Document:

HEI Excess Benefit Plan

  HEI Exhibit 10.9
  HAWAIIAN ELECTRIC INDUSTRIES, INC.
 EXCESS BENEFIT PLAN

   PROLOGUE
            Effective as of January 1, 1994, the
Hawaiian Electric Industries, Inc. Excess Benefit Plan (the “Plan”) is hereby amended and restated in its entirety. The Plan is intended to qualify as an “excess benefit plan” under Section 3(36) of the Employee Retirement Income
Security Act of 1974 and is not intended to meet or be subject to the qualification requirements of the Internal Revenue Code of 1986, as amended.
  ARTICLE I

DEFINITIONS
            The following terms as used herein shall have the indicated meaning, unless a different meaning is clearly required by the
context. Whenever appropriate, words used in the singular may include the plural and vice versa, and the masculine gender shall always include the feminine gender.
            1.1     Associated Company means (i) a corporation (other than a Participating Employer) that is a member of the same controlled group
of corporations (within the meaning of Section 1563(a) of the Code, determined without regard to Section 1563(a)(4) and (e)(3)(C) of the Code) as a Participating Employer, (ii) an entity (other than a Participating Employer) under common control
(within the meaning of Section 414(c) of the Code) with a Participating Employer, or (iii) a member (other than a Participating Employer) of an affiliated service group (within the meaning of Section 414(m) of the Code) with a Participating
Employer.
            1.2     Asset Manager means the person designated to manage the assets of the Plan in
accordance with Section 5.2.
           1.3     Code means the Internal Revenue Code of 1986, as amended.

           1.4     Committee means the Hawaiian Electric Industries, Inc. Pension Investment Committee appointed pursuant to
resolution of the Board of Directors of the Company.
            1.5     Company means Hawaiian Electric Industries,
Inc.
            1.6     ERISA means the Employee Retirement Income Security Act of 1974, as amended.
 
          1.7     Excess Pay Plan means the Hawaiian Electric Industries, Inc. Excess Pay Supplemental Executive Retirement Plan.

  2

             1.8     Participant means any person meeting the eligibility requirements of
Article II hereof.
            1.9     Participating Employer means the Company and/or any other corporation that is
a member of the same controlled group of corporations (as defined in Section 415(b) of the Code) as the Company and to which participation in the Retirement Plan is extended, excluding the Hawaiian Insurance & Guaranty Company, Ltd.

           1.10   Plan means this Hawaiian Electric Industries, Inc. Excess Benefit Plan.
            1.11   Retirement Plan means, as to any Participant, means as to any Participant, whichever one of the following plans in which that individual
is a participant: the Retirement Plan for Employees of Hawaiian Electric Industries, Inc. and Participating Subsidiaries, the American Savings Bank Retirement Plan, or the Hawaiian Tug & Barge Corp./Young Brothers, Limited Salaried Pension
Plan.
           1.12   Plan Administrator means the person designated to administer the Plan in accordance with Section
5.3.
            1.13   SERP means the Hawaiian Electric Industries, Inc. Supplemental Executive Retirement Plan and the
American Savings Bank Supplemental Executive Retirement Plan.
  ARTICLE II
 ELIGIBILITY
            Each participant in the Retirement Plan shall be a Participant in this Plan, excluding any participant: (i) whose benefits are subject to collective bargaining; (ii)
not employed by a Participating Employer; or (iii) who is also a participant in the SERP.
  ARTICLE III
 CONTRIBUTIONS
            No contributions to this Plan from Participants shall be permitted or required.
  ARTICLE IV

BENEFITS
            This Plan shall provide to each Participant a supplemental benefit to ensure that the full benefits described in the applicable
Retirement Plan as of December 31, 1982, including the adjustment in the benefit under such Retirement Plan, any other increase in benefits occurring thereafter, and that portion of the Retirement Plan benefit in excess of the limitations

