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EXECUTION VERSION

FIRST AMENDMENT TO
NOTE PURCHASE AND PRIVATE SHELF AGREEMENT

THIS FIRST AMENDMENT TO NOTE PURCHASE AND PRIVATE SHELF AGREEMENT (this
“First Amendment”) dated as of March 5, 2018 is by and among Alexander & Baldwin, LLC, a Delaware limited liability company (the “Company”), Alexander & Baldwin, LLC, Series R (“Series R”), Alexander & Baldwin, LLC, Series T (“Series T”), Alexander & Baldwin, LLC, Series M (“Series M” and together with the Company, Series R and Series T, the “Co-Issuers”), Alexander & Baldwin, Inc., a Hawaii corporation (“Holdings”), each other Guarantor (as defined in the Note Purchase Agreement defined below) which is a signatory to this First Amendment, AIG Asset Management (U.S.), LLC, a Delaware limited liability company (“AIG”), and each of the holders of the Series 2017-1 Notes referred to below that is a signatory to this First Amendment (collectively, the “Noteholders”). The Co-Issuers, Holdings and the other Guarantors are collectively referred to herein as the “Credit Parties.”

RECITALS:

A.The Credit Parties, AIG and the Noteholders have heretofore entered into a Note Purchase and Private Shelf Agreement dated December 20, 2017 (the “Note Purchase Agreement”), relating to the issue and sale from time to time by the Co-Issuers of their senior promissory notes, including the issue and sale on December 20, 2017 of the $25,000,000 4.30% Series 2017-1 Senior Notes, due December 20, 2029 (the “Series 2017-1 Notes”).

B.The Credit Parties, AIG and the Noteholders now desire to amend the Note Purchase Agreement in the respects, but only in the respects, hereinafter set forth.

C.Capitalized terms used herein shall have the respective meanings ascribed thereto in the Note Purchase Agreement unless herein defined or the context shall otherwise require.

D.All requirements of law have been fully complied with and all other acts and things necessary to make this First Amendment a valid, legal and binding instrument according to its terms for the purposes herein expressed have been done or performed.

NOW, THEREFORE, upon the full and complete satisfaction of the conditions precedent to   the effectiveness of this First Amendment set forth in Section 3.1 hereof, and in consideration of good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

SECTION 1.    AMENDMENTS.

Section 1.1.    Subclause (c) paragraph 1B(2) of the Note Purchase Agreement shall be and is hereby amended and restated as follows:

(c) the aggregate principal amount of all Shelf Notes of additional Series that may be issued hereunder is $75,000,000 (the “Maximum Shelf Facility Amount”);

Section 1.2.    Paragraph 10B of the Note Purchase Agreement shall be and is hereby amended by amending and restating the following term:

“Series Joinder Agreements” means each Series Joinder Agreement which the Co-Issuers and any new LLC Series executes and delivers pursuant to the requirements of paragraph 5G, joining such LLC Series to this Agreement as a Co-Issuer for the benefit of the holders of the Notes (provided that each new LLC Series shall be bound by paragraph 12S of this Agreement).

Section 1.3.    Paragraph 10B of the Note Purchase Agreement shall be and is hereby amended by inserting the following new definition in its proper alphabetical order:

“Obligations” is defined in paragraph 12S.

Section 1.4.    The Note Purchase Agreement shall be and is hereby amended be inserting the following new paragraph 12S in its proper numerical order:

12S. Concerning Joint and Several Liability of the Company and the LLC Series.

(a)Each of the Company, Series R, Series T, Series M, and each LLC Series which hereafter may execute and deliver a Series Joinder Agreement pursuant to the requirements of paragraph 5G(ii) is accepting joint and several liability hereunder and in respect of the Notes in consideration of the financial accommodations provided and to be provided by the holders of the Notes, for the mutual benefit, directly and indirectly, of each of the Co-Issuers and in consideration of the undertakings of each of the other Co-Issuers to accept joint and several liability for the obligations of each of them.

