, I will begin working with you immediately on transition matters and effectively oversee the HECO
management team and the Company’s business affairs. 
 Second, you will remain an employee of HECO, at your current base salary compensation level,
until on or before February 1, 2009 (your anniversary date), at which time you will retire, with the understanding that you will take all remaining weeks of accrued vacation prior to your retirement date. 
 Third, upon your retirement (or as soon thereafter as 2008 financial results can be finalized and EICP awards by the Compensation Committee made), you will receive a
payment of $348,600 offset by the amount of EICP payout you receive for 2008 (but not less than zero). As an employee throughout 2008, you will be eligible to receive EICP and LTIP payouts, if any, in accordance with the terms of that plan. Any EICP
payout that you receive for 2008 shall be considered under the terms of SERP. If a 2008 EICP payout of “target” is achieved, it would have a specific impact (“Impact”) on the calculation of your SERP benefits. In the event that a
2008 EICP payout of at least “target” is not achieved, then the Company will purchase an annuity for you in an amount equivalent to the shortfall that would exist by you not receiving the Impact. [For example, if the Impact would result in
an additional benefit of $30,000/year in SERP benefits, and if you only received 80% of the EICP target, then the Company would purchase for you an annuity equivalent to $6000/year (which reflects the aforesaid shortfall).] 

					
	CONFIDENTIAL	 		 	
	T. Michael May	 	Re: Retirement Understanding for T. Michael May
	June 13, 2008	 		 	
	Page 2	 		 	

  
 Fourth, the following Company
reimbursements or perquisites will continue until your retirement date: (i) the monthly fees of your club memberships (OCC and Plaza Club); (ii) your current parking space; and (iii) your current automobile and gas allowance. In
addition, the company will assist you in removing personal effects from the office and reimburse you for packing and moving expenses. 
 Fifth, the Company
will provide you with office space and secretarial assistance, if needed, through your retirement date; however, you shall occupy your current office only until August 1, 2008. It is not expected in the terms of your continued employment that
you report for work at specified times and location, but be on call and available from time to time to support the Company and assist with the leadership transition. 
 Sixth, the Company shall reimburse you for the customary expenses you will incur while traveling to and attending two conferences – the EEI conference for CEOs to be held in October/November of this year, and the
ABB conference to be held in September in which you are a scheduled speaker. With respect to both conferences, you shall represent yourself as the retired CEO of HECO. 
 Finally, it is understood that you shall cooperate fully with the Company and the executive search that will be underway, and assist the new CEO when he/she arrives as needed. Further, you recognize that as long as
you are an employee of the Company, you are subject to compliance with the Company’s Code of Conduct and other policies and procedures. 
 I believe
that the foregoing accurately reflects our understanding regarding the terms of your departure and retirement. Please acknowledge this by signing below where indicated and return a copy to me. 
 Sincerely, 
  

	
	 /s/ Constance H. Lau

	Constance H. Lau
	Chairman of the Board
	Hawaiian Electric Company, Inc.

 Acknowledged: 
  

	
	 /s/ T. Michael May

	T. Michael May

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