| When: | | | |
Meeting Agenda:
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Tuesday, April 26, 2022
8:00 a.m., HST
Where:
The 2022 Annual Meeting will be held in a virtual format via live audio webcast.
Shareholders may attend virtually and participate in the Annual Meeting, and vote their shares electronically, by visiting www.meetnow.global/M7HLMQS. To participate in the Annual Meeting, a record shareholder will need to enter the 15-digit control number found on the proxy card.
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| | |
1.
Elect seven directors to serve until the next Annual Meeting of Shareholders and until their successors are duly elected and qualified;
2.
Conduct an advisory vote on executive compensation;
3.
Approve the Alexander & Baldwin, Inc. 2022 Omnibus Incentive Plan;
4.
Ratify the appointment of the independent registered public accounting firm for the ensuing year; and
5.
Transact such other business as properly may be brought before the meeting or any adjournment or postponement thereof.
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PAGE i
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When:
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| | Tuesday, April 26, 2022, 8:00 a.m. HST | | |
| |
Where:
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| | The 2022 Annual Meeting will be virtual, conducted entirely via live audio webcast | | |
| |
Record Date:
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| | February 17, 2022 | | |
| |
Voting:
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| | Shareholders as of the record date are entitled to vote | | |
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Attendance:
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| |
Record shareholders must have the control number printed on their proxy card in order to access the virtual meeting. Shareholders who hold their shares through an intermediary must register and provide a Legal Proxy. Further information is included in this Proxy Statement.
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Agenda Item
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Board Recommendation
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| | |
Page Reference
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| |
| | Election of seven directors | | | | FOR each director nominee | | | | | | |
| | Advisory vote on executive compensation | | | | FOR | | | | | | |
| | Approval of the A&B 2022 Omnibus Incentive Plan | | | | FOR | | | | | | |
| | | | | FOR | | | | | |
| |
Name
|
| | |
Director
Since |
| | |
Occupation
|
| | |
Committees
|
| |
| | Christopher J. Benjamin | | | |
2016
|
| | |
President & Chief Executive Officer, Alexander &
Baldwin, Inc. |
| | |
—
|
| |
| | Diana M. Laing | | | |
2019
|
| | | Retired CFO, American Homes 4 Rent | | | |
•
Audit
•
Compensation
|
| |
| | John T. Leong | | | |
2020
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| | |
Co-Founder & CEO of Kupu
Co-Founder & CEO of Pono Pacific Land
Management, LLC |
| | |
•
Audit
|
| |
| | Thomas A. Lewis, Jr. | | | |
2017
|
| | | Retired CEO, Realty Income Corporation | | | |
•
Compensation
|
| |
| | Douglas M. Pasquale | | | |
2012
|
| | |
Founder & CEO of Capstone Enterprises
Corporation |
| | |
•
Audit, Chair
•
Nominating & Corporate Governance
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| |
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE ii
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SUMMARY INFORMATION |
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Name
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| | |
Director
Since |
| | |
Occupation
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| | |
Committees
|
| |
| | Michele K. Saito | | | |
2012
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| | |
Chair, Hawaii Business Roundtable
Former President, DTRIC Insurance Company
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| | |
•
Compensation, Chair
•
Nominating & Corporate Governance
|
| |
| | Eric K. Yeaman | | | |
2012
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| | | Founder & Managing Partner, Hoku Capital LLC | | | |
•
Audit
•
Nominating & Corporate Governance, Chair
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE iii
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SUMMARY INFORMATION |
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE iv
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Page
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NOTICE OF 2022 ANNUAL MEETING OF SHAREHOLDERS | | | | |
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 1
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 2
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ANNUAL MEETING INFORMATION |
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 3
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ANNUAL MEETING INFORMATION |
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 4
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✓
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Commitment to strong corporate governance
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✓
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Focus on long-term value creation
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✓
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High ethical standards
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✓
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Diversity
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✓
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Operating segment expertise
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✓
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Knowledge of and involvement in Hawaii
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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Christopher J. Benjamin
Age: 58
Director Since: 2016 |
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Diana M. Laing
Age: 67
Director Since: 2019 |
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 6
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PROPOSAL NO. 1 |
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John T. Leong
Age: 44
Director Since: 2020 |
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Thomas A. Lewis, Jr.