(b)Each of the Co-Issuers jointly and severally hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co-debtor, joint and several liability with the other Co-Issuers with respect to the payment and performance of all of the Obligations arising under this Agreement, the Notes and the other Transaction Documents, it being the intention of the parties hereto that all the Obligations shall be the joint and several obligations of each of the Co-Issuers without preferences or distinction among them. As used in this paragraph 12S, the term

“Obligations” shall mean all loans, advances, debts, liabilities and obligations, for monetary amounts or otherwise, from time to time owing by any of the Co-Issuers to the holders of the Notes or to be performed by any of the Co-Issuers in connection with this Agreement, the Notes and the other Transaction Documents, whether due or to become due, matured or unmatured, liquidated or unliquidated, contingent or non-contingent, and all covenants and duties regarding such amounts, of any kind or nature, present or future, whether or not evidenced by any note, agreement or instrument, arising under or in respect of this Agreement, the Notes or the other Transaction Documents (it being understood that this term includes all principal, interest (including interest that accrues after the commencement by or against any of the Co-Issuers of any action under bankruptcy, reorganization, compromise, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law, whether now or hereafter in effect), the Make-Whole Amount, if any, premium or other prepayment consideration, fees, expenses, costs or other sums (including all fees and disbursements of any law firm or other external counsel) chargeable to the Co-Issuers under this Agreement, the Notes or the other Transaction Documents).

(c)If and to the extent that a Co-Issuer shall fail to make any payment with respect to any of the Obligations hereunder as and when due or to perform any of such Obligations in accordance with the terms thereof, then in each such event, the other Co-Issuers will make such payment with respect to, or perform, such Obligation.

(d)The obligations of each Co-Issuer under this paragraph 12S constitute full recourse obligations of such Co-Issuer, enforceable against it to the full extent of its properties and assets, irrespective of the validity, regularity or enforceability of this Agreement as against any other Co-Issuer or any other circumstances whatsoever that would impair the rights of any holder of a Note as against any other Co-Issuer.

(e)Except as otherwise expressly provided herein, each Co-Issuer hereby waives notice of acceptance of its joint and several liability, notice of occurrence of any Default or Event of Default (except to the extent notice is expressly required to be given pursuant to the terms of this Agreement), or of any demand for any payment under this Agreement, the Notes or any other Transaction Document, notice of any action at any time taken or omitted by any holder of a Note under or in respect of any of the

Obligations hereunder, any requirement of diligence and, generally, all demands, notices and other formalities of every kind in connection with this Agreement, the Notes or any other Transaction Document. Each Co-Issuer hereby assents to, and waives notice of, any extension or postponement of the time for the payment of any of the Obligations hereunder, the acceptance of any partial payment thereon, any waiver, consent or other action or acquiescence by the holders of the Notes at any time or times in respect of any default by any Co-Issuer in the performance or satisfaction of any term, covenant, condition or provision of this Agreement, any and all other indulgences whatsoever by the holders of the Notes in respect of any of the Obligations hereunder, and the taking, addition, substitution or release, in whole or in part, at any time or times, of any security for any of such Obligations or the addition, substitution or release, in whole or in part, of any Co-Issuer. Without limiting the generality of the foregoing, each Co-Issuer assents to any other action or delay in acting or any failure to act on the part of the holders of the Notes, including any failure strictly or diligently to assert any right or to pursue any remedy or to comply fully with applicable laws or regulations thereunder which might, but for the provisions of this paragraph 12S, afford grounds for terminating, discharging or relieving such Co-Issuer, in whole or in part, from any of its obligations under this paragraph 12S, it being the intention of each Co-Issuer that, so long as any of the Obligations hereunder remain unsatisfied, the obligations of such Co-Issuer under this paragraph 12S shall not be discharged except by performance and then only to the extent of such performance. The obligations of each Co-Issuer under this paragraph 12S shall not be diminished or rendered unenforceable by any winding up, reorganization, arrangement, liquidation, reconstruction or similar proceeding with respect to any Co-Issuer or the holders of the Notes. The joint and several liability of the Co-Issuers hereunder shall continue in full force and effect notwithstanding any absorption, merger, amalgamation or any other change whatsoever in the name, membership, constitution or place of formation of any Co-Issuer or the holders of the Notes.

