Document:

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Exhibit 4(a)

HAWAIIAN ELECTRIC INDUSTRIES, INC.

DIVIDEND REINVESTMENT AND STOCK PURCHASE PLAN

(As amended through December 15, 2006 and effective as of March 28, 2007)

Section 1. Name and Number of Shares

          The plan shall be known as the “Dividend Reinvestment and Stock Purchase Plan” (the “Plan”).
The Plan permits (i) holders of record of the Common Stock of Hawaiian Electric Industries, Inc.
(the “Company”), (ii) holders of record of the preferred stock (“Preferred Stock”) of any class or
series of Hawaiian Electric Company, Inc., Maui Electric Company, Limited and Hawaii Electric Light
Company, Inc., each of which is a direct or indirect subsidiary of the Company, and (iii) any other
individual of legal age or any entity, to purchase common stock of the Company (“Common Stock”).
The number of shares of Common Stock that may be issued pursuant to the Plan shall be fixed from
time to time by the Board of Directors of the Company.

Section 2. Administration and Costs

          The administrator of the Plan (the “Administrator”) shall administer the Plan for
participants, keep records, send statements of accounts to participants, and perform other clerical
and ministerial duties relating to the Plan. The Administrator may be the Shareholder Services
division of the Company or may be one or more officers or employees of the Company or of its
subsidiaries who shall be appointed from time to time by the President, the Financial Vice
President or the Treasurer of the Company. If the Administrator is one or more employees of the
Company, an independent trustee (the “Trustee”) shall be appointed by the President, the Financial
Vice President or the Treasurer of the Company, and shares under the Plan shall be registered in
the name of the Trustee.

          Participants in the Plan will bear the cost of brokerage fees and commissions, any service
charges and applicable taxes related to shares purchased or sold on the open market. The Company
may also charge each participant fees up to amounts that are reasonably related to the actual
administrative costs of the Plan, the amounts, frequency and manner of payment of which shall be
determined from time to time by the President, Financial Vice President and Treasurer of the
Company, or any of them.

          A $20 service fee will be assessed for each returned item that is returned for insufficient
funds or other reasons due to the negligence of the shareholder as determined by the Administrator.
The Administrator may place a hold on the account until the “insufficient funds” fee is received,
sell shares from the account to collect the “insufficient funds” fee, or withhold the amount of the
“insufficient funds” fee from future optional cash investments.

Section 3. Eligibility and Enrollment

          The following persons shall be eligible to participate in the Plan (the “participants”) in
accordance with the following enrollment procedures:

 

 

          (a) Each holder of record of Common Stock and/or Preferred Stock shall be eligible to
participate in the Plan. In order to participate in the Plan, owners of Common Stock and/or
Preferred Stock whose shares are registered in names other than their own (e.g., broker, bank
nominee) must first become holders of record by having shares of Common Stock and/or Preferred
Stock, as the case may be, transferred into their own names. In addition, an eligible stockholder
must complete and sign the Company-approved authorization form (“Shareholder Authorization Form”)
for Common Stock and/or Preferred Stock, as the case may be, and return it to the Administrator in
the manner prescribed on the current Shareholder Authorization Form or in the current prospectus
for the Plan. A Shareholder Authorization Form must be received by the Administrator by the
dividend record date in order for the dividends for which the record is taken to be reinvested
under the Plan. The execution of a Shareholder Authorization Form will result in the participation
in the Plan of all Common Stock and all classes and series of Preferred Stock registered in the
participant’s name unless the participant indicates on the Form the number and kind of shares on
which the participant wishes to receive cash dividends. If a participant does not select an option
on the Shareholder Authorization Form, all dividends for all shares of Common Stock and Preferred
Stock held in the participant’s name, and on all shares held under the Plan for the participant,
will be reinvested. A participant may change any of the designations set forth in a Shareholder
Authorization Form by completing, signing and returning to the Administrator a new Shareholder
Authorization Form in the manner described above, which new Form shall supersede the prior Form, or
may make such changes in such other manner as may be permitted by the Administrator.

          (b) Any other individual of legal age or entity shall be eligible to participate in the Plan.
In order to participate in the Plan, each such individual or entity must complete and sign the
Company’s enrollment form (the “Nonholder Enrollment Form”) and return it to the Administrator
along with a check or money order made payable to HEI/DRIP for an initial stock purchase of not
less than $250 and not more than $120,000. The execution of Nonholder Enrollment Form will result
in the reinvestment of all dividends held under the Plan for the participant, unless the
participant notifies the Administrator in writing of a different investment option.

