Document:

Addendum A of Severance Pay Plan

 HEI Exhibit 10.17(a) 
 ADDENDUM A 
 SEVERANCE PAY PLAN FOR MERIT EMPLOYEES 
 OF HAWAIIAN ELECTRIC INDUSTRIES, INC. 
 1. Introduction. Certain executives of Hawaiian Electric Industries, Inc. and its affiliates (collectively, the “Company”) were offered participation in the Severance Pay Plan for Merit Employees of Hawaiian Electric
Industries, Inc. (“Plan”) on certain special conditions. The subject executives (hereafter, “Applicable Executives”) accepted participation in the Plan on the terms offered. This Addendum A to the Plan sets forth the terms of the
Applicable Executives’ participation in the Plan. 
 2. Benefits. Notwithstanding anything in the Plan to the contrary, an
Applicable Executive shall be entitled to the following benefits under the Plan, and to no other benefits, through the third anniversary of the Applicable Executive’s date of employment: 
 (a) The amount of Applicable Executive’s Severance Pay shall be: 
  

	 	•	 	 For Qualifying Terminations occurring on or before the first anniversary of the Applicable Executive’s date of employment, the sum of 18 months or 150% of
(i) the annual base salary and (ii) any target annual bonus amount, 

  

	 	•	 	 For Qualifying Terminations occurring after the first anniversary and on or before the second anniversary of the Applicable Executive’s date of employment, the
sum of 12 months or 100% of (i) the annual base salary and (ii) any target annual bonus amount, and 

  

	 	•	 	 For Qualifying Terminations occurring after the second anniversary and on or before the third anniversary of the Applicable Executive’s date of employment, the
sum of 6 months or 50% of (i) the annual base salary and (ii) any target annual bonus amount. 

 (b) The
limitations on the amount of Severance Pay under the Plan shall not apply to limit the amount of Severance Pay paid to an Applicable Executive under Section 2(a) of this Addendum, provided that, if Section 409A of the Internal Revenue Code
should be determined to apply to this Addendum, then only the amount of the Severance Pay, if any, in excess of the limitation stated under Section 4.5 of the Plan shall be subject to Section 409A of the Code. 
 (c) All Severance Pay provided under Section 2(a) of this Addendum shall be paid in a single
sum as soon as administratively feasible but in no event shall a payment be made later than March 15th of the calendar year following the
calendar in which the Applicable Executive’s Qualifying Termination occurs. The intent of this Section 2(c) is that all Severance Pay benefits provided under Section 2(a) of this Addendum shall be paid in a manner meeting the
requirements of “short-term” deferrals for purposes of Section 409A of the Code. 
 (d) Eligibility for Severance Pay under
Section 2(a) of this Addendum shall be subject to the otherwise applicable terms and conditions of Plan, including the requirement for a release of claims, provided, however, that, notwithstanding anything in the Plan to the contrary, 

 
such release shall be executed not more than 60 days following a Qualifying Termination of employment.
 (e) After an Applicable Executive’s third anniversary of employment, this Addendum A shall cease to apply to the Applicable Executive, and the
Executive shall be eligible for benefits under the terms of any severance pay plan of the Company then applicable, including the Plan, in accordance with the terms and conditions of such plan. 
 3. Applicable Executives. As of the date of execution of this Addendum A, the Applicable Executives are Richard M. Rosenblum, President and Chief
Executive Officer of Hawaiian Electric Company, Inc. and James A. Ajello, Senior Financial Vice President, Treasurer, and Chief Financial Officer of Hawaiian Electric Industries, Inc. 
 4. Effective Date. With respect to an Applicable Executive, this Addendum A is effective as of the Applicable Executive’s date of employment.

 5. Supersession; Continuing Effect. This Addendum A shall supersede the provisions of the Plan to the extent that those provisions
are inconsistent with this Addendum A. Except as modified by this Addendum A, all the terms and provisions of the Plan remain in full force and effect. 
 6. Amendment. This Addendum A shall not be amended or otherwise modified with respect to an Applicable Executive, except in a writing signed by the Applicable Executive and one or more duly authorized
representatives of the Company. This Addendum A is a part of the Plan. 
 IN WITNESS WHEREOF, this Addendum A has been executed by Hawaiian
Electric Industries, Inc., Richard M. Rosenblum, and James A. Ajello, this 19th day of February, 2009, to be effective in accordance with its terms. 
  

