Document:

Exhibit 10.2

 

STOCK UNIT AWARD AGREEMENT

 

(Granted under the UFP Technologies, Inc. 2003 Incentive Plan)

  

This Stock Unit Award Agreement is entered into as of the 24th
day of February, 2020 by and between UFP Technologies, Inc. (hereinafter the “Company”) and _______________ (the “Awardee”).
Capitalized terms used but not defined herein shall have the meanings assigned to them in the Company’s 2003 Incentive Plan,
as amended (the “Plan”). Stock Unit Awards (SUA’s represent the Company’s unfunded and unsecured promise
to issue shares of Common Stock at a future date, subject to the terms of this Award Agreement, including, without limitation,
the performance objectives set forth in Schedule A hereto, and the Plan. Awardee has no rights under the SUAs other than
the rights of a general unsecured creditor of the Company.

 

1.        Grant of Stock Unit
Awards; Performance Objectives; Vesting.  

 

(a)The Company, in the exercise of its sole discretion pursuant
to the Plan, does hereby award to the Awardee the number of SUAs set forth on Schedule A hereto upon the terms and subject
to the conditions hereinafter contained. The SUA’s shall consist of a Threshold Award, a Target Award and an Exceptional
Award. The Target Award and the Exceptional Award are each awarded subject to attainment during the Performance Cycle described
on Schedule A of the Performance Objectives set forth on Schedule A .

 

(b)       Subject to attainment
of any applicable Performance Objectives, payment with respect to vested SUA’s shall be made entirely in the form of shares
of Common Stock of the Company on each respective vesting date as set forth on Schedule A.

 

(c)       As soon as possible after
the end of the Performance Cycle, the Committee will certify in writing whether and to what extent the Performance Objectives have
been met for the Performance Cycle. The date of the Committee’s certification pursuant to this subsection (c) shall hereinafter
be referred to as the “Certification Date”. The Company will notify the Awardee of the Committee’s certification
following the Certification Date (such notice, the “Determination Notice”). The Determination Notice shall specify
(i) the Performance Objective, as derived from the Company’s audited financial statements; and (ii) the extent, if any, to
which the Performance Objectives were satisfied with respect to the Target Award and the Exceptional Award.

 

2.        Change in Control.   Notwithstanding the
vesting schedule set forth in Schedule A: if there is a Change in Control of the Company (as defined in the Plan) following
the end of the Performance Cycle, and the Awardee’s Continuous Status as an employee, as contemplated by Section 4 hereof,
shall not have been terminated as of the date immediately prior to the effective date of such Change in Control, then subject
to attainment during the Performance Cycle described on Schedule A of any applicable Performance Objective set forth on
Schedule A, and subject to the provisions of Section 21 of this Award Agreement, any SUA’s representing the Threshold,
Target and the Exceptional Award, which are not already vested shall become vested in full as of the effective date of such Change
in Control.

 

    1

     

    

 

3.        Termination.  
Unless terminated earlier under Section 4, 5 or 6 below, an Awardee’s rights under this Award Agreement with respect to the
SUAs issued under this Award Agreement shall terminate at the time such SUAs are converted into shares of Common Stock.

 

4.       Termination of Awardee’s
Continuous Status as an Employee.   Except as otherwise specified in Section 5 and 6 below, in the event of termination
of Awardee’s Continuous Status as an employee of the Company, Awardee’s rights under this Award Agreement in any unvested
SUAs shall terminate. For purposes of this Award Agreement, an Awardee’s Continuous Status as an employee shall mean the
absence of any interruption or termination of service as an employee. Continuous Status as an employee shall not be considered
interrupted in the case of sick leave or leave of absence for which Continuous Status is not considered interrupted as determined
by the Company in its sole discretion.

 

5.        Disability of Awardee.  
Notwithstanding the provisions of Section 4 above, in the event of termination of Awardee’s Continuous Status as an employee
as a result of disability (within the meaning of Section 409A of the Internal Revenue Code, and hereinafter referred to as “Disability”),
the SUAs which would have vested during the twelve (12) months following the date of such termination, set out in Schedule A,
shall become vested as of the date of such termination, subject, however, to the provisions of Section 21 of this Award Agreement.
If Awardee’s Disability originally required him or her to take a short-term disability leave which was later converted into
long-term disability, then for the purposes of the preceding sentence the date on which Awardee ceased performing services shall
be deemed to be the date of commencement of the short-term disability leave. The Awardee’s rights in any unvested SUAs that
remain unvested after the application of this Section 5 shall terminate at the time Awardee ceases to be in Continuous Status as
an employee.