          (c) Each participant may, pursuant to the Shareholder Authorization Form and/or such other
forms as the Administrator may from time to time prescribe, elect one of the following three
investment options: (1) under the “full dividend reinvestment” option, a participant may reinvest
cash dividends on all shares of Common Stock and Preferred Stock registered in the name of a
participant and on all shares of Common Stock held under the Plan for the participant to purchase
additional shares of Common Stock; (2) under the “partial dividend reinvestment” option, a
participant may receive cash dividends on a portion of the shares of Common Stock and/or Preferred
Stock registered in such participant’s name and/or on a portion of the shares of Common Stock held
under the Plan for the participant, and reinvest the remainder of cash dividends on such shares to
purchase Common Stock; and (3) under the “optional cash investment only/no dividend reinvestment”
option, a participant may receive cash dividends on all shares of Common Stock and/or Preferred
Stock registered in the participant’s name and on shares of Common Stock held under the Plan for
the participant. If participants do not indicate an investment option on the enrollment form,
their account will be automatically enrolled in the “Full Dividend Reinvestment” option. Under any
of the investment options, a participant may purchase additional shares of Common Stock under the
Plan by making optional

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cash investments in the Plan as provided under Section 5. A participant may change such
participant’s investment option by following the procedures under Section 3(a) for changing the
designations set forth in a Shareholder Authorization Form and/or such other procedures as the
Administrator may from time to time prescribe.

          (d) Shareholder Authorization and Nonholder Enrollment Forms shall be made available by the
Administrator.

          (e) Each participant will remain a participant in the Plan until participation is terminated
pursuant to Section 12 hereof or until the Plan itself is terminated.

          (f) The Company reserves the right to restrict or terminate a participant’s participation in
the Plan if it believes that such participation may be contrary to the general intent of the Plan
or in violation of applicable law.

Section 4. Cash Dividend Purchases

          If a participant has elected full or partial dividend reinvestment on the shares of Common
Stock or Preferred Stock registered in such participant’s name or on the shares of Common Stock
held under the Plan for such participant, such cash dividends will be credited to each
participant’s account under the Plan and will be automatically reinvested to purchase Common Stock
on behalf of the participants during the applicable Investment Period as described in Section 7.
Until participation in the Plan is terminated pursuant to Section 12 hereof, Common Stock and/or
Preferred Stock participating in the Plan shall include (1) all shares of each class or series of
shares of Common Stock and/or Preferred Stock, as the case may be, designated by registered holders
of such shares in Shareholder Authorization Forms which have been received by the Company by the
record date for the payment of a cash dividend, including all such shares purchased after receipt
of said form, and all shares received as a result of a stock dividend or stock split, (2) all
shares of Common Stock transferred to the Administrator (or the Trustee) for safekeeping under the
Plan, and (3) all shares of Common Stock purchased under the Plan for the accounts of shareholders
and non-holder investors, including all shares purchased with reinvested dividends and optional
cash investments, unless said shares have been withdrawn pursuant to Section 13 hereof and are
registered in the name of a person who has not signed a Shareholder Authorization Form.

          In the case of participants whose dividends on Common Stock and/or Preferred Stock are subject
to United States income tax withholding, the amount of tax to be withheld will be deducted from the
amount of dividends on Common Stock and/or Preferred Stock to determine the amount of dividends to
reinvest.

          The Administrator will credit dividends for all shares of Common Stock and/or Preferred Stock
participating in the Plan (other than dividends paid on shares as to which the participant has
elected to receive cash dividends) to the participants’ accounts on the basis of full and
fractional shares held in these accounts and will automatically reinvest such dividends (less any
administration fees and any amounts required to be withheld by United States income tax law) in
additional shares of Common Stock.

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Section 5. Optional Cash Investments

          All participants, whether or not they have authorized the reinvestment of cash dividends on
Common Stock or Preferred Stock, shall be eligible to make optional cash investments for purchases
of additional shares of Common Stock under the Plan. Optional cash investments shall be made by
check or money order in U.S. Dollars payable to HEI/DRIP (or may be made in a predetermined amount
each month by electronic funds transfer from a bank account designated by a participant (an
“automatic investment”). Employees and directors of the Company and certain of its subsidiaries
may also make optional cash investments by payroll deduction, or by such other means, in each case
subject to approval by the Treasurer of the Company or the Administrator). Optional cash
investments may not be less than $25, nor may such investments exceed $120,000 in the aggregate in
any calendar year (including for purposes of this limitation the initial payment made by a
non-holder investor upon enrollment in the Plan). Optional cash investments must be received by
the Administrator at least five (5) days before an Investment Date (as defined below) in order to
be invested on or commencing on that Investment Date. The Administrator will send the participant
a statement recording receipt and transmittal of the total optional cash investments received for
the Investment Period. The Plan will not be required to accept any checks payable to a party other
than HEI/DRIP even if endorsed for payment to the Plan.