 3

   imposed by Section 415 of the Code, are paid. Such excess benefits shall be determined in accordance with the applicable sections of the applicable Retirement Plan as in
existence as of December 31, 1982, including the adjustment in the benefit under such Retirement Plan and any other increase in benefits occurring thereafter, as though the limitations of Section 415 of the Code did not apply, and reduced by the
benefits which are permitted to be paid under the applicable Retirement Plan.
           Such excess benefits shall be paid at the same time and in
the same form as the Participant’s benefits under the applicable Retirement Plan.
            In the event any Participant is also a
participant in the Excess Pay Plan, no benefits shall be payable from this Plan; rather, any benefits payable to such Participant shall be subject to Section 4.2 of the Excess Pay Plan.
  ARTICLE V
 ADMINISTRATION
  Section 5.1 The Committee To be Named Fiduciary
            (a)     The Committee shall be the “Named Fiduciary” (within the meaning of ERISA) of the Plan with all responsibility for the
operation and administration of the Plan.  The Committee shall have the power to delegate specific fiduciary responsibilities of the Participating Employers to any person or group of persons, and such person or group may serve in more than one
such delegated capacity.  Such delegations must be accepted in writing and may be made to employees of the Participating Employers or Associated Companies or to other individuals, all of whom shall serve at the pleasure of the Committee, and if
full-time employees of the Participating Employers or Associated Employers, without compensation.  Any such person may resign by delivering a written resignation to the Committee.
            (b)     The Committee shall supervise and review the activities of the Asset Manager and Plan Administrator.
  Section 5.2 Asset Manager
            (a)     The Asset Manager shall be the person named
from time to time by the Board of Directors of the Company and shall be the fiduciary in charge of the financial affairs of the Plan.  The Asset Manager shall manage the assets, if any, in accordance with the terms of the Plan and shall have
all powers necessary to carry out her duties.  If at any time there shall be no Asset Manager or if the Asset Manager shall be unable to perform her duties, the President of the Company shall designate a person to serve as Asset Manager until
the Board of Directors of the Company appoints a successor.
 4

             (b)     The Asset Manager shall have the following specific duties and responsibilities in
addition to any other duties specified in the Plan or by applicable law.
                      (1)     The Asset Manager shall have responsibility for legal, actuarial, and
accounting services provided to the Plan; may authorize an agent, to act on her behalf; and may contract for legal, actuarial, medical, accounting, clerical, and other services to carry out her duties and discharge her responsibilities.

                     (2)     The Asset Manager shall adopt from time to time
actuarial tables and actuarial methods for use in all actuarial calculations, if any, required in connection with the determination of the funding status of the Plan. As an aid to the Asset Manager in connection therewith, the actuary consultant
designated by the Asset Manager shall make annual actuarial valuations of the contingent assets and liabilities of the Plan, and shall certify to the Asset Manager the tables, actuarial methods, rates of contribution, and other pertinent data and
information that such actuary would recommend for use by the Asset Manager.
                      (3)     The Asset Manager shall be responsible for the maintenance of all
financial records of the Plan.
                      (4)     The Asset
Manager shall be responsible for the preparation of all financial statements and reports related to the Plan.
                      (5)     The Asset Manager shall be the Plan’s agent for service of any
notice of process authorized by law.
 Section 5.3 Plan Administrator
            (a)     The Plan Administrator shall be the person named from time to time by the Board of Directors of the Company and shall be the
fiduciary in charge of administration of the Plan.  The Plan Administrator shall administer the Plan in accordance with its terms, and shall have all powers necessary to carry out his duties.  If at any time there shall be no Plan
Administrator or if the Plan Administrator shall be unable to perform his duties, the President of the Company shall designate a person to serve as Plan Administrator until the Board of Directors of the Company appoints a successor.
 