 

6.        Death of Awardee.  
Notwithstanding the provisions of Section 4 above, in the event of the death of Awardee:

 

(a)       If the Awardee was, at
the time of death, in Continuous Status as an employee, the SUAs which would have vested during the twelve (12) months following
the date of death of Awardee, set out in Schedule A, shall become vested as of the date of death.

 

(b)        The Awardee’s rights
in any unvested SUAs that remain after the application of Section 6(a) shall terminate at the time of the Awardee’s death.

 

7.        Value of Unvested
SUAs.   In consideration of the award of these SUAs, Awardee agrees that upon and following termination of Awardee’s
Continuous Status as an employee for any reason (whether or not in breach of applicable laws), and regardless of whether Awardee
is terminated with or without cause, notice, or pre-termination procedure or whether Awardee asserts or prevails on a claim that
Awardee’s employment was terminable only for cause or only with notice or pre-termination procedure, any unvested SUAs under
this Award Agreement shall be deemed to have a value of zero dollars ($0.00).

 

    2

     

    

 

8.        Conversion of SUAs
to shares of Common Stock; Responsibility for Taxes.  

 

(a)        Provided Awardee has
satisfied the requirements of Section 8(b) below, and subject to the provisions of Section 21 below, on the vesting of any SUAs,
such vested SUAs shall be converted into an equivalent number of shares of Common Stock that will be distributed to Awardee or,
in the event of Awardee’s death, to Awardee’s legal representative, as soon as practicable. The distribution to the
Awardee, or in the case of the Awardee’s death, to the Awardee’s legal representative, of shares of Common Stock in
respect of the vested SUAs shall be evidenced by a stock certificate, appropriate entry on the books of the Company or of a duly
authorized transfer agent of the Company, or other appropriate means as determined by the Company.

 

(b)       Regardless of any action
the Company takes with respect to any or all income tax (including federal, state and local taxes), social security, payroll tax
or other tax-related withholding (“Tax Related Items”), Awardee acknowledges that the ultimate liability for all Tax
Related Items legally due by Awardee is and remains Awardee’s responsibility and that the Company (i) makes no representations
or undertakings regarding the treatment of any Tax Related Items in connection with any aspect of the SUAs, including the grant
of the SUAs, the vesting of SUAs, the conversion of the SUAs into shares of Common Stock, the subsequent sale of any shares of
Common Stock acquired at vesting and the receipt of any dividends; and (ii) does not commit to structure the terms of the grant
or any aspect of the SUAs to reduce or eliminate the Awardee’s liability for Tax Related Items. Prior to the issuance of
shares of Common Stock upon vesting of SUAs as provided in Section 8(a) above, Awardee shall pay, or make adequate arrangements
satisfactory to the Company, in its sole discretion, to satisfy all withholding obligations of the Company. In this regard, Awardee
authorizes the Company to withhold all applicable Tax Related Items legally payable by Awardee from Awardee’s wages or other
cash compensation payable to Awardee by the Company. Alternatively, or in addition, if permissible under applicable law, the Company
may, in its sole discretion, (i) sell or arrange for the sale of shares of Common Stock to be issued to satisfy the withholding
obligation, and/or (ii) withhold in shares of Common Stock, provided that the Company shall withhold only the amount of shares
necessary to satisfy the minimum withholding amount. Awardee shall pay to the Company any amount of Tax Related Items that the
Company may be required to withhold as a result of Awardee’s receipt of SUAs, or the conversion of SUAs to shares of Common
Stock that cannot be satisfied by the means previously described. Except where applicable legal or regulatory provisions prohibit,
the standard process for the payment of an Awardee’s Tax Related Items shall be for the Company to withhold in shares of
Common Stock only to the amount of shares necessary to satisfy the minimum withholding amount. The Company may refuse to deliver
shares of Common Stock to Awardee if Awardee fails to comply with Awardee’s obligation in connection with the Tax Related
Items as described herein.

 

(c)        In lieu of issuing fractional
shares of Common Stock, on the vesting of a fraction of a SUA, the Company shall round the shares to the nearest whole share and
any such share which represents a fraction of a SUA will be included in a subsequent vest date.