          The Administrator must receive requests for refunds of optional cash investments in writing at
least five (5) days before the applicable Investment Date. Refunds will be processed as soon as
practicable. A participant may not request a refund for an investment made through the automatic
investment option.

Section 6. Method of Purchase of Shares

          The Plan will satisfy its requirements for shares of Common Stock through purchases from the
Company of authorized but unissued shares or through open market purchases of shares. Open market
purchases under the Plan, if any, will be made through an independent agent that is a registered
“broker-dealer” or “bank,” as such terms are defined in Section 3(a)(6) of the Securities Exchange
Act of 1934 (“Broker”). Neither the Administrator nor the Company, nor any affiliate thereof,
shall exercise any direct or indirect control or influence over the times when or the prices at
which the Broker may purchase the Company’s Common Stock for the Plan, the amounts of shares to be
purchased (other than the aggregate dollar amount acquired by the Plan), the manner in which the
shares are to be purchased, or the selection by the Broker of a broker or dealer through which
purchases may be executed. The Company shall not change the method of acquiring shares of Common
Stock to satisfy the Plan’s requirements, including any change from purchases from the Company of
authorized but unissued shares of Common Stock to open market purchases, or vice versa, more than
once in any three-month period. The method of acquiring shares will be determined only at the
direction of the Board of Directors or the Chief Financial Officer of the Company. Any change to
the method of acquiring shares must be based on a written determination by the Board of Directors
or the Chief Financial Officer of the Company, retained in the corporate records of the Company,
that the Company’s need to raise additional capital has changed, or that there is another valid
reason for such change.

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          All dividend payments (unless invested in shares of Common Stock issued by the Company on the
dividend payment date) will be transmitted not later than the dividend payment date to a segregated
escrow account or to the Broker and all optional cash investments will be transferred to a
segregated escrow account by the end of the next business day following the day of receipt of the
optional cash investment.

Section 7. Timing of Purchases

          Optional cash investments and dividend payments will be invested in shares of Common Stock on
or after the applicable Investment Date. The “Investment Dates” for optional cash investments
shall be the 15th and 30th days of each month (except that the Investment Date for February shall
be the last day of the month). The “Investment Date” for Common Stock dividends and for Preferred
Stock dividends shall be on or within three (3) business days prior to the applicable dividend
payment date. If any date for investment of dividends or optional cash investments as stated above
is not a business day, the “Investment Date” shall be the next succeeding business day.

          Interest will not be paid on optional cash investments or on reinvested dividends prior to or
after their investment in Common Stock or if for any reason such payments and dividends are not
invested pursuant to the Plan.

          Shares purchased from the Company shall be purchased on the applicable Investment Date.
Shares purchased on the open market shall be purchased during the period (each, an “Investment
Period”) commencing on each applicable Investment Date and ending thirty (30) days thereafter;
provided, however, that optional cash investments not invested within thirty (30) days of the
Investment Date and dividend payments not invested within thirty (30) days of the dividend payment
date, shall be promptly returned, without interest, to the participants. In addition, funds that
are not invested during the applicable Investment Period will be promptly returned, without
interest, to the participants.

          Shares of Common Stock purchased directly from the Company will be credited to participants’
accounts on the date purchased, except that if any shares are purchased on the open market, all of
the shares purchased during the applicable Investment Period will be credited to participants’
accounts as of the day of purchase of the last share. The Broker will be instructed prior to the
commencement of each Investment Period regarding the amount of funds to be used to purchase shares
of Common Stock on the open market during such Investment Period.

          If the Broker is directed but unable to purchase sufficient shares in the open market with
cash dividends and/or optional cash investments during any Investment Period, the Common Stock that
is purchased on the open market will be allocated among participants’ accounts (on a pro rata basis
if necessary) according to the amount each participant had contributed in cash dividends and, if
there are any shares remaining, on a pro rata basis according to the amount each participant had
contributed in optional cash investments. Any remaining funds not so invested will be returned to
participants.

          If a participant has elected full or partial dividend reinvestment on the shares of Common
Stock or Preferred Stock registered in such participant’s name or on shares of Common

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Stock held under the Plan for such participant, the cash dividends to be reinvested for such
participant will remain with the Company if reinvested on the dividend payment date in shares of
Common Stock purchased from the Company or will be delivered by the Company to the escrow account
or the Broker as described in Section 6 concurrently with payment of cash dividends to
nonparticipating shareholders. Optional cash investments will be made by participants directly to
the Administrator. The Administrator will deliver or cause the Company to deliver funds to the
escrow account or the Broker as described in Section 6.