Age: 69
Director Since: 2017 |
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Douglas M. Pasquale
Age: 67
Director Since: 2012 Lead Independent Director since 2018 |
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 7
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PROPOSAL NO. 1 |
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Michele K. Saito
Age: 62
Director Since: 2012 |
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Eric K. Yeaman
Age: 54
Director Since: 2012 Chairman of the Board since October 2020 |
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 8
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PROPOSAL NO. 1 |
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 9
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 10
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BOARD OF DIRECTORS INFORMATION |
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Strong Compensation Risk Management
•
Robust stock ownership guidelines
•
Multi-year vesting periods of equity awards
•
Capped incentive payments
•
Use of multiple performance metrics
•
Pay philosophy for all elements of pay targeted at the 50th percentile
•
Reasonable payout tied to company and individual performance (e.g., incentive awards funding of 50% at threshold, 100% at target, 200% at maximum, with linear interpolation between each goal)
•
50% of NEOs’ equity awards granted are performance-based, using relative total shareholder return (“TSR”) over three years as a performance metric
•
Review of goal-setting by the Compensation Committee to ensure that goals are appropriate
•
Mix of pay that is consistent with competitive practices for organizations similar in size and complexity
•
Insider trading and hedging prohibitions
•
A compensation clawback policy
•
Oversight by a Compensation Committee composed of independent directors
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 11
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BOARD OF DIRECTORS INFORMATION |
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|
Name
|
| | |
Audit
Committee |
| | |
Compensation
Committee |
| | |
Nominating and Corporate
Governance Committee |
|
| Christopher J. Benjamin | | | | | | | | | | | | | |
| Diana M. Laing | | | |
Member
|
| | |
Member
|
| | | | |
| John T. Leong | | | |
Member
|
| | | | | | | | |
| Thomas A. Lewis, Jr. | | | | | | | |
Member
|
| | | | |
| Douglas M. Pasquale | | | |
Chair
|
| | | | | | |
Member
|
|
| Michele K. Saito | | | | | | | |
Chair
|
| | |
Member
|
|
| Eric K. Yeaman | | | |
Member
|
| | | | | | |
Chair
|
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 12
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BOARD OF DIRECTORS INFORMATION |
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 13
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BOARD OF DIRECTORS INFORMATION |
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| |
Select Corporate Governance Guideline Topics
•
Goals and responsibilities of the Board
•
Selection of directors, including the Chairman of the Board
•
Board membership criteria, director retirement age and limits on board seats
•
Stock ownership guidelines
•
Director independence, and executive sessions of non-management directors
•
Board self-evaluation
•
Board compensation
•
Board access to management and outside advisors
•
Board orientation and continuing education
•
Leadership development, including annual evaluations of the CEO and management succession plans
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| |
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Integrity
|
| |
Be guided in all actions by strong moral principles, in keeping with A&B’s legacy of honesty and fairness.
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Respect
|
| |
Value and respect the unique qualities, perspectives and contributions of each employee and seek to understand the priorities of community members.
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Adaptability
|
| | Embrace innovation and seek better approaches. | |
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Collaboration
|
| |
Share information and ideas and work together to find the best solutions.
|
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Decisiveness
|
| |
Make clear and timely decisions and communicate them widely.
|
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Accountability
|
| |
Hold ourselves accountable for delivering results and recognizing achievement.