 

(d)        Until the distribution
to Awardee of the shares of Common Stock in respect to the vested SUAs is evidenced by a stock certificate, appropriate entry on
the books of the Company or of a duly authorized transfer agent of the Company, or other appropriate means, Awardee shall have
no right to vote or receive dividends or any other rights as a shareholder with respect to such shares of Common Stock, notwithstanding
the vesting of SUAs. Subject to the provisions of Section 21 below, the Company shall cause such distribution to Awardee to occur
promptly upon the vesting of SUAs. No adjustment will be made for a dividend or other right for which the record date is prior
to the date Awardee is recorded as the owner of the shares of Common Stock, except as provided in Section 8 of the Plan.

 

    3

     

    

 

(e)        By accepting the Award
of SUAs evidenced by this Award Agreement, Awardee agrees not to sell any of the shares of Common Stock received on account of
vested SUAs at a time when applicable laws or Company policies prohibit a sale. This restriction shall apply so long as Awardee
is an Employee, Consultant or outside director of the Company or a Subsidiary of the Company.

 

(f)        Adjustments and other
matters relating to stock dividends, stock splits, recapitalizations, reorganizations, Corporate Events and the like shall be made
and determined in accordance with Section 6 of the Plan, as in effect on the date of this Agreement.

 

9.        Non-Transferability
of SUAs.   Awardee’s right in the SUAs awarded under this Award Agreement and any interest therein may not
be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner, other than by will or by the laws of descent
or distribution, prior to the distribution of the shares of Common Stock in respect of such SUAs. SUAs shall not be subject to
execution, attachment or other process.

 

10.        Acknowledgment of
Nature of Plan and SUAs.   In accepting the Award, Awardee acknowledges that:

 

(a)        the Plan is established
voluntarily by the Company, it is discretionary in nature and may be modified, amended, suspended or terminated by the Company
at any time, as provided in the Plan;

 

(b)        the Award of SUAs is
voluntary and occasional and does not create any contractual or other right to receive future awards of SUAs, or benefits in lieu
of SUAs even if SUAs have been awarded repeatedly in the past;

 

(c)        all decisions with respect
to future awards, if any, will be at the sole discretion of the Company;

 

(d)        Awardee’s
participation in the Plan is voluntary;

 

(e)        the future value of the
underlying shares of Common Stock is unknown and cannot be predicted with certainty;

 

(f)       if Awardee receives shares
of Common Stock, the value of such shares of Common Stock acquired on vesting of SUAs may increase or decrease in value;

 

    4

     

    

 

(g)        notwithstanding any terms
or conditions of the Plan to the contrary and consistent with Section 4 and Section 7 above, in the event of involuntary termination
of Awardee’s employment (whether or not in breach of applicable laws), Awardee’s right to receive SUAs and vest under
the Plan, if any, will terminate effective as of the date that Awardee is no longer actively employed and will not be extended
by any notice period mandated under applicable law; furthermore, in the event of involuntary termination of employment (whether
or not in breach of applicable laws), Awardee’s right to receive shares of Common Stock pursuant to the SUAs after termination
of employment, if any, will be measured by the date of termination of Awardee’s active employment and will not be extended
by any notice period mandated under applicable law. The Committee shall have the exclusive discretion to determine when Awardee
is no longer actively employed for purposes of the award of SUAs; and

 

(h)       Awardee acknowledges and
agrees that, regardless of whether Awardee is terminated with or without cause, notice or pre-termination procedure or whether
Awardee asserts or prevails on a claim that Awardee’s employment was terminable only for cause or only with notice or pre-termination
procedure, Awardee has no right to, and will not bring any legal claim or action for, (a) any damages for any portion of the SUAs
that have been vested and converted into Common Shares, or (b) termination of any unvested SUAs under this Award Agreement.

 

11.        No Employment Right.  
Awardee acknowledges that neither the fact of this Award of SUAs nor any provision of this Award Agreement or the Plan or the policies
adopted pursuant to the Plan shall confer upon Awardee any right with respect to employment or continuation of current employment
with the Company, or to employment that is not terminable at will. Awardee further acknowledges and agrees that neither the Plan
nor this Award of SUAs makes Awardee’s employment with the Company for any minimum or fixed period, and that such employment
is subject to the mutual consent of Awardee and the Company, and subject to any written employment agreement that may be in effect
from time to time between the Company and the Awardee, may be terminated by either Awardee or the Company at any time, for any
reason or no reason, with or without cause or notice or any kind of pre- or post-termination warning, discipline or procedure.