Section 8. Purchase Price of Shares

          The purchase price per share of Common Stock purchased for the accounts of participants
directly from the Company will be 100% of the average of the high and low sales prices for the
Common Stock on the composite tape for stocks listed on the New York Stock Exchange on the business
day prior to the applicable Investment Date or such later date as such stock is purchased (or the
last prior day on which the Common Stock is traded if there is no trade reported on the business
day prior to the applicable Investment Date or such later date). The purchase price per share of
Common Stock purchased on the open market will be the weighted average price per share (adjusted
for brokerage fees and commissions, any service charges and applicable taxes) of the aggregate
number of shares acquired on the open market by the Broker during the applicable Investment Period.
Amounts to be invested in shares of Common Stock during any Investment Period will not be pooled
with amounts to be invested during another Investment Period for purposes of computing per share
prices. Amounts to be invested in any Investment Period will be invested to the extent possible
before any purchases are executed for any subsequent Investment Period.

Section 9. Registration of Shares

          Shares of Common Stock purchased under the Plan will be registered in the name of the
Administrator (or the Trustee, if there is a Trustee) as agent for the participants. Shares will
not be issued to participants unless requested pursuant to Section 13 hereof.

          For safekeeping or other purposes, holders of record of Common Stock who submit Shareholder
Authorization Forms may elect to transfer their shares of Common Stock to the Administrator (or the
Trustee, if there is a Trustee), without charge, to the credit of their account under the Plan,
pursuant to such procedures as the Company and the Administrator shall establish.

Section 10. Participants’ Accounts

          The Administrator shall keep an individual account for each participant recording the
participant’s interest in the Plan. Each participant’s account will be credited with that number
of shares, including fractions computed to four decimal places, equal to the total amount of cash
dividends or optional cash investments to be invested, less administrative fees and amounts
required to be withheld for tax purposes, divided by the applicable purchase price per share.

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Section 11. Reports to Participants

          Participants who reinvest dividends and/or make optional cash investments will receive
periodic statements of account showing amounts invested, purchase prices, shares purchased, and/or
other relevant information. In addition, each participant shall receive copies of the Company’s
annual report to stockholders, notices of annual meetings, proxy statements, and information for
income tax reporting purposes.

Section 12. Termination of Participation

          A participant must wait at least two (2) weeks after the purchase of shares before terminating
participation in the Plan. A participant may terminate participation in the Plan as to all (but
not less than all) Common Stock and Preferred Stock participating in the Plan at any time with a
signed written notification to the Administrator. Any notice of termination received on or after
an ex-dividend record date will not be effective until dividends have been paid, credited to the
participant’s Plan account and reinvested in additional shares of Common Stock in accordance with
the Plan. Within ten (10) business days after the later to occur of (a) the receipt of notice of
termination from a participant, (b) purchase of shares on behalf of the participant pursuant to the
Plan, and (c) reinvestment of dividends if the participant’s notice of termination is received
after an ex-dividend record date, certificates for whole shares of Common Stock credited to the
participant’s Plan account will be issued and a cash payment will be made for any fraction of a
share.

          A participant must maintain at least one whole share of Common Stock in the Plan to keep an
active account. If a participant does not maintain at least one whole share in the Plan, the
participant’s participation in the Plan may be terminated, in which case the participant will
receive a cash payment based on the market price per share (determined in the manner provided in
Section 14 hereof for shares sold by the Administrator.)

          Termination of participation in the Plan will not preclude re-enrollment, provided that the
Company reserves the right to reject re-enrollment where in its sole discretion it deems there have
been excessive terminations and re-enrollments. If you are no longer a stockholder of record you
can enroll by completing a Nonholder Enrollment form along with a $250.00 minimum investment.

          The term “ex-dividend record date” for purposes of the Plan is three (3) business days prior
to the dividend record date.

Section 13. Withdrawal of Shares

          A participant must wait at least two (2) weeks after the purchase of shares before withdrawing
shares from the Plan. A participant may withdraw all or a portion of shares of Common Stock from
the participant’s account by notifying the Administrator with a signed written request to that
effect and specifying the whole number of shares to be withdrawn. Withdrawal of shares must be in
full shares only. Fractional shares will be liquidated upon termination of participation as
described under Section 12. Any notice of withdrawal received on or after an ex-dividend record
date will not be effective until dividends have been paid,

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credited to the participant’s Plan account and reinvested in additional shares of Common Stock
in accordance with the Plan. Within ten (10) business days after the later to occur of (a) receipt
of notice of withdrawal from a participant, (b) purchase of shares on behalf of the participant
pursuant to the Plan, and (c) reinvestment of dividends if the participant’s notice of withdrawal
is received on or after an ex-dividend record date, certificates for whole shares of Common Stock
so withdrawn will be issued or appropriate book entry recording ownership of such withdrawn shares
will be made. In no case will certificates or book entries for fractional shares be issued.

