Document:

HEI 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Nonemployee Company Director Stock Grant Plan, which is hereby superceded. 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 

  

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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 

  

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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 

  

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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. 
  

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	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 -EMPLOYEE SEPARATION AGREEMENT

 HEI Exhibit 10.15 
 EMPLOYMENT SEPARATION AGREEMENT 
 This Agreement by and between ROBERT F.
MOUGEOT (“Employee”) and HAWAIIAN ELECTRIC INDUSTRIES (“HEI”), and its subsidiary and affiliated entities and the shareholders, directors, officers, employees and agents of HEI and its subsidiary and affiliated entities
(collectively referred to as “Employer”) is effective as of the date described in Section 7 below and sets forth the rights and obligations of the parties arising from Employee’s recruitment for, employment with, and separation
from employment with Employer as of the date of the last signatory to this Agreement. 
 1. Separation from Employment 
 Employee hereby retires from employment with Employer effective as of midnight, November 12, 2002. Employee shall be paid all salary then due plus
all earned and accrued employee benefits less any applicable payroll taxes in accordance with the terms and conditions of the Employer’s policies and plans governing such employee benefits. Employee shall not be required to perform any
employment duties for Employer after November 12, 2002, and shall not receive, earn or be entitled to any wages, employee benefits or other compensation from Employer from and after November 12, 2002, except as provided in the
Employer’s employee benefits policies and plans or as provided in Section 2 below. 
 2. Additional Separation Benefits

 Subject to the provisions of Section 7 below and in consideration of Employee’s execution of this Agreement and his full and
timely performance of all his promises and obligations in this Agreement, Employer agrees to provide Employee the following additional severance benefits upon the execution of this Agreement by Employee and the expiration of the 

 
seven (7) day revocation period described in Section 7 below. 
 a. Except as otherwise provided in Section 7 below, which shall supersede anything stated herein to the contrary, a severance payment in the amount of Three Hundred Fifty Thousand and No/1000 Dollars
($350,000.00), less applicable payroll taxes payable as follows: 
 (1) Seventy-Five Thousand and No/100 Dollars ($75,000.00),
less applicable payroll taxes, upon expiration of the seven (7) day recission period described in Section 7 below; 
 (2) One Hundred Thousand and No/100 Dollars ($100,000.00), less applicable payroll taxes, on or before January 3, 2003; and 
 (3) One Hundred Seventy-Five Thousand and No/100 Dollars ($175,000.00), less applicable payroll taxes, on or before January 5, 2004. 
 b. Employee will be entitled to participate in the 2002 Executive Incentive Compensation Plan (“EICP) with no pro-rata adjustment for retiring prior to December 31, 2002. In addition, if the earnings
threshold is met for the 2002 EICP, Employee will receive a payout at the “Target” level for the goal “Overall performance evaluation by the President,” weighted at 30 percent of Employee’s 2002 EICP. Employee will also be
entitled to participate in the 2000-2002 Long-Term Incentive Plan (“LTIP”), 2001-2003 LTIP and the 2002-2004 LTIP with no pro-rata adjustment for retiring prior to December 31, 2002; provided, however, that if there is a payout for
the HEI officers under the 2001-2003 LTIP and the 2002-2004 LTIP, Employee will be eligible for a 24/36 payout and a 12/36 payout, respectively. Effective upon the date of Employee’s retirement, all outstanding non-qualified stock option
(“NQSO”) grants already made to Employee 

  

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(1999, 2000, 2001 and 2002 grants) will become fully exercisable, notwithstanding that the option may not be otherwise fully exercisable under
Section 3.1 (a) of Employee’s Non-qualified Stock Option Agreement. In addition, upon Employee’s exercise of each NQSO stock option, Employee will be entitled to receive all dividend equivalent awards on Employee’s
outstanding NQSO grants up to and including dividend equivalent awards made on November 12, 2002. 
 c. As a retiree of HEI, Employee
will be eligible to receive retirement benefits generally available to other HEI retirees under The Postretirement Welfare Benefits Plan for Employees of Hawaiian Electric Company, Inc. and Participating Employers. 
 d. In consideration of Employer’s agreement to provide severance payments described in paragraph 2.a above, Employee agrees that such payments shall
constitute voluntary prepayment of unemployment compensation benefits and/or workers’ compensation benefits under Hawaii Revised Statutes Section 386-52 if Employee is awarded any unemployment or workers’ compensation benefits
attributable to his employment or termination of employment with Employer. Employee further agrees to meet in Honolulu, Hawaii, with legal counsel representing American Savings Bank (“ASB”) in the American Savings Bank, F.S.B. v. Paine
Webber, Inc. litigation to prepare for his testimony in that litigation and to be available during the trial, including mediation or arbitration, of the case to testify in good faith on behalf of ASB. The parties estimate that Employee’s
preparation time should not exceed one (1) day and that his time testifying should not exceed one (1) day, although Employee’s availability to testify may require more than one (1) day if the Court is not able to assign a
specific day in 