 

12.        Administration.  
The authority to manage and control the operation and administration of this Award Agreement shall be vested in the Committee (as
such term is defined in Section 2 of the Plan), and the Committee shall have all powers and discretion with respect to this Award
Agreement as it has with respect to the Plan. Any interpretation of the Award Agreement by the Committee and any decision made
by the Committee with respect to the Award Agreement shall be final and binding on all parties.

 

13.        Plan Governs.  
Notwithstanding anything in this Award Agreement to the contrary, the terms of this Award Agreement shall be subject to the terms
of the Plan, and this Award Agreement is subject to all interpretations, amendments, rules and regulations promulgated by the Committee
from time to time pursuant to the Plan.

 

14.       Notices.  
Any written notices provided for in this Award Agreement which are sent by mail shall be deemed received three business days after
mailing, but not later than the date of actual receipt. Notices shall be directed, if to Awardee, at the Awardee’s address
indicated by the Company’s records and, if to the Company, at the Company’s principal executive office.

 

    5

     

    

 

15.       Electronic Delivery.  
The Company may, in its sole discretion, decide to deliver any documents related to SUAs awarded under the Plan or future SUAs
that may be awarded under the Plan by electronic means or request Awardee’s consent to participate in the Plan by electronic
means. Awardee hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an
on-line or electronic system established and maintained by the Company or another third party designated by the Company.

 

16.        Acknowledgment.  
By Awardee’s acceptance as evidenced below, Awardee acknowledges that Awardee has received and has read, understood and accepted
all the terms, conditions and restrictions of this Award Agreement and the Plan. Awardee understands and agrees that this Award
Agreement is subject to all the terms, conditions, and restrictions stated in this Award Agreement and the Plan, as the latter
may be amended from time to time in the Company’s sole discretion. In addition, the Awardee acknowledges that the Award and
rights granted to the Awardee hereunder shall be subject to forfeiture to the Company in accordance with any policy that may hereafter
be promulgated by the Company to comply with the requirements of Section 10D(b)(2) of the Securities Exchange Act of 1934,
as amended.

 

17.        [Intentionally Omitted]

 

18.        Governing Law.  
This Award Agreement shall be governed by the laws of the State of Delaware, without regard to Delaware laws that might cause other
law to govern under applicable principles of conflicts of law.

 

19.        Severability.  
If one or more of the provisions of this Award Agreement shall be held invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and the invalid, illegal
or unenforceable provisions shall be deemed null and void; however, to the extent permissible by law, any provisions which could
be deemed null and void shall first be construed, interpreted or revised retroactively to permit this Award Agreement to be construed
so as to foster the intent of this Award Agreement and the Plan.

 

20.        Complete Award Agreement
and Amendment.   This Award Agreement and the Plan constitute the entire agreement between Awardee and the Company
regarding SUAs. Any prior agreements, commitments or negotiations concerning these SUAs are superseded. This Award Agreement may
be amended only by written agreement of Awardee and the Company, without consent of any other person. Awardee agrees not to rely
on any oral information regarding this Award of SUAs or any written materials not identified in this Section 20.

 

    6

     

    

 

21.             
Section 409A. This Award Agreement is intended to be in compliance with the provisions of Section 409A of the Internal
Revenue Code to the extent applicable, and the Regulations issued thereunder. Anything in this Agreement to the contrary notwithstanding,
if at the time of the Awardee’s separation from service within the meaning of Section 409A of the Internal Revenue Code of
1986, as amended, and the regulations thereunder (the “Code”), the Company determines that the Awardee is a “specified
employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the
Awardee becomes entitled to under this Agreement would be considered deferred compensation subject to the 20 percent additional
tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such
payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one
day after the Awardee’s separation from service, or (B) the Awardee’s death. The determination of whether and when
a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation Section
1.409A-1(h). To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code,
the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code. The parties agree
that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section
409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without
additional cost to either party. Solely for the purposes of Section 409A of the Code, the share increments issuable on each vesting
date on Schedule A shall be considered a separate payment. The Company makes no representation or warranty and shall have no liability
to the Awardee or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject
to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.

 

 

 

 

 

 

 

 

    7

     

    

 

EXECUTED the day and year first above written.

 

 

	 	UFP TECHNOLOGIES, INC.	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	R. Jeffrey Bailly	 
	 	 	Chief Executive Officer	 

 

 

 

AWARDEE’S ACCEPTANCE:

I have read and fully understood this Award Agreement and, as referenced in Section 16
above, I accept and agree to be bound by all of the terms, conditions and restrictions contained in this Award Agreement and the
other documents referenced in it.