          Shares withdrawn from the Plan and registered in the participant’s name will continue to
participate in the Plan if the participant has so instructed the Administrator pursuant to a
Shareholder Authorization Form and has not terminated participation pursuant to Section 12 hereof.

          Accounts are maintained in the names used by participants at the time they entered the Plan.
However, a participant who wishes to withdraw shares and have the shares issued in the name of
another person may do so by submitting a properly completed and executed stock power, with a
Medallion signature guarantee, and complying with such other procedures as the Company or
Administrator shall establish.

Section 14. Sale and Transfer of Shares

          Unless the participant satisfies the requirements specified in Section 13 for the issuance of
certificates in the name of another person, shares of Common Stock credited to a participant’s
account under the Plan or otherwise registered in the Administrator’s (or Trustee’s) name may not
be pledged, encumbered, sold or otherwise transferred by a participant. Absent satisfaction of
said requirements, a participant wishing to sell, pledge, encumber or otherwise dispose of shares
must have those shares registered in his name by terminating participation in the Plan pursuant to
Section 12 or withdrawing the shares pursuant to Section 13.

          A participant who wishes to receive cash in lieu of shares of Common Stock upon termination of
participation or withdrawal of shares may request the Administrator to sell such shares and to
deliver the net proceeds to the participant. Sale requests will be processed within ten (10)
business days of receipt unless the request is a termination in which case it will be processed
pursuant to Section 12. A participant must wait at least two (2) weeks after the purchase of
shares before selling the recently purchased shares from the Plan. The net proceeds shall equal
the selling price of the shares less the brokerage fees and commissions, any withholding required
under applicable tax laws and a fee of $15 for the handling of each such request (unless such fee
is waived by the Company in its absolute and sole discretion).

Section 15. Voting of Shares

          Each participant will be sent a notice of meeting and proxy statement and form of proxy for
each meeting of shareholders of the Company. These materials may be delivered electronically to
those participants who have agreed to such electronic delivery. Each participant will vote
directly the shares registered in such participant’s name. The Administrator (or the Trustee, as
the case may be) shall be deemed instructed to vote the shares of Common Stock it holds in the Plan
for a participant who has shares registered in such participant’s own name in the

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same way that said participant votes the shares of Common Stock registered in the
participant’s name, unless the participant instructs that the shares held in the Plan are to be
voted in another way, in which event said shares shall be voted as instructed. If no shares of
Common Stock are registered in a participant’s name, the Administrator (or the Trustee, as the case
may be) shall vote the shares it holds in the Plan for the participant in accordance with
instructions of the participant given on the proxy form duly signed and returned by the
participant. In the absence of any of the foregoing types of instructions, the Administrator (or
the Trustee, as the case may be) will vote the shares registered in its name in the same proportion
on each issue as it votes those shares as to which it has received instructions.

Section 16. Limitation of Liability

          Neither the Company nor the Administrator nor the Trustee nor the Escrow Agent nor the Broker
nor any of their respective officers, directors, representatives, employees or agents shall be
liable for any damages resulting from any act or omission in connection with the Plan in the
absence of bad faith or gross negligence including, without limitation, any claim of liability
arising out of failure to terminate a participant’s account upon the participant’s death, the price
or timing at which shares are purchased for participants’ accounts or fluctuations in the market
value of shares. However, the foregoing in no way affects a participant’s right to bring a cause
of action based on alleged violations of federal securities laws.

Section 17. Common Stock Adjustment Provisions

          If the outstanding shares of Common Stock of the Company are decreased or exchanged for a
different number or kind of shares or other securities, or if additional shares or new or different
shares or other securities are distributed with respect to such shares of Common Stock or other
securities, through merger, consolidation, sale of all or substantially all of the property of the
Company, recapitalization, reclassification, stock dividend, stock split, reverse stock split or
other distribution with respect to such shares of Common Stock or other securities, an appropriate
and proportionate adjustment may, subject to the requirements of federal and state securities laws
and regulations, be made by the Company to the maximum number and kind of shares of Common Stock or
other securities issuable under the Plan which are subject to an effective registration statement
filed with the Securities Exchange Commission pursuant to the Securities Act of 1933, as amended.

Section 18. Other Matters

          The Board of Directors, Chief Financial Officer or Treasurer of the Company shall determine
the effective date of the Plan as most recently amended hereby.

          The Company intends to continue the Plan indefinitely, but reserves the right to suspend or
terminate the Plan at any time. The Company also reserves the right to make any additions or
modifications to the Plan. The Treasurer of the Company may interpret the Plan and may make
additions thereto which are not inconsistent with the above provisions of the Plan.