(f)The provisions of this paragraph 12S are made for the benefit of the Purchasers and their respective successors, transferees and assigns, and may be enforced by any such Person from time to time against any of the Co-Issuers as often as occasion therefor may arise and without requirement on the part of any holder of a Note first to marshal any of its claims or to exercise any of its rights against any other Co-Issuer or to exhaust any remedies available to it against any other Co-Issuer or to resort to

any other source or means of obtaining payment of any of the Obligations or to elect any other remedy. The provisions of this paragraph 12S shall remain in effect until all the Obligations hereunder shall have been paid in full or otherwise fully satisfied. If at any time, any payment, or any part thereof, made in respect of any of the Obligations, is rescinded or must otherwise be restored or returned by the holders of the Notes upon the insolvency, bankruptcy or reorganization of any of the Co-Issuers, or otherwise, the provisions of this paragraph 12S will forthwith be reinstated and in effect as though such payment had not been made.

(g)Each Co-Issuer hereby agrees that, to the extent that a Co-Issuer shall have paid an amount hereunder to any holder of a Note that is greater than the net value of the benefits received, directly or indirectly, by such paying Co-Issuer as a result of the issuance and sale of the Notes, such paying Co-Issuer shall be entitled to contribution from each other Co-Issuer that has not paid its proportionate share, based on benefits received as a result of the issuance and sale of the Notes. Any amount payable as a contribution under this paragraph 12S(g) shall be determined as of the date of which the related payment or distribution is made by the Co-Issuer seeking contribution, and each of the Co-Issuer acknowledges that the light to contribution hereunder shall constitute an asset of such Co-Issuer to which such contribution is owed. Notwithstanding the foregoing, the provisions of this paragraph 12S(g) shall in no respect limit the obligations and liabilities of any Co-Issuer to the holders of the Notes hereunder or under any other Transaction Document, and each Co-Issuer shall remain liable for the full payment and performance of the Obligations. Any indebtedness or other obligations of the other Co-Issuers now or hereafter held by or owing to any Co-Issuer is hereby subordinated in time and right of payment to all indebtedness or other obligation of the other Co-Issuers owed during the continuation of an Event of Default to any or all of the holders of the Notes under the Notes, this Agreement or any other Transaction Document.

SECTION 2.    REPRESENTATIONS AND WARRANTIES OF THE CREDIT PARTIES.

Section 2.1. To induce AIG and the Noteholders to execute and deliver this First Amendment (which representations shall survive the execution and delivery of this First Amendment), each of the Credit Parties, jointly and severally, represent and warrant to AIG and the Noteholders that:

(a)this First Amendment has been duly authorized, executed and delivered by each Credit Party and constitutes the legal, valid and binding obligation, contract and agreement of each Credit Party enforceable against it in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or limiting creditors' rights generally;

(b)the Note Purchase Agreement, as amended by this First Amendment, constitutes the legal, valid and binding obligation, contract and agreement of each Credit Party enforceable against it in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or limiting creditors' rights generally;

(c)the execution, delivery and performance by each Credit Party of this First Amendment (i) has been duly authorized by all requisite corporate action and, if required, equity-holder action, (ii) does not require the consent or approval of any governmental or regulatory body or agency, and (iii) will not (A) violate (1) any provision of law, statute, rule or regulation or its certificate of incorporation or bylaws, (2) any order of any court or any rule, regulation or order of any other agency or government binding upon it, or (3) any provision of any material indenture, agreement or other instrument to which it is a party or by which its properties or assets are or may be bound, including, without limitation, each Principal Credit Facility, or (B) result in a breach or constitute (alone or with due notice or lapse of time or both) a default under any indenture, agreement or other instrument referred to in clause (iii)(A)(3) of this Section 2.1(c); and

(d)as of the date hereof and after giving effect to this First Amendment, no Default or Event of Default has occurred which is continuing; and

(e)all the representations and warranties contained in Paragraph 8 of the Note Purchase Agreement are true and correct in all material respects with the same force and effect as if made on and as of the date hereof.