          (b)     The Plan Administrator shall have the following specific duties and responsibilities in addition to any other duties
specified in the Plan or by applicable law.
  5

                       (1)     Subject to the
limitations contained in this Plan, the Plan Administrator shall adopt rules for the administration of the Plan as he considers desirable, provided such rules do not conflict with the Plan.
                      (2)     The Plan Administrator may authorize and agent, to act on his behalf, and
may contract for legal, actuarial , medical, accounting, clerical, and other services to carry out the Plan and to discharge his responsibilities.
                      (3)     Except as otherwise expressly provided herein, the Plan Administrator may
interpret and construe the Plan, or reconcile inconsistencies to the extent necessary to effectuate the Plan and such action shall be binding upon the persons.
                     (4)     The Plan Administrator shall adopt from time to time actuarial tables and
actuarial methods for use in all actuarial calculations, if any, required connection with the determination of benefit payments under the Plan.  As an aid to the Plan Administrator in connection therewith, the actuary consultant designated by
the Asset Manager shall, if needed, certify the Plan Administrator the tables, actuarial methods, rates of contribution, and other pertinent data and information that such actuary would recommend for use by the Plan Administrator.
 
                    (5)     The Plan Administrator shall be responsible for the
maintenance of all employee, Participant, and beneficiary records for the Plan.  The Plan Administrator shall also be responsible for the maintenance of records, appropriate notifications, and filings in connection with the interest of all
Participants of their spouses or contingent annuitants.
                      (6)     The Plan Administrator shall be responsible for the filing and
disclosure, if required, of annual report on Form 5500, summary plan description, summary of material modifications, summary annual report, and other disclosure information regarding the provisions of the Plan or rights thereunder that must be
provided to Participants and their beneficiaries the Plan.
  Section 5.4 Expenses
            The Participating Employees shall pay all expenses of administering the Plan.  Such expenses shall include any expenses incurred by a Participating Employer, the
Committee, the Asset Manager, or the Plan Administrator, including but not limited to, the payment of professional fees of consultants.
  ARTICLE VI
 NO TRUST FUND
 6

             No separate trust fund shall be established in connection with this Plan.  This Plan shall be unfunded and the
benefits thereof paid as necessary from the general assets of the Participating employers.
  ARTICLE VII
 CLAIMS PROCEDURE
            The procedure for claiming benefits under the Plan shall be as follows:
            (a)     The Plan Administrator shall determine the benefits due hereunder to a Participant or a Participant’s spouse or contingent
annuitant, but a person may file a claim for benefits by written notice to the Plan Administrator.
            (b)     If a
claim is denied in whole or in part, the Plan Administrator shall give the claimant written notice of such denial within thirty (30) days of the filing of the claim.  Such notice shall (i) specify the reason or reasons for the denial, (ii)
refer to the pertinent Plan provisions on which the denial is based, (iii) describe any additional material or information necessary to perfect the claim and explain the need therefor, and (iv) explain the review procedure described in subparagraph
(c) hereof.
            (c)     The claimant may then appeal the denial of the claim by filing written notice of such
appeal with the Committee within ninety (90) days after receipt of the notice of denial.  The claimant or any authorized representative may, before of after filing notice of appeal, review any documents pertinent to the claim and submit issues
and comments in writing.  The Committee shall render a decision on such appeal within thirty (30) days after receipt of the appeal (unless a longer period is requested by the claimant), and shall forthwith give written notice of such
decision.
 ARTICLE VIII
 AMENDMENT AND TERMINATION
  Section 8.1 Amendment
            (a)     Subject to the provisions hereinafter set forth, the Company reserves the right to amend the Plan at any time, and (to the extent
permitted by ERISA and the Code) give any such amendment retroactive effect.
            (b)     The Committee may approve
any technical amendments to the Plan (i) necessary to comply with federal law and regulations thereunder or (ii) that do not have substantial 
  7