          In the event any stock dividends or split shares are distributed by the Company on shares of
Common Stock credited to the account of a participant under the Plan, such shares will

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be added to the participant’s account. Stock dividends or split shares distributed on any
shares of Common Stock registered in the name of a participant will be distributed to the
participant in the same manner as to shareholders who are not participating in the Plan.

          In the event that the number of shares of Common Stock to be purchased by the participants in
the Plan exceeds the balance of the shares authorized by the Board of Directors to be sold pursuant
to the Plan, then the Plan shall be automatically suspended with respect to future purchases until
such time as the Board of Directors of the Company has authorized additional shares of Common Stock
to be sold pursuant to the Plan. In the event of any such automatic suspension of the Plan, then
(1) on the date of such automatic suspension of the Plan, the number of shares of Common Stock to
be sold shall be prorated among the participants purchasing shares on such date, and (2) the
Treasurer of the Company shall determine the date the suspension is to be lifted after the Board of
Directors has authorized the sale of additional shares of Common Stock pursuant to the Plan.

          The Company will notify each participant of the commencement of any tender offer for
securities which include the Company’s Common Stock held in participants’ accounts. The Company
will use its best efforts to distribute to participants in a timely manner the same information
that is distributed to all of the Company’s shareholders in connection with the tender offer.
After consulting with the Trustee, the Company will provide a means by which participants may
direct the Trustee whether or not to tender the Company’s Common Stock credited to their accounts.
The Trustee will not tender shares held in any participant’s account for which it receives no
direction from the participant. A participant may, at any time prior to a tender offer withdrawal
date, direct the Trustee to withdraw shares of the Company’s Common Stock previously directed by
the participant to be tendered.

          The Company or the Administrator shall provide participants with prompt notice of any
modification, suspension or termination of the Plan.

          Certificates for whole shares issued to a participant upon termination of participation in the
Plan pursuant to Section 12, or upon withdrawal of shares pursuant to Section 13, or upon
termination of the Plan by the Company, shall be registered in the names used by participants at
the time they enrolled in the Plan, except as otherwise provided pursuant to Section 13.

          The Hawaiian Electric Industries Retirement Savings Plan and any other plans of the Company or
its direct or indirect subsidiaries may participate in the Plan on such terms and in such manner as
may be determined by the Treasurer of the Company.

10exv4wxby

 

Exhibit 4(b)

March 20, 2007

The Bank of New York Trust Company, N.A. (the “Trustee”)

Corporate Trust Administration

550 Kearny Street, Suite 600

San Francisco, CA 94108

Attention: Ms. Johanna K. Tokunaga

			
	     Re:    	 	HEI Dividend Reinvestment Plan, Amended and Restated Trust Agreement

Ladies and Gentlemen:

     This letter will confirm the terms and conditions of a trust agreement pursuant to which you
have agreed to continue to act as Trustee for the Hawaiian Electric Industries, Inc. (“HEI”)
Dividend Reinvestment and Stock Purchase Plan (“the Plan”). You have previously acted in that
capacity as successor to Bank of Hawaii (a successor by merger to Hawaiian Trust Company, Limited)
under the operative terms of the trust agreement embodied in that certain letter from HEI to
Hawaiian Trust Company dated October 6, 1989. This letter agreement maintains the substance of the
trust agreement currently in effect but amends in certain respects, updates and restates the trust
agreement.

     Attached to this letter is a copy of the Plan, as most recently amended, together with a copy
of the most recent draft of a Registration Statement on Form S-3 (the “Registration Statement”).
This Registration Statement is expected to be filed and become effective this month, and we will
provide you with copies of the Registration Statement when it is filed. We also agree to provide
you from time to time with copies of any subsequent amendments to the Plan or the Registration
Statement and of any subsequent registration statements that may be filed to register additional
shares under the Plan.

     As Trustee, you agree that all HEI shares issued under the Plan and not registered in the
names of the beneficial owners thereof may be registered in your name, solely as Trustee under the
Plan, and not in your individual capacity. The shares to be registered in your name as Trustee
include shares issued under prior versions of the Plan and previous Registration Statements.

     Shares registered in the Trustee’s name under the Plan will be uncertificated and evidenced by
entries on the stock transfer books of HEI. However, should it be determined to issue to the
Trustee one or more certificates to evidence shares under the Plan, you agree to

 

 

BNY Western Trust Company

March 20, 2007

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safeguard such certificates, and you further agree to surrender any such certificates to HEI
from time to time with appropriate stock transfer powers, to permit transfers of shares pursuant to
the provisions of the Plan.