 

 

	 	 	 

 

 

 

 

 

 

 

    8

     

    

 

SCHEDULE A

 

The SUA’s issuable under this Agreement shall consist of a Threshold Award, a Target
Performance Award and an Exceptional Performance Award, each in the amounts set forth below, each such award issuable in one-third
increments on the vesting dates set forth below, provided the respective performance objective (if applicable) is satisfied.

 

The Performance Objective established by the Committee with respect to the Target Performance
Award and Exceptional Performance Award is Adjusted Operating Income** for 2020

 

	 	Performance
     Objective	Performance
     Cycle	Number
    of Shares of Common Stock	Vesting
    Dates: March 1 of:
	 	 	 	 	*/2022	*/2023	*/2024
	a. Threshold  Award	none	n/a	_____	_____	_____	_____
	b. Target  Performance
     Award	of Adjusted Operating Income**  	Calendar Year  2020	_____   

                                                                                (in addition to (a) above)
	_____	_____	_____
	c. Exceptional
     Performance  Award	of Adjusted Operating Income**    	Calendar Year  2020	   _____***

                                                                                 (in addition to (a) and (b) above)
	_____	_____	_____

 

 

*Vesting is subject to the Compensation Committee’s determination
of satisfaction of any applicable performance target for 2020 (for Target and Exceptional Performance Awards), and subject to continued
employment on each such vesting date (for all Awards).

 

** Adjusted Operating Income is defined herein as Operating Income on the Company’s
10-K, excluding the effect of (i) non-recurring restructuring charges related to plant closings and consolidations; and (ii) the
impact of acquired or disposed of operations during such year.

 

*** Between Adjusted Operating Income of
         and         the number of shares of
Common Stock issuable under the Exceptional Performance Award (in addition to the shares issuable upon attainment of the
Target Performance Award) would range from 0, representing the number of shares issuable upon attainment of
         of Adjusted Operating Income, to the full number of shares otherwise
issuable under the Exceptional award, based on straight line interpolation rounded up or down to the nearest whole share (not
to exceed          of Adjusted Operating Income for purposes of this
calculation).Exhibit

HEI Exhibit 4.3(e)
AMENDMENT 2019-1 TO THE
HAWAIIAN ELECTRIC INDUSTRIES RETIREMENT SAVINGS PLAN
The following amendments to the Hawaiian Electric Industries Retirement Savings Plan (the “Plan” or “HEIRS Plan”) are made to permit real-time trading through the Plan in the common stock of Hawaiian Electric Industries, Inc. (NYSE: HE).  These amendments also update the Plan’s claims procedures.
1.All references in the Plan to the “Company Stock Fund” are amended to read as references to “Company Stock”.  Specific changes are made in the amendments below. 

2.In Section 3.4(a) of the Plan the words “held in the Company Stock Fund” are stricken from the sentence that currently reads: “Furthermore, the reinvestment of dividends on Company Stock held in the Company Stock Fund, described in Sections 4.3(a) and (e), the allocation of a restorative payment, described in Section 1.415(c)-1(b)(2)(ii)(C) of the Treasury Regulations, and the repayment of a Plan loan are not Annual Additions.” 

3.Section 4.2(c), which describes the fees and expenses that are associated with an investment in the HEIRS Plan, is amended and restated in its entirety to read as follows:

(c) Fees and Expenses.  Generally, there are three kinds of expenses associated with investments in the HEIRS Plan: investment expenses associated with the investment options, administrative expenses, and individual expenses.  These are generally described as follows:

(i)Investment Expenses.  The investment options have investment fees and expenses associated with them.  The fees and expenses associated with the mutual funds offered under the Plan may include, but are not limited to, investment management fees, marketing and distribution fees (12b-1 fees), shareholder servicing fees, recordkeeping fees, and fees for other operating expenses.  The annual percentage of a mutual fund’s assets paid out in expenses is expressed as an “expense ratio”.  Since the mutual funds are buying and selling securities, there are also transaction costs, including, but not limited to, brokerage commissions that are reflected in the price paid or received by the mutual funds for the various securities purchased or sold.