SECTION 3.    CONDITIONS TO EFFECTIVENESS OF THIS FIRST AMENDMENT.

Section 3.1.    This First Amendment shall not become effective until, and shall become effective when:

(a)executed counterparts of this First Amendment, duly executed by the Credit Parties, AIG and the Noteholders, shall have been delivered to AIG and the Noteholders;

(b)the Noteholders shall have received copies of the resolutions of the Board of Directors of each of the Credit Parties authorizing the execution, delivery and performance by such Credit Party of this First Amendment, certified by a Secretary or an Assistant Secretary; and

(c)the representations and warranties of the Credit Parties set forth  in  Section 2 hereof shall be true and correct on and with respect to the date hereof (and execution of this First Amendment by each Credit Party shall constitute its certification of the same).

Upon receipt or satisfaction of all of the foregoing, this First Amendment shall become effective. SECTION 4.    MISCELLANEOUS.
Section 4.1.    Holdings and each Co-Issuer agree to pay upon demand, the reasonable fees
and expenses of Chapman and Cutler LLP, special counsel to the Noteholders, in connection with the negotiation, preparation, approval, execution and delivery of this First Amendment.

Section 4.2.  This First Amendment shall be construed in connection with and as part of  the Note Purchase Agreement, and except as modified and expressly amended by this First Amendment, all terms, conditions and covenants contained in the Note Purchase Agreement and the Series 2017-1 Notes are hereby ratified and shall be and remain in full force and effect.

Section 4.3.   Any and all notices, requests, certificates and other instruments executed   and delivered after the execution and delivery of this First Amendment may refer to the Note Purchase Agreement without making specific reference to this First Amendment but nevertheless all such references shall include this First Amendment unless the context otherwise requires.

Section 4.4. The descriptive headings of the various Sections or parts of this First Amendment are for convenience only and shall not affect the meaning or construction of any of the provisions hereof.

Section 4.5. This First Amendment shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York, excluding choice of law principles of the law of such state that would permit the application of the laws of a jurisdiction other than such state.

The execution hereof by you shall constitute a contract between us for the uses and purposes herein above set forth, and this First Amendment may be executed in any number of counterparts, each executed counterpart constituting an original, but all together only one agreement.

Co-Issuers:

									
	Alexander & Baldwin, LLC

	By:	/s/ James E. Mead
		Name:	James E. Mead
		Title:	Authorized Signatory
			
			
	By:	/s/ Nelson N. S. Chun
		Name:	Nelson N. S. Chun
		Title:	Authorized Signatory
			
			
	Alexander & Baldwin, LLC, Series R

	By:	/s/ James E. Mead
		Name:	James E. Mead
		Title:	Chief Financial Officer
			
			
	By:	/s/ Nelson N. S. Chun
		Name:	Nelson N. S. Chun
		Title:	Senior Vice President and Chief Legal Officer

[First Amendment to 2017 Note Purchase and Private Shelf Agreement]

									
	Alexander & Baldwin, LLC, Series T

	By:	/s/ James E. Mead
		Name:	James E. Mead
		Title:	Chief Financial Officer
			
			
	By:	/s/ Nelson N. S. Chun
		Name:	Nelson N. S. Chun
		Title:	Senior Vice President and Chief Legal Officer
			
			

									
	Alexander & Baldwin, LLC, Series M

	By:	/s/ Christopher J. Benjamin
		Name:	Christopher J. Benjamin
		Title:	President, Chief Executive Officer, Secretary & Treasurer

[First Amendment to 2017 Note Purchase and Private Shelf Agreement]

Holdings:

									
	Alexander & Baldwin, Inc.

	By:	/s/ James E. Mead
		Name:	James E. Mead
		Title:	Executive Vice President and Chief Financial Officer
			
			
	By:	/s/ Nelson N. S. Chun
		Name:	Nelson N. S. Chun
		Title:	Executive Vice President and Chief Legal Officer

[First Amendment to 2017 Note Purchase and Private Shelf Agreement]

Guarantors:

									
	Alexander & Baldwin, Inc.