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 14
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BOARD OF DIRECTORS INFORMATION |
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 15
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|
BOARD OF DIRECTORS INFORMATION |
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Name
|
| |
Fees
Earned or Paid in Cash ($) |
| |
Stock
Awards ($)(1) |
| |
Option
Awards ($)(2) |
| |
Non-Equity
Incentive Plan Compen- sation ($) |
| |
Change in
Pension Value and Nonqualified Deferred Compen- sation Earnings ($) |
| |
All Other
Compen- sation ($) |
| |
Total
($) |
| |||||||||||||||||||||
|
(a)
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| |
(b)
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| |
(c)
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| |
(d)
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| |
(e)
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| |
(f) )
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| |
(g)
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| |
(h)
|
| |||||||||||||||||||||
| Diana M. Laing | | | | | 72,500 | | | | | | 90,009 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | 0 | | | | | | 162,509 | | |
| John T. Leong | | | | | 65,000 | | | | | | 90,009 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | 2,000(3) | | | | | | 157,009 | | |
| Thomas A. Lewis, Jr. | | | | | 63,500 | | | | | | 90,009 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | 0 | | | | | | 153,509 | | |
| Douglas M. Pasquale(4) | | | | | 110,750 | | | | | | 90,009 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | 0 | | | | | | 200,759 | | |
| Michele K. Saito | | | | | 80,250 | | | | | | 90,009 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | 0 | | | | | | 170,259 | | |
| Eric K. Yeaman(5) | | | | | 108,250 | | | | | | 135,013 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | 0 | | | | | | 243,263 | | |
|
Pay Element
|
| | | | |
2021 Amount
|
| |
Amount Effective 1/1/22
|
| |||
|
Annual Board Cash
Retainer |
| | | | | | $ | 56,000 | | | |
$56,000 (no change)
|
|
|
Chairman of the Board
Annual Cash Retainer |
| | | | | | $ | 85,000 | | | |
$100,000
|
|
|
Lead Director Annual Cash
Retainer |
| | | | | | $ | 81,000 | | | |
$81,000 (no change)
|
|
|
Committee Member Cash Retainers (in addition to Board Cash Retainer)
|
| |
•
Audit
•
Compensation
•
Nominating and Corporate Governance
|
| | | $ $ $ |
9,000 7,500 6,000 |
| | |
$10,000
$7,500 (no change)
$7,500
|
|
|
Committee Chair Cash
Retainers (in addition to Committee Member Cash Retainer) |
| |
•
Audit
•
Compensation
•
Nominating and Corporate Governance
|
| | | $ $ $ |
14,000 10,000 7,500 |
| | |
$14,000 (no change)
$10,000 (no change)
$7,500 (no change)
|
|
| Annual Equity Award | | | | | | | $ | 90,000 | | | |
$100,000
|
|
|
Chairman of the Board
Equity Award |
| | | | | | $ | 135,000 | | | |
$160,000
|
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 16
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BOARD OF DIRECTORS INFORMATION |
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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| | | |
PAGE 17
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Name and Address of
Beneficial Owner |
| |
Amount of
Beneficial Ownership |
| |
Percent of
Class |
| ||||||
|
BlackRock, Inc.
55 East 52nd Street New York, NY 10055 |
| | | | 13,840,679(a) | | | | | | 19.0% | | |
|
The Vanguard Group
100 Vanguard Blvd. Malvern, PA 19355 |
| | | | 11,452,066(b) | | | | | | 15.8% | | |
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 18
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| | | |
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|
|
|
Name or Number in Group
|
| |
Number of
Shares Beneficially Owned (a)(b)(c)(d) |
| |
Percent of Class
|
| ||||||
| Diana M. Laing | | | | | 10,843 | | | | | | — | | |
| John T. Leong | | | | | 4,530 | | | | | | — | | |
| Thomas A. Lewis, Jr. | | | | | 13,748 | | | | | | — | | |
| Douglas M. Pasquale | | | | | 86,068 | | | | | | 0.1 | | |
| Michele K. Saito | | | | | 36,467 | | | | | | 0.1 | | |
| Eric K. Yeaman | | | | | 38,732 | | | | | | 0.1 | | |
| Christopher J. Benjamin | | | | | 278,444 | | | | | | 0.4 | | |
| Brett A. Brown | | | | | 26,342 | | | | | | — | | |
| Lance K. Parker | | | | | 41,231 | | | | | | 0.1 | | |
| Nelson N. S. Chun | | | | | 146,939 | | | | | | 0.2 | | |
| Meredith J. Ching | | | | | 124,554 | | | | | | 0.2 | | |
| 15 Directors and Executive Officers as a Group | | | | | 832,073 | | | | | | 1.1 | | |
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 19
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 20
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 21
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EXECUTIVE COMPENSATION |
|
| |
Promote Good Pay Practices
•
Direct components of pay are generally targeted at the 50th percentile of market pay data
•
TDC consisting heavily of performance-based compensation
•
Multiple relevant performance metrics to determine incentive payments
•
Multi-year performance periods on performance-based equity awards
•
Multi-year vesting periods on equity awards
•