Investment expenses associated with an investment in “Company Stock,” as defined in Section 4.3(a), may include, but are not limited to, brokerage commissions when Company Stock is purchased or sold on the open market.
(ii)Administrative Expenses.  Administrative expenses may include, but are not limited to, trustee, legal, accounting, actuarial, recordkeeping, and investment consulting fees.  Each Participant may be assessed a recordkeeping fee by the Trustee with respect to his or her 

1

Account.  Administrative fees specifically associated with an investment in Company Stock may include, but are not limited to, a basic fee for administering Company Stock as an investment under the Plan and fees associated with administering the dividend pass-through program.  The mutual funds may pay fees to the Trustee to cover recordkeeping and other administrative expenses.  The mutual fund investments may also generate credits which may be used to offset administrative expenses of other service providers to the extent permitted under ERISA.  Credits generated in excess of administrative expenses may be allocated as income to Participant accounts on a pro rata or other reasonable basis.

(iii)Individual Expenses.  Individual expenses are expenses triggered by Participant or Beneficiary action.  These fees may include, but are not limited to, loan set-up and quarterly or annual servicing fees, fees connected with distributions and withdrawals, and fees to qualify and administer domestic relations orders.  As described in Section 4.3(b), certain trading practices may trigger individual redemption fees or penalties.  Generally, individual expenses are charged to the individual accounts of the Participants and Beneficiaries who have initiated the action that triggered the expense.

All costs and expenses of the Plan and any taxes assessed against the Plan may be paid from the Plan.  The fees and expenses paid from the Plan shall be allocated among Accounts as determined by the Administrative Committee, which shall have the authority, in its discretion, to cause fees and expenses that are properly allocable to particular, individual Accounts to be charged directly to such Accounts and to cause fees and expenses that are not so allocable to be allocated among all Accounts in a reasonable manner determined by the Administrative Committee.  The Administrative Committee shall maintain and make available, or ensure that the Trustee maintains and makes available, a current fee schedule for routine fees and expenses that are directly chargeable to the Accounts of particular Participants and Beneficiaries; provided, however, that the Administrative Committee may cause specific expenses to be allocated directly to one or more particular Accounts if the Administrative Committee determines that such allocation is reasonable and appropriate under applicable law and administrative guidance, even if such expenses are not listed on the fee schedule.
The Participating Employers may, but are not required to, pay the general administrative expenses of the Plan.  In accordance with applicable prohibited transaction exemptions under ERISA, the Participating Employers may make unsecured, interest-free loans or advances to the Plan to pay the ordinary administrative expenses of the Plan.
4.Section 4.3(a), which describes, in general, the investments offered under the HEIRS Plan, is amended and restated in its entirety to read as follows:

2

(a)Broad Range of Investments.  The Plan offers a broad range of investment options, including, but not limited to, mutual funds managed by an affiliate of the Trustee and other companies and common stock of the Company (“Company Stock”).  The PIC may change the investment options offered at any time.  A prospectus describing the Plan and the investment risks associated with an investment in the Plan is available to Participants.  Appendix A to such prospectus describes the investment options offered under the Plan.  Prospectuses are also available for the mutual fund options.

5.Section 4.3(e), which describes, in general, the offering of Company Stock as an investment option under the HEIRS Plan, is amended and restated in its entirety to read as follows:

(e)Company Stock.  Participants and Beneficiaries may make limited investments in Company Stock as described in this Section 4.3(e) and in an amendment to the Trust Agreement.

(iv)ESOP Status.  The portion of the Plan that is invested in Company Stock is an “employee stock ownership plan” (“ESOP”), as defined in Section 4975(e)(7) of the Code.  

(v)Dividend Pass-Through.  Dividends paid on Company Stock shall be passed through to Participants and Beneficiaries in accordance with the Trust Agreement.  Each Participant and Beneficiary who has an investment in Company Stock through the Plan may elect to have any dividends paid on Company Stock either (A) paid to the Participant or Beneficiary in cash, or (B) reinvested in Company Stock in the Plan.  If a Participant or Beneficiary does not affirmatively elect to receive a dividend in cash, the Participant or Beneficiary shall be deemed to have elected reinvestment of such dividend in Company Stock in the Plan.  Any payment of cash dividends to a Participant or Beneficiary shall be accounted for as if the Participant or Beneficiary receiving the dividends was a direct owner of the shares of Company Stock, and the payment shall not be treated as a Plan distribution for purposes of Article VI. In accordance with Section 404(k)(7) of the Code, dividends reinvested in Company Stock in the Plan shall be fully vested. 