	By:	/s/ James E. Mead
		Name:	James E. Mead
		Title:	Executive Vice President and Chief Financial Officer
			
			
	By:	/s/ Nelson N. S. Chun
		Name:	Nelson N. S. Chun
		Title:	Executive Vice President and Chief Legal Officer
			
			
	Alexander & Baldwin Investments, Inc.

	By:	/s/ James E. Mead
		Name:	James E. Mead
		Title:	Executive Vice President and Chief Financial Officer
			
			
	By:	/s/ Nelson N. S. Chun
		Name:	Nelson N. S. Chun
		Title:	Senior Vice President and Chief Legal Officer
			
			
	Grace Pacific LLC

	By:	/s/ James E. Mead
		Name:	James E. Mead
		Title:	Chief Financial Officer
			
			
	By:	/s/ Nelson N. S. Chun
		Name:	Nelson N. S. Chun
		Title:	Vice President

[First Amendment to 2017 Note Purchase and Private Shelf Agreement]

									
	A&B II, LLC

	By:	/s/ James E. Mead
		Name:	James E. Mead
		Title:	Chief Financial Officer
			
			
	By:	/s/ Nelson N. S. Chun
		Name:	Nelson N. S. Chun
		Title:	Vice President

[First Amendment to 2017 Note Purchase and Private Shelf Agreement]

The foregoing Agreement is hereby accepted as of the date first above written.

									
	AIG Asset Management (U.S.), LLC

	By:	/s/ Byron Douglass
		Name:	Byron Douglass
		Title:	Vice President
			
	Noteholders:
	The United States Life Insurance Company in the City of New York
	The Variable Annuity Life Insurance Company
	By:	AIG Asset Management (U.S.), LLC, as Investment Adviser
	By:	/s/ Byron Douglass
		Name:	Byron Douglass
		Title:	Vice President
			
			

[First Amendment to 2017 Note Purchase and Private Shelf Agreement]Document

EXHIBIT 1

ALEXANDER & BALDWIN, INC.
NOTICE OF AWARD OF PERFORMANCE SHARE UNITS 

The Corporation hereby awards to Participant, as of the Award Date indicated below, an award (the “Award”) of Performance Share Units under the Corporation’s 2012 Incentive Compensation Plan (the “Plan”).  Each Performance Share Unit represents the right to receive one or more shares of Common Stock on the applicable issuance date following the vesting of that Performance Share Unit.  The number of Performance Share Units subject to this Award and the applicable performance-vesting requirement for those Performance Share Units and the underlying shares of Common Stock are set forth below. The remaining terms and conditions governing the Award, including the applicable service-vesting requirements and the applicable issuance date or dates for the shares of Common Stock that vest and become issuable under the Award, shall be as set forth in the form Performance Share Unit Award Agreement attached hereto as Exhibit A.

AWARD SUMMARY
						
	Participant	
	Award Date:	February 1, 2022
	Performance Share Units:	The actual number of shares of Common Stock that may become issuable pursuant to this Award shall be determined in accordance with the performance-vesting provisions of attached Schedule I and the service-vesting provisions of the attached form Performance Share Unit Award Agreement. For purposes of the applicable calculations under those vesting provisions, the number of shares of Common Stock to be utilized is _______ shares (the “Performance Share Units”). 

	Vesting Schedule:	The number of shares of Common Stock which may actually vest and become issuable pursuant to the Award shall be determined pursuant to a two-step process: (i) first there shall be calculated the maximum number of  shares of Common Stock in which Participant can vest as a result of the level at which each of the Performance Goals specified on attached Schedule I is in fact attained and (ii) then the number of shares calculated under clause (i) in which Participant may actually vest shall be determined on the basis of his or her satisfaction of the applicable Service vesting requirements set forth in the attached form Performance Share Unit Award Agreement.