     You agree to vote the shares registered in your name in accordance with the directions of the
beneficial owners of said shares. You understand that such directions may be given in either of
two ways, which we hereby represent, warrant and certify are in accordance with the provisions of
the Plan: (a) for a participant who has other shares registered in his or her own name, said
participant’s shares registered in your name under the Plan will be voted in the same way that such
a participant votes the shares registered in his or her own name, unless the participant instructs
that the shares in the Plan are to be voted in another way, in which event said shares shall be
voted as instructed; and (b) for a participant who has no shares registered in his or her own name,
said participant’s shares shall be voted in accordance with the instructions of the participant on
a proxy form duly signed and returned by the participant. To the extent the beneficial owners fail
to direct in one of these ways the voting of the shares allocated to their accounts, you agree to
vote the shares registered in the names of such beneficial owners in the same proportion on each
issue as you vote those shares as to which any of these types of instructions have been given by
all other participants who have provided such instructions.

     It shall be the duty of the Administrator under the Plan, which will be HEI’s Shareholder
Services Division, to keep accurate books and records of each participant’s account under the Plan.
It will be HEI’s responsibility to furnish each participant with proxy statements, proxy cards and
any other materials required by law to be provided to beneficial owners of HEI Common Stock, and to
keep accurate records of all proxies given by participants. HEI shall certify to you the
directions given by beneficial owners in the manner provided for in the prior paragraph and the
number of shares with respect to which no directions have been given. You may rely on said
certification for voting the shares registered in your name as Trustee under the Plan. You shall
also rely upon any other certificates, notices, opinions, reports, requests, consents, instruments,
orders, approvals, or other papers, documents or directions purporting to have been signed on
behalf of HEI which you believe to be genuine and authorized.

     HEI will notify each participant of the commencement of any tender offer for securities which
include the HEI Common Stock held in participant’s accounts. HEI will use its best efforts to
distribute to participants in a timely manner the same information that is distributed to all HEI
shareholders in connection with the tender offer. After consulting with you, HEI will provide a
means by which participants may direct you whether or not to tender the HEI Common Stock credited
to their accounts. You agree that you will not tender shares held in any participant’s account for
which you have received no direction from the participant. You agree to follow a participant’s
instruction, at any time prior to a tender offer withdrawal date, to withdraw shares of HEI’s
Common Stock previously directed by participant to be tendered.

 

 

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     For performance of your services under the agreement, you shall be entitled to receive such
reasonable compensation for your services and reimbursement for your expenses (including, without
limitation, reasonable legal fees and expenses) incurred hereunder as Trustee as we may agree upon
from time to time in writing.

     The Trustee undertakes to perform such duties and only such duties as are specifically set
forth in this letter. The Trustee shall not have any duties or responsibilities except those
expressly set forth in this letter and no implied covenants or obligations shall be read into this
letter against the Trustee. None of the provisions of this letter shall require the Trustee to
expend or risk its own funds or otherwise to incur any liability, financial or otherwise, in the
performance of any of its duties hereunder, or in the exercise of any of its rights or powers
hereunder.

     Whenever in the administration of the provisions of this letter the Trustee shall deem it
necessary or desirable that a matter be proved or established prior to taking or suffering any
action to be taken hereunder, such matter (unless other evidence in respect thereof be herein
specifically prescribed) may, in the absence of gross negligence or bad faith on the part of the
Trustee, be deemed to be conclusively proved and established by a certificate signed by one of the
officers of HEI, and delivered to the Trustee and such certificate, in the absence of gross
negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any
action taken, suffered or omitted by it under the provisions of this letter upon the faith thereof.
The Trustee shall not be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent,
entitlement order, approval or other paper or document.

     The Trustee may consult with counsel selected with due care and the advice or any opinion of
such counsel shall be full and complete authorization and protection in respect of any action taken
or omitted by it hereunder in good faith and in accordance with such advice or opinion of counsel.
The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder
either directly or by or through agents, attorneys, custodians or nominees appointed with due care,
and shall not be responsible for any willful misconduct or negligence on the part of any agent,
attorney, custodian or nominee so appointed; provided, however, that this disclaimer of
responsibility shall be for the benefit of the Trustee only and shall not abrogate any claims that
HEI may have against any such agent, attorney, custodian or nominee.

     Neither the Trustee nor any of its officers, directors, employees or agents shall be liable
for any action taken or omitted under this letter or in connection herewith except to the extent
caused by the Trustee’s gross negligence or willful misconduct, as determined by the final judgment
of a court of competent jurisdiction, no longer subject to appeal or review. Anything in this
letter to the contrary notwithstanding, in no event shall the Trustee be liable for special,
indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost

 

 

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profits), even if the Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action. The Trustee shall not be liable to the parties hereto or deemed
in breach or default hereunder if and to the extent its performance hereunder is prevented by
reason of force majeure. The term “force majeure” means an occurrence that is beyond the control
of the Trustee and could not have been avoided by exercising due care. Force majeure shall include
acts of God, terrorism, war, riots, strikes, fire, floods, earthquakes, epidemics or other similar
occurrences.