(vi)Real-Time Trading.  Trading in Company Stock through the Plan shall be done in accordance with the Trust Agreement, which generally provides for real-time trading of Participant or Beneficiary initiated exchanges, with batch activity for other transactions (e.g., purchases of Company Stock for Participant contributions allocated to Company Stock and sales of Company Stock to facilitate distributions and loans).

(vii)Voting of Shares.  In accordance with the terms of the Trust Agreement, each Participant and Beneficiary shall have the right to direct

3

the Trustee as to the manner in which the Trustee is to vote that number of shares of Company Stock credited to the Participant’s or Beneficiary’s Account.  Participant and Beneficiary ownership of Company Stock and voting by Participants and Beneficiaries with respect to Company Stock shall be kept confidential.  The Trust Agreement sets forth the responsibilities of the Company and the Trustee with respect to notification to Participants and Beneficiaries of annual or special meetings, the means of communicating directions, and the voting of shares for which no direction is received by the Trustee.  The Trust Agreement, as it may be amended, shall be followed by the Trustee in performing its responsibilities with respect to Company Stock held by the Plan.

(viii)Tender Offers.  In the event of a tender offer or other situation that involves the potential for undue influence, tabulation of Participant votes shall be controlled by the Trustee in accordance with the terms of the Trust Agreement.

(ix)Section 16 Insiders.  With respect to a Participant who is subject to the provisions of Section 16 of the Securities Exchange Act of 1934 (an “Affected Participant”), the provisions of the Plan and all transactions hereunder are intended and shall be construed and applied so as to comply with all applicable requirements and conditions for exemption under Rule 16b-3 or any successor rule.  In this regard, an Affected Participant’s investment election directing the investment, disposition, or reinvestment of the Participant’s Account in Company Stock shall be structured to meet the requirements for a “discretionary transaction” under Title 17, Section 240.16b-3(f) of the Code of Federal Regulations.  Specifically, the Affected Participant shall be allowed to make such investment election with respect to the acquisition or disposition of Company Stock only if such election is made on or after the date that is six months following the date of the most recent investment election for an “opposite way” transaction under any employee benefit plan sponsored by a Participating Employer or Associated Company.  For this purpose, an “opposite way” transaction means a previous acquisition if the current transaction is a disposition, and vice versa.  However, an acquisition or disposition of Company Stock resulting from an election to receive, or defer the receipt of, Company Stock or cash in connection with the death, Disability, retirement, or termination of service of the Participant falls outside the meaning of a “discretionary transaction” under Rule 16b-3(f), and shall not be subject to, or considered in applying, the above six-month election restriction.

(x)Change in Shares.  If the outstanding shares of Company Stock 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 Company Stock or other securities through merger, consolidation, sale of all or 

4

substantially all the assets of the Company, recapitalization, reclassification, stock dividend, stock split, reverse stock split, or other distribution with respect to such shares of Company Stock or other securities, an appropriate and proportionate adjustment may be made to the maximum number and kind of shares or other securities that are subject to an effective registration statement filed with the Securities Exchange Commission pursuant to the Securities Act of 1933, as amended.  Any adjustment under this paragraph shall be subject to the requirements of applicable federal and state securities laws and regulations.

(xi)Purchase and Sale of Shares.  All purchases of Company Stock by the Trustee shall be made at a price that does not exceed the fair market value of such Company Stock as of the date of purchase.  All sales of Company Stock shall be at a price that is not less than the fair market value of such Company Stock as of the date of sale.  In accordance with the Trust Agreement, purchases and sales of Company Stock may be made directly with the Company or on the open market.  Any purchase or sale of Company Stock shall be made in conformance with Section 408(e) of ERISA, to the extent applicable.

(xii)Diversification.  Subject to Section 4.3(e)(vi) and applicable trading restrictions imposed by the PIC, the Trustee, or an investment option, Participants and Beneficiaries are free to diversify the investment of their Accounts at all times.

(xiii)Limitations on Investments in Company Stock.  There are two limitations on the amount a Participant or Beneficiary may invest in Company Stock.  First, a Participant may not direct more than 20% of any contribution to Company Stock.  Second, Participants and Beneficiaries are prohibited from making transfers or exchanges from other investment options into Company Stock if the transfer or exchange would cause the Participant’s or Beneficiary’s investment in Company Stock in the Plan to exceed 20% of the Participant’s or Beneficiary’s total Account balance.  At any time, the PIC may further restrict investments in Company Stock or eliminate Company Stock as an investment option under the Plan.