									
		Performance Vesting: Attached Schedule I specifies the two Performance Goals and Performance Period established for this Award.  For each Performance Goal, there are three designated levels of attainment set forth in Schedule I: Threshold, Target and Maximum.  The Performance Shares Units designated for this Award are hereby allotted fifty percent (50%) to each Performance Goal.  Within sixty (60) days after the completion of the Performance Period, the Plan Administrator shall determine and certify the actual level of attainment for each Performance Goal and shall then measure that level of attainment against the Threshold, Target and Maximum Levels set forth for that Performance Goal in attached Schedule I.  The maximum number of shares in which Participant can vest based upon the actual level of attainment of each Performance Goal shall be determined by applying the corresponding percentage below for that level of attainment to the number of Performance Share Units allotted to that particular Performance Goal in accordance with the foregoing allocations (the “Allotted Performance Share Units”):

		Attainment below the Threshold Level:	0% of the Allotted Performance                       Share Units
		Attainment at the Threshold Level:	35% of the Allotted Performance Share Units
		Attainment at the Target Level:	100% of the Allotted Performance Share Units
		Attainment at Maximum Level:	200% of the Allotted Performance Share Units

To the extent the actual level of attainment of a Performance Goal is at a point between the Threshold and Target Levels, the maximum number of shares allotted to that Performance Goal in which Participant can vest shall be pro-rated between the two points on a straight line basis in accordance with the payout slope set forth in attached Schedule I.

To the extent the actual level of attainment of a Performance Goal is at a point between the Target and Maximum Levels, the maximum number of shares allotted to that Performance Goal in which Participant can vest shall be pro-rated between the two points on a straight line basis in in accordance with the payout slope set forth in attached Schedule I.

The maximum number of shares of Common Stock in which Participant can vest in the aggregate on the basis of the actual level of attainment of both Performance Goals shall be hereinafter designated the “Performance- Qualified Shares” and shall in no event exceed in the aggregate 200% of the number of Performance Share Units set forth above.

Service Vesting.  The number of Performance-Qualified Shares in which Participant actually vests shall be determined on the basis of his or her 
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satisfaction of the Service-vesting requirements set forth in Paragraph 3 of the attached form Performance Share Unit Agreement.   

Resulting Shares.  Each Performance-Qualified Share in which Participant vests in accordance with the applicable performance-vesting and service-vesting provisions of this Award shall entitle Participant to receive one share of Common Stock on the designated issuance date for that share determined in accordance with the provisions of the attached Performance Share Unit Award Agreement.

Participant understands and agrees that the Award is granted subject to and in accordance with the terms of the Plan and hereby agrees to be bound by the terms of the Plan and the terms of the Award as set forth in the form Performance Share Unit Award Agreement attached hereto as Exhibit A.  A copy of the Plan is available upon request made to the Human Resources Department at the Corporation’s principal offices at 822 Bishop Street, Honolulu, Hawaii 96813.

Coverage under Recoupment Policy. By accepting this Award, Participant hereby agrees that should Participant at this time be, or at any time hereafter become, either an executive officer of the Corporation subject to Section 16 of the Securities Exchange Act of 1934, as amended, or a participant in the Corporation’s Performance Improvement Incentive Plan, then:

(a)    Participant shall be subject to the Alexander & Baldwin, Inc. Policy Regarding Recoupment of Certain Compensation, effective as of June 29, 2012, the terms of which are hereby incorporated herein by reference and receipt of a copy of which Participant hereby acknowledges; and 

(b)    any incentive compensation that is paid or granted to, or received by, Participant on or after June 29, 2012 (including any incentive compensation that is paid to, or received by, Participant on or after June 29, 2012 pursuant to an incentive compensation award made to Participant prior to June 29, 2012, whether by the Corporation or any predecessor entity) and during the three-year period preceding the date on which the Corporation is required to prepare an accounting restatement due to material non-compliance with any applicable financial reporting requirements under the federal securities laws shall, accordingly, be subject to recovery and recoupment pursuant to the terms of such policy.