									
		 		 	HAWAIIAN ELECTRIC INDUSTRIES, INC.
				
	/s/ Richard M. Rosenblum	 		 	By	 	/s/ Constance H. Lau
	RICHARD M. ROSENBLUM	 		 		 	Its President & CEO
				
	/s/ James A. Ajello	 		 	By	 	/s/ Chet A. Richardson
	JAMES A. AJELLO	 		 		 	Its SVP

  

 2American Savings Bank Supplemental

 HEI Exhibit 10.19(a) 
 AMERICAN SAVINGS BANK SUPPLEMENTAL EXECUTIVE 
 RETIREMENT, DISABILITY, AND DEATH BENEFIT PLAN 

 Addendum for Timothy K. Schools 
 WHEREAS, Timothy K. Schools is the President of American Savings Bank, F.S.B. (the “Bank”) and a participant in the American Savings Bank Supplemental Executive Retirement, Disability, and Death Benefit Plan
(the “SERP”), a non-tax-qualified deferred compensation plan that is subject to the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, (the “Code”); 
 WHEREAS, the Bank has amended and restated the SERP to comply with final regulations under Section 409A of the Code, which are effective
January 1, 2009, and has frozen benefit accruals under the SERP effective December 31, 2008; 
 WHEREAS, in connection with the
restatement of the SERP to comply with Section 409A of the Code, the Bank has provided special transition elections to current participants with respect to benefits payable after 2008, and in connection with the freeze of benefit accruals under
the SERP, the Bank has amended the SERP to provide for the cash out of the SERP benefits of certain participants in January 2009 in lieu of transition elections; 
 WHEREAS, Mr. Schools is not in the category of participants whose SERP benefits would be cashed out in January 2009 under the amendments to the SERP freezing benefit accruals, but the Bank wishes to cash out
Mr. Schools’ SERP benefit in January 2009; 
 NOW, THEREFORE, the Bank and Mr. Schools agree as follows: 
 1. Mr. Schools shall not be given a transition election in 2008 as to the time and form of his SERP benefit payable after 2008. Rather, the present
value of Mr. Schools’ accrued benefit in the SERP, determined as of the month of payment, shall be paid to Mr. Schools in a lump sum in the first quarter of 2009. 
 2. Except as provided in this Addendum, all provisions of the SERP, as amended, shall apply to Mr. Schools’ SERP benefit. 
 American Savings Bank, F.S.B. and Mr. Schools have executed this Addendum to the American Savings Bank Supplemental Executive Retirement,
Disability, and Death Benefit Plan this 11th day of December, 2008. 
  

									
		 		 	AMERICAN SAVINGS BANK, F.S.B.
				
	/s/ Timothy K. Schools	 		 	By	 	/s/ K. Elizabeth Whitehead
	Timothy K. Schools	 		 		 	 Its Executive Vice President, Chief
 Administrative
Officer and General CounselAmendments to the American Savings Bank Supplemental

 HEI Exhibit 10.19(b) 
 AMENDMENTS TO THE AMERICAN SAVINGS BANK SUPPLEMENTAL 
 EXECUTIVE RETIREMENT, DISABILITY, AND DEATH
BENEFIT PLAN 
 FREEZING BENEFIT ACCRUALS EFFECTIVE DECEMBER 31, 2008 
 The following amendments are made to the American Savings Bank Supplemental Executive Retirement, Disability, and Death Benefit Plan (the
“Plan”), which was restated effective January 1, 2009, to comply with final regulations under Section 409A of the Internal Revenue Code of 1986, as amended. For purposes of the freeze of benefit accruals, the provisions of the
restated Plan, as amended by this document, shall be effective December 31, 2008. 
  

	 	1.	The following paragraph is added to the end of the Prologue to the Plan: 

 The Plan is frozen effective December 31, 2008. After that date, there will be no new Participants in the Plan, and no further benefits will accrue to any Participant. 
  

	 	2.	Effective January 1, 2009, the definition of “Final Pay” in Section 1.12 is deleted. 

  

	 	3.	Section 1.19 is amended and restated in its entirety to read as follows: 

 1.19 Primary Social Security Benefit means the monthly amount of primary old age insurance benefits available to a Participant at the Participant’s Normal Retirement Date or Postponed Retirement Date, as
applicable, under the provisions of Title II of the Social Security Act as in effect for the year during which the Participant Separates from Service, without regard to any increases in the wage base or benefit levels or any other change in law that
takes effect thereafter and, if the Participant Separates from Service prior to reaching his or her Normal Retirement Date, assuming the Participant’s salary would have remained constant to his or her Normal Retirement Date. Solely for purposes
of determining a Participant’s Primary Social Security Benefit, each active Participant whose benefit is frozen December 31, 2008, shall be treated as having Separated from Service December 31, 2008. 
  