Robust stock ownership guidelines for senior executives
•
Review of realizable pay of NEOs
•
Reasonable internal pay ratios
•
Reasonable severance or change-in control provisions
•
Double trigger change-in-control severance that requires both a change-in-control and termination of employment without cause before any payments are made
•
“Clawback” policies established for executives
•
NEOs generally participate in the same health and welfare benefit plans as other salaried employees
•
Conduct shareholder outreach to solicit input and gain investor perspectives on our compensation programs
•
Anti-hedging policies established
•
No repricing or replacing of underwater stock options without prior shareholder approval
•
Pay risk assessments
|
| |
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 22
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|
EXECUTIVE COMPENSATION |
|
|
Element of Pay
|
| | |
Composition
|
| | |
Metrics
|
| | |
Rationale
|
|
| Base Salary | | | |
Cash
|
| | |
—
|
| | |
•
Provides a fixed rate of pay based upon an executive’s responsibilities
|
|
|
Annual Cash
Incentives |
| | |
Cash
|
| | |
70-75%
A&B Performance Grid Metrics
10-15%
Grace Pacific Performance Grid Metrics
10-20%
Individual Goals |
| | |
•
Rewards the achievement of annual Company, business unit and individual performance
•
Reinforces pay-for-performance principles
•
Rewards both immediately measurable accomplishments and actions that create longer-term value
|
|
|
One-time Simplification Incentive
|
| | |
Cash
|
| | |
75-100% of Participant’s Annual Cash Incentives Target
|
| | |
•
Rewards the execution of the Company’s simplification strategy with respect to monetization of specific asset groups over a one-to-two-year period
|
|
|
Long-Term Incentives
|
| | |
50% PSUs
50% RSUs
|
| | |
Relative 3-year TSR (FTSE Nareit All-Equity REITs Index & Selected Peer Group)
3-year vesting period
|
| | |
•
Aligns the executives’ long-term interests with those of A&B’s shareholders, motivates long-term performance
•
Aids in attracting and retaining employees
•
Reinforces pay-for-performance principles
|
|
|
Health and
Welfare Benefits |
| | | | | | |
—
|
| | |
•
Aids in attracting and retaining employees
|
|
| Retirement Benefits | | | | | | | |
—
|
| | |
•
Assists employees with retirement income savings and attracts and retains employees
|
|
| Severance Benefits | | | | | | | |
—
|
| | |
•
Retains talent during transitions due to a Change in Control or other covered events
|
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|
ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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|
| |
•
Company and individual performance
•
Say-on-Pay vote results
•
Competitive market data
•
Economic environment
•
Job responsibilities and experience
•
Positioning within the executive’s salary range
•
Positioning in relation to the pay philosophy
•
Investor feedback
|
| |
•
Projected market salary increases
•
Value of the total pay package
•
Alignment to pay-for-performance principles
•
Reasonableness and balance of pay risk
•
Internal pay equity
•
NEO’s current and expected future contributions
•
Size of recent awards
|
| |
|
ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
|
|
|
NEO
|
| |
Base Salary
as of 12/31/20 |
| |
% Change
|
| |
Base Salary
as of 12/31/21 |
| ||||||
| Mr. Benjamin | | | | $ | 690,000 | | | |
3%
|
| | | $ | 710,700 | | |
| Mr. Brown | | | | $ | 400,000 | | | |
5%
|
| | | $ | 420,000 | | |
| Mr. Parker* | | | | $ | 397,838 | | | |
10.6%
|
| | | $ | 440,000 | | |
| Mr. Chun | | | | $ | 362,805 | | | |
3%
|
| | | $ | 373,689 | | |
| Ms. Ching | | | | $ | 305,933 | | | |
4.6%
|
| | | $ | 320,000 | | |
|
ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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|
A&B Performance Metrics ($ in millions)
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| |
Actual
|
| |
0-3 Rating
|
| |||||||||||||||
| Same-Store NOI Growth(1) | | | | | 0.8% | | | | | | 4.2% | | | | | | 9.7% | | | | | | 17.3% | | | | | | 3 | | |
| Core FFO(1) | | | | $ | 48.0 | | | | | $ | 53.9 | | | | | $ | 62.0 | | | | | $ | 69.4 | | | | | | 3 | | |
| Adjusted Net Debt to Adjusted EBITDA(1) | | | | | 6.7x | | | | | | 6.2x | | | | | | 5.7x | | | | | | 5.2x | | | | | | 3 | | |
| Non-Grace Pacific G&A Expenses(1) | | | | $ | 40.1 | | | | | $ | 37.1 | | | | | $ | 34.1 | | | | | $ | 36.7 | | | | | | 2.1 | | |
|
Grace Pacific Performance Metrics ($ in millions)
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| |
Actual
|
| |
0-3 Rating
|
| |||||||||||||||
| Grace Pacific Adjusted EBITDA(1) | | | | $ | 5.0 | | | | | $ | 9.9 | | | | | $ | 14.9 | | | | | -$ | 0.3 | | | | | | 0 | | |
| Recordable Backlog (EOY)(2) | | | | $ | 120 | | | | | $ | 145 | | | | | $ | 170 | | | | | $ | 175.3 | | | | | | 3 | | |
| Net Cash Flow to/(from) A&B(3) | | | | -$ | 7.0 | | | | | -$ | 3.5 | | | | | $ | 0 | | | | | -$ | 6.0 | | | | | | 1.3 | | |
|
ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
|
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NEO
|
| |
Individual Goals
|
|
Mr. Benjamin | | |
•
Support the continued turnaround of Grace Pacific and position the business for sale.