   impact on the cost or terms of the Plan.  All other amendments must be approved by the Board of Directors of the Company.
  Section 8.2 Termination
            The Plan is adopted with the expectation that it shall be continued indefinitely,
but the continuation of the Plan is not assumed to be a contractual obligation by any Participating Employer.  Each Participating Employer reserves the right to terminate the Plan with respect to its participation at any time.  If the Plan
is terminated (in full or in part), then accrued benefit under this Plan of each affected Participant shall become 100% vested.
  ARTICLE IX
 MISCELLANEOUS
  Section 9.1 Right to Employment Or Retirement Income
            (a)     Nothing
contained in the Plan shall be deemed to give any Participant a right to remain in the employ of the Participating Employers.
            (b)     (1)     Nothing contained in the Plan shall be deemed to give any Participant, retired Participant, spouse,
beneficiary or contingent annuitant any right or claim to any benefit except as expressly provided in the Plan.
                     (2)     Notwithstanding any other provision in this Plan, in the event  the
Company fails to fulfill its obligation to make payments to the Participant, his beneficiary, or any other person entitled to payments under the Plan, the Company shall be liable to such person for any attorney’s fees and other legal costs
related to enforcing such person’s claim against the Company.
  Section 9.2 Inalienability
            No Participant or any person having or claiming to have any interest of any kind or character in or under this Plan shall have any right to sell, assign, transfer,
convey, hypothecate, anticipate, or otherwise dispose of such interest, and such interest shall not be subject to any liabilities or obligations of, or any bankruptcy proceedings, claims of creditors, attachment, garnishment, execution, levy, 
or other legal process against such person or such person’s property.
  Section 9.3 Facility of Payment
            If any Participant, retired Participant, or spouse or contingent annuitant eligible to receive payments under this Plan is, in the opinion of the Plan Administrator,
legally, physically, 
  8

   or mentally incapable of personally receiving and receipting for any payment under this Plan, the Plan Administrator may direct payments in installments not to exceed the
amount of monthly pension to which the Participant was otherwise entitled, to such other person, persons, or institutions who, in the opinion of the Plan Administrator, are then maintaining of having custody of such payee, until claims are made by a
duly appointed guardian or other legal representative of such payee.  Such payments shall constitute a full discharge of the liability of the Plan to the extent thereof. 
  Section 9.4
Construction Of Plan
           (a)     The headings of articles and sections are included herein solely for the
convenience of reference, and if there is any conflict between such headings and the text of this Plan, the text shall be controlling.
            (b)     To the extent not preempted by ERISA, the Plan shall be governed, construed, administered and regulated according to the laws of the
State of Hawaii.
  Section 9.5 Forms
            All consents, elections, applications,
designations, etc. required or permitted under the Plan must be made on forms prescribed and furnished by the Plan Administrator, and shall be recognized only if properly completed, executed, and returned to the Plan Administrator.
 
          TO RECORD the adoption of this amended and restated form to the Plan, the undersigned have caused this document to be executed this 19th day
of April, 1994, effective as of January 1, 1994.

	  
 	  HAWAIIAN ELECTRIC INDUSTRIES, INC.
 
	  
 	  
 
	  
 	  By
 	  /s/  PETER C. LEWIS
 	  
 
	  
 	  
 	 
 	  
 
	  
 	  
 	 Its V.P. - Administration
 	  
 
	  
 	  
 	  
 	  
 
	  
 	 By
 	 /s/  ROBERT F. CLARKE
 	  
 
	  
 	  
 	 
 	  
 
	  
 	  
 	 Its President & CEO
 	  
 

 9HEI 1990 Nonemployee Director Stock Plan

HEI Exhibit 10.12 
 
HAWAIIAN ELECTRIC INDUSTRIES, INC. 
1990 Nonemployee Director Stock Plan, 
As
Amended and Restated 
 
1.    Purposes of the Plan 
 
The purposes of this Hawaiian Electric Industries, Inc. 1990 Nonemployee Director Stock Plan are to provide participating directors with additional incentives to improve the Company’s performance
by increasing the level of stock owned by such nonemployee directors to reinforce the participating directors’ role in enhancing shareholder value, and to provide an additional means of attracting and retaining such nonemployee directors
through the issuance of Common Stock under the Plan as compensation to Nonemployee Directors. As amended and restated herein, this Plan incorporates all amendments effective on or before May 1, 2002, including provisions formerly memorialized in the
Hawaiian Electric Industries, Inc. 1999 Nonemployee Company Director Stock Grant Plan, which is hereby superceded. 
 
2.    Definitions 
 
When used herein, the following terms shall have the respective meanings set forth below: 
 
(a) “Annual Retainer” means the annual fee
payable to all Nonemployee Company Directors and Nonemployee Participating Company Directors as provided in Section 6 below (exclusive of any expense reimbursements). 
 