  

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advance for Employee’s testimony. 
 3.
Employer Property 
 Employee shall promptly return to Employer any remaining Employer information and property still in
Employee’s possession or control including and without limitation confidential business or customer reports, maps, files, memoranda, records, software, credit cards, door and file keys, computer access codes, disks and instruction manuals, and
any other property which Employee received or prepared or helped prepare in connection with employee’s employment with Employer. 
 4.
Confidentiality and Cooperation 
 Employee and Employer agree that they will cooperate with each other to assure a harmonious and
positive separation, and neither party will make any disparaging comments about Employee, Employer, its directors, officers, financial operations or reports. As part of such cooperation, Employee agrees to Employer’s prior public statement of
Employee’s retirement. Employee and Employer agree to keep the terms, amount and fact of this Agreement completely confidential. However, Employee may discuss this Agreement with his attorney, accountant and immediate family; provided, they
agree to keep the contents of this Agreement confidential and not disclose it to others. Employer may likewise disclose the terms, amount or facts of this Agreement to those directors, officers, employees, attorneys, auditors, accountants,
government rating agencies or other private entities as necessary or prudent for its business operations. Employee also agrees that any and all information obtained by Employee or disclosed to Employee during his employment with the Employer which
is not already known to the general public, including but not limited to Employer’s financial and business information, strategic plans, projects, customers, programs, methods of operation, processes, practices, 

  

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policies and procedures, are strictly confidential and proprietary to Employer, and shall be treated as trade secrets of Employer. Employee covenants in
perpetuity that such trade secrets shall not be disclosed, discussed, or revealed to any persons, entities or organizations by Employee at any time. Employee understands and acknowledges that the existence of this confidentiality provision is a
material inducement for Employer to enter into this Agreement. The parties agree that Employer would suffer irreparable harm if Employee breaches this confidentiality provision, and, therefore, both parties agree that if such breach occurs, then in
addition to any other remedies available to Employer at law or equity Employee shall immediately repay Employer as a reasonable estimate of damages and not as a penalty an amount up to twenty-five percent (25%) of the severance payment
described in Section 2.a above plus interest at the maximum rate allowed by law from the date of payment of the severance payment until repaid by Employee and no further payments will be made under Section 2. 
 5. Voluntary Agreement 
 Employee
fully understands his right to discuss and has had the opportunity to discuss all aspects of this Agreement with Employee’s family or attorney and represents to Employer that Employee has carefully read and fully understands all of the
provisions of this Agreement and that he is voluntarily entering into this Agreement. 
 6. Release, Indemnification and Promise Not To
Sue. 
 a. Release. As a material inducement to Employer to enter into this Agreement and to provide to Employee the additional
separation benefits described in Section 2 above, Employee hereby irrevocably and unconditionally releases, acquits and forever discharges Employer from any and all claims, liabilities, and expenses (including attorneys’ fees and costs
actually incurred) of any nature whatsoever, statutory or 

  

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common law, known or unknown, suspected or unsuspected (including, but not limited to any claims arising out of or under any (i) contract of employment;
(ii) federal, state or local laws prohibiting age or other forms of employment discrimination; (iii) Employee’s recruitment for employment with or separation from employment with Employer; and, (iv) employee benefit plan or law)
which Employee now has, owns or holds, or claims to have, own or hold, or which Employee at any time heretofore had, owned or held, or claimed to have, own or hold against Employer based on any act or omission occurring up to the termination of
Employee’s employment with Employer (hereafter collectively called “Claims”). The foregoing release shall not apply to any claim by Employee to enforce Employer’s express obligations under this Agreement or for benefits under any
federal or Hawaii law that cannot be waived or discharged by agreement. 
 b. Indemnification. 
 As a further material inducement to Employer to enter into this Agreement and to pay to employee the separation benefits described in Section 2
above, Employee hereby agrees to indemnify and hold Employer harmless from and against any and all losses, costs, damages, or expenses, including, without limitation, attorneys’ fees incurred by Employer arising out of any breach of this
Agreement by Employee and not to initiate or file any claim or lawsuit over any Claim released above. Employee expressly understands and acknowledges that this Agreement may be pleaded as a defense to, and may be used as the basis for an attempted
injunction against any action, suit, administrative or other proceeding which may be instituted, prosecuted or attempted as a result of an alleged breach of this Agreement by Employee. 
  

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	 	c. Promise Not To Sue. 