•
Monetize Kukui’ula and the McBryde land assets.
•
Develop and begin implementation of a comprehensive post-COVID, post-simplification organization.
|
|
Mr. Brown | | |
•
Identify and create a strategic, tax-efficient, disposition model for all major asset sales and create a debt repayment strategy with sale proceeds.
•
Renegotiate and upsize A&B’s unsecured credit facilities and position A&B to utilize available financial tools.
•
Finalize future state cost and organization structure.
•
Ensure clear investor messaging regarding A&B’s strategic transformation and improved metrics.
|
|
Mr. Parker | | |
•
Establish long-term, post-simplification CRE growth strategy for portfolio.
•
Direct the overall land management and monetization efforts for Maui.
•
Implement a professional advancement plan as part of the Company’s succession planning process.
|
|
Mr. Chun | | |
•
Resolve various real estate and environmental matters to position Grace Pacific for sale.
•
Resolve various environmental matters affecting Maui and Kauai non-core lands.
•
Complete review and revisions of Company policies and restructure insurance coverage.
•
Develop succession plan for legal operations.
|
|
Ms. Ching | | |
•
Direct the overall management of water matters relating to the Company’s land stewardship.
•
Support the continued turnaround of Grace Pacific and position the business for sale.
•
Provide government relations leadership and support for land sales/monetization efforts and REIT-related strategic matters.
•
Develop and begin implementation of post-simplification organization design for External Affairs, including a strategic communications plan.
|
|
|
ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
|
|
| | | |
PAGE 27
|
|
|
EXECUTIVE COMPENSATION |
|
| | | |
Target PIIP Award
|
| |
Actual as a % of
|
| |
Actual PIIP Award
|
| |||||||||||||||||||||
|
NEO
|
| |
% of Base Salary
|
| |
$
|
| |
Target
|
| |
% of Base Salary
|
| |
$
|
| |||||||||||||||
| Mr. Benjamin | | | | | 110% | | | | | $ | 781,770 | | | | | | 161% | | | | | | 177% | | | | | $ | 1,254,705 | | |
| Mr. Brown | | | | | 80% | | | | | $ | 336,000 | | | | | | 159% | | | | | | 127% | | | | | $ | 534,368 | | |
| Mr. Parker | | | | | 80% | | | | | $ | 336,000* | | | | | | 156% | | | | | | 124% | | | | | $ | 522,608 | | |
| Mr. Chun | | | | | 55% | | | | | $ | 205,529 | | | | | | 154% | | | | | | 84% | | | | | $ | 315,566 | | |
| Ms. Ching | | | | | 55% | | | | | $ | 176,000 | | | | | | 166% | | | | | | 91% | | | | | $ | 291,347 | | |
| | | |
Award Potential as % of PIIP Target
|
| |
Award Potential
in Dollars |
| |
2021 Award
|
| |||||||||||||||||||||||||||
|
Individual
|
| |
Kukui’ula Sale
|
| |
M&C Sale
|
| |
Ag/Energy Assets
|
| |
Total
|
| ||||||||||||||||||||||||
| Chris Benjamin | | | | | 30% | | | | | | 40% | | | | | | 30% | | | | | | 100% | | | | | $ | 781,770 | | | | | $ | 234,531 | | |