(b) “Annual Meeting of Shareholders” means the annual meeting of shareholders of the
Company, or any Participating Company, at which directors of the Company or the Participating Company, as the case may be, are elected. 
 
(c) “Board” means the Board of Directors of the Company. 
 
(d) “Committee” means the HEI Management Committee or such other committee appointed from
time to time by the Board to administer the Plan in accordance with Section 4(a) hereof. 
 
(e) “Common Stock” means the common stock, without par value, of the Company. 
 
(f) “Company” means Hawaiian Electric Industries, Inc., a Hawaii corporation, and any successor corporation.

 
(g) “Employee” means any
officer or employee of the Company or any of its direct or indirect subsidiaries or affiliates (whether or not such subsidiary or affiliate participates in the Plan). 

	

 
 

(h) “Nonemployee Company Director” means any person who is elected or
appointed to the Board of Directors of the Company and who is not an employee. 
 
(i) “Nonemployee Participating Company Director” means any person who is elected or appointed to the Board of Directors of any one or more Participating Companies and who is not an
Employee. 
 
(j) “Participating
Company” means any direct or indirect subsidiary or affiliate of the Company whose participation in the Plan has been approved by the Board. 
 
(k) “Plan” means the Company’s 1990 Nonemployee Director Stock Plan, as amended and restated as set forth herein, as
it may be further amended from time to time. 
 
(l)
“Stock Payment” means the grant of shares of Common Stock to Nonemployee Company Directors or Nonemployee Participating Company Directors for services rendered as a director of the Company or a Participating Company, as provided in
Section 7 hereof. 
 
3.    Shares of
Common Stock Subject to the Plan 
 
Subject to adjustment as provided in Section 9 below, the maximum aggregate number of shares of Common Stock that may be issued under the Plan, when taken together with any shares ever granted under the provisions of the Hawaiian
Electric Industries, Inc. 1999 Nonemployee Company Director Stock Grant Plan, is 100,000 shares. The Common Stock to be issued under the Plan will be made available from authorized but unissued shares of Common Stock, and the Company shall set aside
and reserve for issuance under the Plan said number of shares. 
 
4.    Administration of the Plan 
 
 
(a) The Plan will be administered by the Committee, which will consist of three or more persons who are not
eligible to participate in the Plan. Members of the Committee need not be members of the Board. The Company shall pay all costs of administration of the Plan. 
 
(b) Subject to the express provisions of the Plan, the Committee has and may exercise such powers and authority of the Board as may be
necessary or appropriate for the Committee to carry out its functions under the Plan. Without limiting the generality of the foregoing, the Committee shall have full power and authority (i) to determine all questions of fact that may arise under the
Plan, (ii) to interpret the Plan and to make all other determinations necessary or advisable for the administration of the Plan, and (iii) to prescribe, amend, and rescind rules and regulations relating to the Plan, including, without limitation,
any rules which the Committee determines are necessary or appropriate to ensure that the Company, each Participating Company and the Plan will be able to comply with all applicable provisions of any federal, state or local law, including securities
laws and laws relating to the withholding of tax. All interpretations, determinations, and actions by the Committee will be final, conclusive, and binding upon 
 

- 2 - 

all parties. Any action of the Committee with respect to the administration of the Plan shall be taken
pursuant to a majority vote at a meeting of the Committee (at which members may participate by telephone) or by the unanimous written consent of its members. 
 
(c) Neither the Company, nor any Participating Company, nor any representatives, employees or agents of the Company or any Participating
Company, nor any member of the Board, the HEI Compensation Committee or the Committee or designee thereof will be liable for any damages resulting from any action or determination made by the Board, the HEI Compensation Committee or the Committee
with respect to the Plan or any transaction arising under the Plan or any omission in connection with the Plan in the absence of willful misconduct or gross negligence. 
 
5.    Participation in the Plan 
 
(a) All Nonemployee Company Directors and Nonemployee
Participating Company Directors shall participate in the applicable provisions of the Plan, subject to the conditions and limitations of the Plan, so long as they remain eligible to participate in the Plan. 
 