	 	4.	Section 1.24 is amended and restated in its entirety to read as follows: 

 1.24 Year of Service means each 12-month period beginning with the date the Participant commences employment with a Participating Employer or Associated Company and ending on the date the Participant Separates
from Service with all the Participating Employers and Associated Companies. If a non-vested Participant Separates from Service and is subsequently reemployed by a Participating Employer, the Committee may determine in its discretion whether to
readmit the former 

 
Participant as a Participant and, if so, whether to credit the Participant’s Years of Service prior to the break in service in determining vesting
credit and benefit accrual under the Plan. If a vested Participant Separates from Service and is subsequently reemployed by a Participant Employer and readmitted as a Participant by the Committee, the Participant’s Years of Service before and
after the break in service shall be aggregated for all purposes under the Plan. As part of the freeze of benefit accruals, after December 31, 2008, no Years of Service shall be credited for purposes of benefit accrual or vesting; however,
Participants will continue to receive credit for Years of Service for purposes of determining eligibility for early retirement benefits. 
  

	 	5.	Section 4.1(b)(1) is amended and restated in its entirety to read as follows: 

 (1) the vested benefit accrued under the Retirement Plan (or under any other tax-qualified defined benefit pension plan sponsored by an Associated Company) as of December 31, 2008, computed in the form of
a single life annuity payable at the Participant’s Normal Retirement Date; 
  

	 	6.	The following is added at the end of Section 4.1(c): 

 Notwithstanding the foregoing, the “aggregate vested account balance” in the HEIRS Plan for any active Participant whose benefit is frozen December 31, 2008, shall be determined as of December 31, 2008, but taking into
account any AmeriMatch and AmeriShare contributions and any other discretionary employer contributions made with respect to the 2008 Plan Year. 
  

	 	7.	The following is added at the end of Section 4.3: 

 All Participants who are actively employed by a Participating Employer on December 31, 2008, shall be fully vested in their retirement benefits accrued as of such date. 
  

	 	8.	A new paragraph is added at the end of Section 4.7 to read as follows: 

 Notwithstanding the preceding paragraph, if the present value of the accrued benefit of a Participant determined as of December 31, 2008, is less than the limit on elective deferrals under Section 402(g) of
the Code for 2008 ($15,500), such Participant shall not be given a transition election. Rather, the present value of such Participant’s accrued benefit, determined as of the month of payment, shall be paid to the Participant in a lump sum in
the first quarter of 2009. 
  

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	 	9.	Section 4.8(a) is amended and restated in its entirety to read as follows: 

 (a) Active Participant Death Benefit. Subject to Section 4.10, if a married Participant dies while employed by a Participating Employer or an Associated Company, the Participant’s Spouse shall be
entitled to receive a monthly death benefit commencing as soon as practicable (but in any event within ninety (90) days) after the Participant’s death for a ten-year period or until the death of the Participant’s Spouse, if earlier,
that is equal to the Actuarial Equivalent of the frozen monthly normal retirement benefit the Participant would have been entitled to receive as of the Participant’s Normal Retirement Date based on the formula in Section 4.1, as adjusted
for payment prior to Normal Retirement Date in the form of a payment for the lesser of ten (10) years or the life of the Participant’s Spouse. 
 The Active Participant Death Benefit is not available to any Participant whose benefit is cashed out (or deemed to be cashed out) in connection with the freeze of benefit accruals effective December 31, 2008.

  

	 	10.	The text of Section 4.9, Disability Benefits, is amended and restated in its entirety to read as follows: 

 The Disability benefit is terminated effective December 31, 2008. No Disability benefit shall be payable to any Participant who becomes Disabled
after December 31, 2008. 
 TO RECORD the adoption of these amendments, American Savings Bank, F.S.B., has executed this document
December 11, 2008. 
  

			
	AMERICAN SAVINGS BANK, F.S.B.
		
	By	 	/s/ K. Elizabeth Whitehead
		 	 Its Executive Vice President, Chief
 Administrative
Officer and General Counsel

  

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