For purposes of such recoupment policy, “incentive compensation” means any cash or equity-based awards (e.g., any stock award, restricted stock unit award, performance share unit award or stock option grant or shares of Common Stock issued thereunder) or any profit sharing payment or distribution that is based upon the achievement of financial performance metrics.  An additional copy of the recoupment policy is available upon request made to the Corporate Secretary at the Corporation’s principal offices.

Continuing Consent. Participant further acknowledges and agrees that, except to the extent the Plan Administrator notifies Participant in writing to the contrary, each subsequent award of Performance Share Units made to him or her under the Plan shall be subject to the same terms and conditions set forth in the form Performance Share Unit Award Agreement attached hereto as Exhibit A, and Participant hereby accepts those terms and conditions for each such subsequent Performance Share Unit award that may be made to him or her under the Plan and hereby agrees to be bound by those terms and conditions for any such Performance Share Unit awards, without any further consent or acceptance required on his or her part at the time or times when those awards may be made.  However, Participant may, at any time he or she holds an outstanding Performance Share Unit award under the Plan, request a written copy of the form Performance Share Unit Award Agreement from the Corporation by contacting the Corporation’s Human Resources Department at the Corporation’s principal offices. 
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Employment at Will.  Nothing in this Notice or in the form Performance Share Unit Award Agreement or in the Plan shall confer upon Participant any right to continue in Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Corporation (or any Parent or Subsidiary employing or retaining Participant) or of Participant, which rights are hereby expressly reserved by each, to terminate Participant’s Service at any time for any reason, with or without cause.

Definitions.  All capitalized terms in this Notice shall have the meaning assigned to them in this Notice or in the attached form Performance Share Unit Award Agreement.

DATED:   February 15, 2022

						
	ALEXANDER & BALDWIN, INC.
	By:	/s/ Derek Kanehira

		
	Title:	Sr. Vice President, Human Resources

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SCHEDULE I

PERFORMANCE GOALS AND PERFORMANCE PERIOD  
PERFORMANCE PERIOD
    The Performance Period shall be the three-year period beginning January 1, 2022 and ending December 31, 2024.
PERFORMANCE GOALS FOR PERFORMANCE VESTING
Performance Goal One: The performance-vesting requirement for fifty percent (50%) of the Performance Share Units subject to this Award shall be tied to the percentile level at which the total shareholder return (including stock price appreciation and reinvestment of any cash dividends or other stockholder distributions) to the Corporation’s stockholders over the Performance Period stands in relation to the total shareholder return realized for that period by the companies comprising the FTSE Nareit All-Equity Index. 

Performance Goal Two: The performance-vesting requirement for the remaining fifty percent (50%) of the Performance Share Units subject to this Award shall be tied to the percentile level at which the total shareholder return (including stock price appreciation and reinvestment of any cash dividends or other stockholder distributions) to the Corporation’s stockholders over the Performance Period stands in relation to the total shareholder return realized for that period by the companies comprising the Selected Peer Group (as set forth on attached Schedule II). 

Total Shareholder Return: For purposes of each Performance Goal, the total shareholder return (“TSR”) for the Corporation’s stockholders shall be determined pursuant to the following formula:

TSR  =  (Ending Stock Price* - Beginning Stock Price**) + Reinvested Dividends***                                Beginning Stock Price**

*  Ending Stock Price is the average daily closing price per share of the Common Stock calculated for the last thirty-one (31) days within the Performance Period.

**  Beginning Stock Price is the average daily closing price per share of the Common Stock calculated for the thirty-one (31)-day period immediately preceding the commencement date of the Performance Period.

*** Reinvested Dividends shall be calculated by multiplying (i) the aggregate number of shares (including fractional shares) of Common Stock that could have been purchased during the Performance Period had each cash dividend paid on a single share of Common Stock during that period been immediately reinvested in additional shares (or fractional shares) of Common Stock at the closing price per share of the Common Stock on the applicable dividend payment date by (ii) the average daily closing price per share of Common Stock calculated for the last thirty-one (31) days within the Performance Period.

Each of the foregoing amounts shall be equitably adjusted for stock splits, stock dividends, recapitalizations and other similar events affecting the shares in question without the issuer’s receipt of consideration.