     Any corporation into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to the business of the Trustee shall be
the successor of the Trustee hereunder without the execution or filing of any paper with any party
hereto or any further act on the part of any of the parties hereto except on the part of any of the
parties hereto except where an instrument of transfer or assignment is required by law to effect
such succession, anything herein to the contrary notwithstanding.

     HEI shall indemnify, defend and hold harmless the Trustee and its officers, directors,
employees, representatives and agents, from and against and reimburse the Trustee for any and all
claims, expenses, obligations, liabilities, losses, damages, injuries (to person, property or
natural resources), penalties, stamp or other similar taxes, actions, suits, judgments, reasonable
costs and expenses (including reasonable attorneys’ and agents’ fees and expenses) of whatever kind
or nature regardless of their merit, demanded, asserted or claimed against the Trustee directly or
indirectly relating to, or arising from, claims against the Trustee by reason of its participation
in the transactions contemplated hereby, including without limitation all reasonable costs required
to be associated with claims for damages to persons or property, and reasonable attorneys’ and
consultants’ fees and expenses and court costs except to the extent caused by the Trustee’s
negligence or willful misconduct. The foregoing indemnity shall survive the termination of this
letter or the earlier resignation or removal of the Trustee.

     The Trustee agrees to accept and act upon instructions or directions pursuant to this
Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic
methods, provided, however, that: (a) subsequent to such transmission of written instructions
and/or directions the Trustee shall forthwith receive the originally executed instructions and/or
directions in a timely manner, (b) such originally executed instructions and/or directions shall be
signed by a person as may be designated and authorized to sign for the party signing such
instructions and/or directions, and (c) the Trustee shall have received an incumbency certificate
listing such designated persons and containing specimen signatures of such designated persons,
which such incumbency certificate shall be amended and replaced whenever a person is to be added or
deleted from the listing. If HEI elects to give the Trustee e-mail or facsimile instructions (or
instructions by a similar electronic method) and the Trustee in its discretion elects to act upon
such instructions, the Trustee’s understanding of such

 

 

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instructions shall be deemed controlling. The Trustee shall not be liable for any losses,
costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance
with such instructions notwithstanding such instructions conflict or are inconsistent with a
subsequent written instruction. HEI agrees to assume all risks arising out of the use of such
electronic methods to submit instructions and directions to the Trustee, including without
limitation the risk of the Trustee acting on unauthorized instructions, and the risk of
interception and misuse by third parties.

     You may resign as Trustee under this agreement, or HEI may remove you as Trustee or otherwise
terminate this agreement, upon sixty (60) days’ prior written notice, or at such earlier time as we
shall mutually agree.

     This letter shall be governed by the laws of the State of Hawaii, but the Trustee’s duties,
obligations, rights, protections, immunities and indemnities hereunder shall be governed by the
laws of the state of California. Each party hereto hereby agrees not to elect a trial by jury of
any issue triable of right by jury, and waives any right to trial by jury fully to the extent that
any such right shall now or hereafter exist with regard to this letter, or any claim, counterclaim
or other action arising in connection herewith. This waiver of right to trial by jury is given
knowingly and voluntarily by each party, and is intended to encompass individually each instance
and each issue as to which the right to a trial by jury would otherwise accrue.

     This letter may be amended or modified solely by a writing signed by both parties hereto.

     If the foregoing accurately sets forth our agreement with respect to this Trust, please so
indicate by having one of your duly authorized officers sign in the space provided below and return
the enclosed additional copies of this letter to the undersigned. This amended and restated trust
agreement shall become effective upon the filing and effectiveness of the Registration Statement.
Upon the effective date hereof, this letter will supersede the previous letter of agreement dated
October 6, 1989, but without affecting the validity of any actions taken pursuant to that letter,
and this letter shall hereafter govern all matters heretofore arising under the prior letter as
well as matters that shall arise in the future.

 

 

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	 	HAWAIIAN ELECTRIC INDUSTRIES, INC.

 	 
	 	By:  	/s/ Eric K. Yeaman
 	 
	 	 	Eric K. Yeaman 	 
	 	 	Financial Vice President, Treasurer &

    Chief Financial Officer 	 
	 

Acceptance

     We accept the foregoing Trust and agree to the terms and conditions therefore set forth above.

	 	 	 	 	 
	 	THE BANK OF NEW YORK TRUST COMPANY, N.A.

 	 
	 	By:  	/s/ Johanna K. Tokunaga
 	 
	 	 	Johanna K. Tokunaga 	 
	 	 	Assistant Vice President

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