| Brett Brown | | | | | 30% | | | | | | 40% | | | | | | 30% | | | | | | 100% | | | | | $ | 336,000 | | | | | $ | 100,800 | | |
| Lance Parker | | | | | 50% | | | | | | 20% | | | | | | 30% | | | | | | 100% | | | | | $ | 336,000 | | | | | $ | 168,000 | | |
| Nelson Chun | | | | | 25% | | | | | | 25% | | | | | | 25% | | | | | | 75% | | | | | $ | 154,147 | | | | | $ | 51,382 | | |
| Meredith Ching | | | | | 25% | | | | | | 25% | | | | | | 25% | | | | | | 75% | | | | | $ | 132,000 | | | | | $ | 44,000 | | |
|
ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
|
|
|
PAGE 28
|
| | | |
|
EXECUTIVE COMPENSATION |
|
| | | |
Target 2021
|
| |
LTI Vehicle Mix
|
| ||||||||||||
|
NEO
|
| |
LTI Value
|
| |
PSUs
|
| |
RSUs
|
| |||||||||
| Mr. Benjamin | | | | $ | 1,700,000 | | | | | | 50% | | | | | | 50% | | |
| Mr. Brown | | | | $ | 700,000 | | | | | | 50% | | | | | | 50% | | |
| Mr. Parker | | | | $ | 700,000 | | | | | | 50% | | | | | | 50% | | |
| Mr. Chun | | | | $ | 250,000 | | | | | | 50% | | | | | | 50% | | |
| Ms. Ching | | | | $ | 250,000 | | | | | | 50% | | | | | | 50% | | |
| | | |
Performance
|
| |
Earnout*
|
|
| Threshold | | |
35th Percentile
|
| |
35% of Target
|
|
| Target | | |
55th Percentile
|
| |
100% of Target
|
|
| Maximum | | |
75th Percentile
|
| |
200% of Target
|
|
|
ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
|
|
|
NEO
|
| |
Base Salary as of
12/31/21 |
| |
Target PIIP
Award |
| |
2021 LTI
Grant |
| |
Target Total Direct
Compensation |
| ||||||||||||
| Mr. Benjamin | | | | $ | 710,700 | | | | | $ | 781,770 | | | | | $ | 1,700,000 | | | | | $ | 3,192,470 | | |
| Mr. Brown | | | | $ | 420,000 | | | | | $ | 336,000 | | | | | $ | 700,000 | | | | | $ | 1,456,000 | | |
| Mr. Parker** | | | | $ | 440,000 | | | | | $ | 336,000 | | | | | $ | 700,000 | | | | | $ | 1,476,000 | | |
| Mr. Chun | | | | $ | 373,689 | | | | | $ | 205,529 | | | | | $ | 250,000 | | | | | $ | 829,218 | | |
| Ms. Ching | | | | $ | 320,000 | | | | | $ | 176,000 | | | | | $ | 250,000 | | | | | $ | 746,000 | | |
|
ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
|
|
|
PAGE 30
|
| | | |
|
EXECUTIVE COMPENSATION |
|
|
ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
|
|
| | | |
PAGE 31
|
|
|
EXECUTIVE COMPENSATION |
|
|
Position
|
| |
Salary Multiple
|
| |||
| CEO | | | | | 5X | | |
| Other NEOs | | | | | 3X | | |
|
ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
|
|
|
PAGE 32
|
| | | |
|
EXECUTIVE COMPENSATION |
|
|
ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
|
|
| | | |
PAGE 33
|
|
|
EXECUTIVE COMPENSATION |
|
| |
Name and
Principal Position (a) |
| |
Year
(b) |
| | |
Salary
($) (c) |
| | |
Bonus
($)(1) (d) |
| | |
Stock
Awards ($)(2) (e) |
| | |
Option
Awards ($) (f) |
| | |
Non-Equity
Incentive Plan Compensation ($)(3) (g) |
| | |
Change in
Pension Value and Nonqualified Deferred Compensation Earnings ($)(4) (h) |
| | |
All Other
Compensation ($)(5) (i) |
| | |
Total
($) (j) |
| |||||||||||||||||||||||||||
| |