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For each company in the FTSE Nareit All-Equity Index and the Selected Peer Group , the TSR with respect to its common stock shall be calculated in the same manner as for the Common Stock.

In addition, the following parameters shall be in effect for purposes of measuring the TSR for the FTSE Nareit All-Equity Index and the Selected Peer Group :

-    a company will be included in the FTSE Nareit All-Equity Index and the Selected Peer Group  (as applicable) only if that company is represented in the index at the start of the Performance Period and remains publicly traded on an established exchange as an independent entity for the entire Performance Period, and the stock price performance of any company that is acquired, or otherwise ceases to exist as an independent publicly-owned entity, during the Performance Period shall not be taken into account in determining the relative TSR of the companies comprising the applicable Index;

-    a company that is in the FTSE Nareit All-Equity Index or the Selected Peer Group  (as applicable) at the start of the Performance Period that is involved in bankruptcy proceedings (and is no longer publicly traded) during the Performance Period shall be included in the applicable Index with a TSR designated at -100%;

-    any distribution (other than a regular cash dividend), whether in cash, securities (other than shares of the distributing company’s common stock) or other property, made during the Performance Period by a company included in the FTSE Nareit All-Equity Index or the Selected Peer Group  (as applicable) for that period shall be treated in the same manner as a regular cash dividend paid by such distributing company (in an amount per share of the distributing company’s common stock deemed equal to the cash amount or the fair market value of the securities or other property distributed per share of the distributing company’s common stock) that is immediately reinvested in the distributing company’s common stock; and     

-    any spin-off distribution of shares of the common stock of one or more subsidiaries or other affiliated entities that is made during the Performance Period by a company included in the FTSE Nareit All-Equity Index or the Selected Peer Group  (as applicable) for that period shall be treated in the same manner as a regular cash dividend paid by that distributing company (in an amount per share of the distributing company’s common stock deemed equal to the fair market value of the common stock (or fractional share thereof) of the spun-off entity distributed per share of the distributing company’s common stock) that is immediately reinvested in the distributing company’s common stock.

For purposes of measuring the TSR of the Company for the Performance Period, the foregoing parameters governing distributions and spin-off transactions shall also apply to any distribution (other than a regular cash dividend) or spin-off transaction that is effected by the Company during the Performance Period.
 
Should a Change in Control occur during the Performance Period, then the attained level of each Performance Goal shall be determined in accordance with the applicable Change in Control provisions of the form Performance Share Unit Award Agreement attached hereto as Exhibit A. 

2

Payout Slope for Determining Number of Performance-Qualified Shares Based on Attained Levels of Performance Goal:  The number of shares in which Participant may vest on the basis of the certified percentile level of a Performance Goal attainment shall be calculated by multiplying the number of Performance Share Units allotted to that Performance Goal by the applicable percentage determined in accordance with the following payout slope for the Performance Goal: 
3

TOTAL SHAREHOLDER RETURN PAYOUT SLOPE

Payout Slope Details
						
	Percentile
	Percentage of Performance Share Units Allotted to the Performance Goal in which Participant may vest*
	<35th	0%
	35th	35%
	45th	67.5%
	55th	100%
	65th	150%
	75th	200%

*linear interpolation between performance levels, rounded down to the nearest whole share

4

SCHEDULE II

SELECTED PEER GROUP

The Selected Peer Group shall be comprised of the following companies

			
	Name and Ticker
	
	Brixmor Property Group, Inc. BRX
	Urban Edge Properties UE
	Acadia Realty Trust AKR
	Retail Opportunity Investments Corp. ROIC
	Kite Realty Group Trust KRG
	Saul Centers, Inc. BFS
	Urstadt Biddle Properties Inc. Class A UBA
	Cedar Realty Trust, Inc. CDR
	Washington Real Estate Investment Trust WRE
	American Assets Trust, Inc. AAT
	Armada Hoffler Properties, Inc. AHH
	Whitestone REIT WSR
	One Liberty Properties, Inc. OLP

	SITE Centers Corp SITC

	RPT Realty RPT

5

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