(b) Nonemployee Company Directors and Nonemployee
Participating Company Directors shall be eligible for Annual Retainers pursuant to the terms of Section 6 of the Plan and for Stock Payments pursuant to the terms of Section 7 of the Plan. 
 
6.    Determination of Nonemployee Directors’ Annual Retainers 
 
The Committee shall meet annually to determine the Annual
Retainer for all Nonemployee Directors, subject to approval by the HEI Compensation Committee and the Board. Unless there are material changes in the duties of a Nonemployee Company Director or a Nonemployee Participating Company Director during the
course of any calendar year, the Annual Retainer shall not be determined more than once each calendar year. The Annual Retainer shall be paid to each Nonemployee Company Director and each Nonemployee Participating Company Director by the respective
company for which the person serves as a director. The Annual Retainer shall be paid at such times and in such manner as may be determined by the Board or the Committee. 
 
7.    Determination of Nonemployee Directors’ Stock Payments 
 
(a) Each Nonemployee Company Director who serves in that
capacity immediately following the date of the Annual Meeting of Stockholders of the Company shall receive, in addition to the Annual Retainer payable to such Nonemployee Company Director, a Stock Payment equal to six hundred (600) shares of Common
Stock for serving as a Nonemployee Company Director (one thousand (1,000) shares in the case of the first Stock Payment to a Nonemployee Company Director pursuant to this sentence). Each Nonemployee Participating Company Director (who is not also a
director of the Company) who serves in that capacity immediately following the date of the Annual Meeting of Stockholders of one or more Participating Companies shall receive, in 
 

- 3 - 

addition to the Annual Retainer payable to such Nonemployee Participating Company Director, a Stock
Payment equal to three hundred (300) shares of Common Stock for serving as a Nonemployee Participating Company Director. Each Director who during any calendar year thereafter becomes a Nonemployee Company Director or Nonemployee Participating
Company Director for the first time (whether by election or appointment as a director of the Company or a Participating Company), shall receive, in addition to any Annual Retainer payable, a Stock Payment equal to one thousand (1,000) shares of
Common Stock (in the case of the Company) or three hundred (300) shares of Common Stock (in the case of a Participating Company), for serving as a Nonemployee Company Director or Nonemployee Participating Company Director, as the case may be. Such
Stock Payments shall be paid by the Company as soon as practicable following the date such director is first elected or appointed to the Board of Directors of the Company or the Board of Directors of a Participating Company, as the case may be.

 
(b) No Nonemployee Company Director or
Nonemployee Participating Company Director shall be required to forfeit or otherwise return to the Company any shares of Common Stock issued to him or her as a Stock Payment pursuant to the Plan notwithstanding any change in status of such director
which renders him or her ineligible to continue as a participant in the Plan. 
 
8.    Shareholder Rights 
 
(a) Nonemployee Company Directors and Nonemployee Participating Company Directors shall not be deemed for any purpose to be or have rights as shareholders of the Company with respect to any shares of
Common Stock except as and when such shares are issued and then only from the date of the certificate therefor. No adjustment shall be made for dividends or distributions or other rights for which the record date precedes the date of such stock
certificate. 
 
(b) Subject to the provisions of
Section 8(a) above, Nonemployee Company Directors and Nonemployee Participating Company Directors will have all rights of a shareholder with respect to Common Stock issued, including the right to vote the shares and receive all dividends and other
distributions paid or made with respect thereto. 
 
9.    Adjustment for Changes in Capitalization 
 
If the outstanding shares of Common Stock of the Company are increased, 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, reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split, combination of shares, rights offering, distribution of assets or other distribution with respect to such shares of Common
Stock or other securities or other change in the corporate structure or shares of Common Stock, the maximum number of shares and/or the kind of shares that may be issued under the Plan may be appropriately adjusted by the Committee. Any
determination by the Committee as to any such adjustment will be final, binding, and 
 

- 4 - 

conclusive. The maximum number of shares issuable under the Plan as a result of any such adjustment shall
be rounded up to the nearest whole share. 
 