 Employee also agrees not to
file or initiate any claim or lawsuit with any agency or court based on any claim covered by the foregoing release, including any claim arising out of employee’s employment or separation from employment with Employer other than to enforce this
Agreement. If Employee files any administrative claim or lawsuits against Employer based on any claim arising out of his employment or termination of employment with Employer, then in addition to all other remedies provided by law or equity,
Employee agrees to pay Employer for all costs, including reasonable attorneys fees, incurred by Employer in defending against administrative claims or lawsuit and to credit any amounts paid under this Agreement against any recovery obtained by
Employee. 
 7. Review and Revocation Rights. 
 EMPLOYEE UNDERSTANDS AND ACKNOWLEDGES THAT HE HAS UP TO TWENTY-ONE (21) DAYS TO DECIDE WHETHER TO SIGN THIS AGREEMENT AND SHOULD CONSULT WITH AN ATTORNEY. WITHIN SEVEN (7) DAYS AFTER SIGNING THIS
AGREEMENT, EMPLOYEE MAY RESCIND IN WRITING ONLY EMPLOYEE’S RELEASE OF ANY CLAIMS UNDER THE FEDERAL AGE DISCRIMINATION IN EMPLOYMENT ACT (THE “ADEA”). IF THE SEVENTH DAY FALLS ON A SATURDAY, SUNDAY, OR HOLIDAY, THE NEXT REGULAR
BUSINESS DAY WILL BE CONSIDERED THE SEVENTH DAY. IF EMPLOYEE ELECTS IN A TIMELY MANNER TO RESCIND THE RELEASE OF ANY FEDERAL ADEA CLAIM, THE RELEASE WILL STILL REMAIN IN EFFECT FOR ALL OTHER CLAIMS AND THE ADDITIONAL TERMINATION PAY AND BENEFITS

  

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DESCRIBED IN PARAGRAPH 2 ABOVE SHALL BE MODIFIED BY REDUCING THE SEVERANCE PAYMENT IN SECTION 2.a TO A TOTAL OFSEVENTY-FIVE THOUSAND AND NO/100 DOLLARS
($75,000.00). 
 EMPLOYEE UNDERSTANDS AND AGREES THAT UNLESS OTHERWISE AGREED IN WRITING BY THE PARTIES, THE TERMS OF THIS AGREEMENT
WILL NOT BE EFFECTIVE UNTIL THE LATER OF THE TERMINATION OF EMPLOYEE’S EMPLOYMENT WITH EMPLOYER OR THE EXPIRATION OF THE SEVEN (7) DAY REVOCATION PERIOD DESCRIBED ABOVE. IF EMPLOYER EXECUTES AND DELIVERS THIS AGREEMENT BUT THEN TIMELY
REVOKES HIS RELEASE OF ANY FEDERAL AGE DISCRIMINATION CLAIM, THIS AGREEMENT AND RELEASE OF ALL OTHER CLAIMS WILL REMAIN IN FULL FORCE AND EFFECT. 
 8. Arbitration. 
 Because of the delay, expense and publicity which results from the use of the State
and Federal court systems, Employer and Employee agree to submit to final and binding arbitration any claims and disputes arising out of or related to this Agreement and Employee’s recruitment, employment, compensation, benefits, or termination
of employment, including but not limited to all claims and disputes arising under Hawaii and Federal wrongful termination and employment discrimination laws (e.g. Title VII, ADEA, ADA, FMLA, or other anti-discrimination laws) rather than to use such
court systems. In any such arbitration, the then existing American Arbitration Association rules for resolving employment disputes shall govern the arbitration, subject to the Federal Arbitration Act, if applicable, or if not applicable then the
Hawaii Arbitration Act, HRS Chapter 658 then in effect. 
  

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 9. Mutual Agreement 
 The parties each represent and acknowledge that they are entering into this Agreement to effect an amicable and positive separation of Employee’s employment with Employer and not as an admission that either party
has violated any law, or other legal obligations such as those described in paragraph 6 above. This Agreement represents an amicable compromise and settlement of all of Employee’s rights, claims and benefits. 
 10. Entire Agreement 
 Employee
represents and acknowledges that in executing this Agreement he does not rely, and has not relied, upon any representation or statement by Employer not set forth in this Agreement regarding this agreement or employee’s recruitment for,
employment with, or separation from employment with Employer. 
 This Employment Separation Agreement sets forth the entire agreement between
Employer and employee with regard to the conditions of Employee’s separation and retirement from employment with Employer. Employee understands that this Agreement supersedes any and all prior agreements or understandings between the parties
regarding Employee’s recruitment for, employment with and separation or retirement from employment with employer. This Agreement shall be binding upon and inure to the benefit of the parties, their successors and assigns. 
 Employee agrees to keep employer informed of his address to ensure Employee’s receipt of all mailings, such as W-2s, etc. 
  

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 PLEASE READ CAREFULLY. THIS EMPLOYMENT SEPARATION AGREEMENT INCLUDES A RELEASE OF ALL CLAIMS.

  

									
	 EMPLOYEE
	 		 	EMPLOYER
				
		 		 		 	HAWAIIAN ELECTRIC INDUSTRIES, INC.
					
		 	 /s/ Robert F. Mougeot
	 		 	By:	 	 /s/ Robert F. Clarke

		 	ROBERT F. MOUGEOT	 		 		 	ROBERT F. CLARKE
		 		 		 		 	Its Chief Executive Officer
					
	 Date:
	 	November 17, 2002	 		 	Date:	 	November 17, 2002

  

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