(xiv)Satisfaction of Code Section 401(a)(35) Requirements.  Since the Plan holds publicly traded employer securities, it is an “applicable defined contribution plan,” as defined in Section 401(a)(35)(E) of the Code, and it is subject to the diversification requirements set forth in Section 401(a)(35) of the Code.  Every Participant (including every Beneficiary and alternate payee who has an Account in the Plan with respect to which the Beneficiary or alternate payee is entitled to exercise the rights of a Participant) has the right to divest any investment in Company Stock attributable to elective deferrals (as described in Section 402(g)(3)(A) of the Code), employee

5

contributions (if any), rollover contributions, and employer non-elective
contributions.  There is no vesting service requirement with respect to this right to diversification for any type of contribution.  Amounts divested from Company Stock may be invested in any other investment option offered under the Plan, which shall consist of at least three investment options, other than employer securities, each of which is diversified and has materially different risk and return characteristics.  Periodic reasonable divestment and reinvestment opportunities shall be provided at least quarterly.  Except as provided in Sections 1.401(a)(35)-1(e)(2) and (3) of the Treasury Regulations, restrictions (either direct or indirect) or conditions will not be imposed on the investment of publicly traded securities if such restrictions or conditions are not imposed on the investment of other Plan assets.

6.Section 6.4 of the Plan, which describes the forms of benefit available for distributions from the Plan, is amended and restated in its entirety to read as follows:

Section 6.4    Forms of Benefit Following Severance from Employment
The forms of benefit available to Participants following severance from employment are:
(a)    A single sum (also known as a lump sum) payable as soon as administratively practicable following completion of all applicable distribution forms;
(b)    An installment option with respect to HEISOP Subaccounts only, as described in Section 6.5;
(c)    Periodic payments of required minimum distributions only, as described in Section 6.6; and
(d)    A partial withdrawal of the Participant’s vested Account balance (reduced by any outstanding loan balance) as elected by the Participant.  A Participant may elect a partial withdrawal no more than once in any Plan Year.
All distributions shall be in cash, except that a Participant’s investment in Company Stock shall be distributed to the Participant in whole shares of Company Stock.  However, a Participant may elect to receive cash in lieu of Company Stock (and shall be deemed to have made such an election with respect to any automatic distribution of $5,000 or less, in accordance with Section 6.2, unless the Participant affirmatively elects to receive the distribution in the form of Company Stock before the automatic distribution is made).  No fractional shares of Company Stock shall be issued; the value of any fractional share of stock shall be paid in cash.

6

Materials explaining the available forms of benefit and the benefit election procedures will be provided to Participants upon termination of employment, and a Participant may make a benefit election on the Trustee’s website or by contacting the Trustee by telephone.  The materials shall describe the Participant’s right to defer distribution until the Participant’s Normal Retirement Date and the consequences of failing to defer the distribution.  Distribution materials shall be provided to the Participant no less than thirty (30) days and no more than one hundred eighty (180) days before the distribution commences; provided, however, that the distribution may commence less than thirty (30) days after the distribution materials are provided to the Participant if the materials clearly inform the Participant that the Participant has the right to a period of at least thirty (30) days after receiving the materials to consider the decision of whether or not to elect a distribution (and, if applicable, a particular distribution option) and, after receiving the materials, the Participant affirmatively elects a distribution.
7.The first sentence in Section 8.1 of the Plan, which provides the rules for initial benefit claims, is revised to read as follows: 

If a Participant or Beneficiary or any other person (each, a “claimant”) believes he or she is entitled to a benefit from the Plan or wishes to clarify his or her rights under the Plan, such claimant may file a written claim for benefits with the Administrative Committee.  
Amendments 1 through 6 of this Amendment 2019-1 are effective June 26, 2019, or as soon thereafter as the Trustee’s systems permit real-time trading in Company Stock.  Amendment 7 is effective as of the date this Amendment 2019-1 is approved by the board of directors of Hawaiian Electric Industries, Inc.
TO RECORD the adoption of this Amendment 2019-1, Hawaiian Electric Industries, Inc. has executed this document May 6, 2019.
HAWAIIAN ELECTRIC INDUSTRIES, INC.
By_/s/ Kurt K. Murao____________________
     Its Vice President - Legal & Administration 
                 and Corporate Secretary 

7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00305-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00305-of-00352.parquet"}]]