10.    Continuation of Director or Other Status 
 
Nothing in the Plan or in any instrument executed pursuant to the Plan or any action taken pursuant to the Plan shall be construed as
creating or constituting evidence of any agreement or understanding, express or implied, that the Company or any other Participating Company, as the case may be, will retain a Nonemployee Company Director or Nonemployee Participating Company
Director as a director or in any other capacity for any period of time or at a particular retainer or other rate of compensation, as conferring upon any director any legal or other right to continue as a director or in any other capacity, or as
limiting, interfering with or otherwise affecting the right of the Company or a Participating Company to terminate a director in his or her capacity as a director or otherwise at any time for any reason, with or without cause, and without regard to
the effect that such termination might have upon him or her as a participant under the Plan. 
 
11.    Compliance with Government Regulations 
 
Neither the Plan nor the Company shall be obligated to issue any shares of Common Stock pursuant to the Plan at any time unless and until
all applicable requirements imposed by any federal and state securities and other laws, rules, and regulations, by any regulatory agencies or by any stock exchanges upon which the Common Stock may be listed have been fully met. As a condition
precedent to any issuance of shares of Common Stock and delivery of certificates evidencing such shares pursuant to the Plan, the Board or the Committee may require a Nonemployee Company Director or Nonemployee Participating Company Director to take
any such action and to make any such covenants, agreements and representations as the Board or the Committee, as the case may be, in its discretion deems necessary or advisable to ensure compliance with such requirements. The Company shall in no
event be obligated to register the shares of Common Stock issued or issuable under the Plan pursuant to the Securities Act of 1933, as now or hereafter amended, or to qualify or register such shares under any securities laws of any state upon their
issuance under the Plan or at any time thereafter, or to take any other action in order to cause the issuance and delivery of such shares under the Plan or any subsequent offer, sale or other transfer of such shares to comply with any such law,
regulation or requirement. Nonemployee Company Directors and Nonemployee Participating Company Directors are responsible for complying with all applicable federal and state securities and other laws, rules and regulations in connection with any
offer, sale or other transfer of the shares of Common Stock issued under the Plan or any interest therein including, without limitation, compliance with the registration requirements of the Securities Act of 1933, as amended (unless an exemption
therefrom is available), or with the provisions of Rule 144 promulgated thereunder, if available, or any successor provisions. 
 

- 5 - 

 
12.    Nontransferability of Rights 
 
No Nonemployee Company Director or Nonemployee Participating Company Director shall have the right to assign the right to receive any Stock Payment or any other right or interest under the Plan,
contingent or otherwise, or to cause or permit any encumbrance, pledge or charge of any nature to be imposed on any such payment (prior to the issuance of stock certificates evidencing such Stock Payment) or any such right or interest. 
 
13.    Amendment and Termination of Plan

 
(a) The Board will have the power in its
discretion, to amend, suspend or terminate the Plan at any time. No such amendment will, without approval of the shareholders of the Company: 
 

	 	(i)	 	Change the class of persons eligible to receive Stock Payments under the Plan or otherwise modify the requirements as to eligibility for participation in the Plan;
or 

 

	 	(ii)	 	Increase the number of shares of Common Stock which may be issued under the Plan (except for adjustments as provided in Section 9 hereof).

 
(b) No amendment, suspension or
termination of the Plan will, without the consent of the Nonemployee Company Director or Nonemployee Participating Company Director, alter, terminate, impair, or adversely affect any right or obligations under any Stock Payment previously granted
under the Plan to such Participant, unless such amendment, suspension or termination is required by applicable law. 
 
(c) Notwithstanding the foregoing, the Board may, without further action by the shareholders of the Company, amend the Plan or modify
Stock Payments under the Plan (i) in response to changes in securities or other laws, or rules, regulations or regulatory interpretations thereof, applicable to the Plan, or (ii) to comply with stock exchange rules or requirements. 
 
14.    Governing Law 
 
The laws of the State of Hawaii shall govern and control the
interpretation and application of the terms of the Plan. 
 
15.    Effective Date and Duration of the Plan 
 
The Plan, as amended and restated herein, will become effective as of May 1, 2002. Unless previously terminated by the Board, the Plan
will terminate on April 27, 2010. 
 

- 6 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00048-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00048-of-00352.parquet"}]]