Christopher J. Benjamin
President and Chief Executive Officer |
| | |
|
2021
|
| | | | | | 711,523 | | | | | | | 351,797 | | | | | | | 1,834,728 | | | | | | | N/A | | | | | | | 1,137,439 | | | | | | | 0(6) | | | | | | | 101,066 | | | | | | | 4,136,553 | | |
| |
|
2020
|
| | | | | | 690,000 | | | | | | | 386,400 | | | | | | | 1,946,094 | | | | | | | N/A | | | | | | | 69,000 | | | | | | | 300,551 | | | | | | | 78,710 | | | | | | | 3,470,755 | | | ||||
| |
|
2019
|
| | | | | | 685,000 | | | | | | | 170,116 | | | | | | | 1,969,270 | | | | | | | N/A | | | | | | | 664,884 | | | | | | | 390,393 | | | | | | | 33,403 | | | | | | | 3,913,066 | | | ||||
| |
Brett A. Brown(7)
Executive Vice President and Chief Financial Officer |
| | |
|
2021
|
| | | | | | 420,955 | | | | | | | 186,480 | | | | | | | 755,459 | | | | | | | N/A | | | | | | | 448,688 | | | | | | | N/A | | | | | | | 62,860 | | | | | | | 1,874,442 | | |
| |
|
2020
|
| | | | | | 400,000 | | | | | | | 137,600 | | | | | | | 801,301 | | | | | | | N/A | | | | | | | 64,000 | | | | | | | 0 | | | | | | | 40,728 | | | | | | | 1,443,629 | | | ||||
| |
|
2019
|
| | | | | | 259,231 | | | | | | | 71,728 | | | | | | | 604,043 | | | | | | | N/A | | | | | | | 163,500 | | | | | | | N/A | | | | | | | 96,668(8) | | | | | | | 1,195,170 | | | ||||
| |
Lance K. Parker
Executive Vice President and Chief Operating Officer(9) |
| | |
|
2021
|
| | | | | | 423,748 | | | | | | | 241,920 | | | | | | | 755,459 | | | | | | | N/A | | | | | | | 448,688 | | | | | | | 10,558 | | | | | | | 63,166 | | | | | | | 1,943,539 | | |
| |
|
2020
|
| | | | | | 397,838 | | | | | | | 159,135 | | | | | | | 686,836 | | | | | | | N/A | | | | | | | 63,654 | | | | | | | 74,887 | | | | | | | 49,185 | | | | | | | 1,431,535 | | | ||||
| |
|
2019
|
| | | | | | 394,941 | | | | | | | 59,048 | | | | | | | 729,337 | | | | | | | N/A | | | | | | | 404,363 | | | | | | | 87,508 | | | | | | | 22,815 | | | | | | | 1,698,012 | | | ||||
| |
Nelson N. S. Chun
Executive Vice President and Chief Legal Officer(11) |
| | |
|
2021
|
| | | | | | 376,716 | | | | | | | 92,488 | | | | | | | 269,809 | | | | | | | N/A | | | | | | | 274,460 | | | | | | | 0(10) | | | | | | | 50,657 | | | | | | | 1,064,130 | | |
| |
|
2020
|
| | | | | | 362,805 | | | | | | | 99,771 | | | | | | | 286,186 | | | | | | | N/A | | | | | | | 39,909 | | | | | | | 32,480 | | | | | | | 38,737 | | | | | | | 859,888 | | | ||||
| |
|
2019
|
| | | | | | 360,163 | | | | | | | 49,839 | | | | | | | 303,877 | | | | | | | N/A | | | | | | | 174,800 | | | | | | | 77,702 | | | | | | | 21,546 | | | | | | | 987,927 | | | ||||
| |
Meredith J. Ching
Executive Vice President, External Affairs |
| | |
|
2021
|
| | | | | | 318,944 | | | | | | | 100,320 | | | | | | | 269,809 | | | | | | | N/A | | | | | | | 235,027 | | | | | | | 0(12) | | | | | | | 42,958 | | | | | | | 967,058 | | |
| |
|
2020
|
| | | | | | 305,933 | | | | | | | 84,131 | | | | | | | 286,186 | | | | | | | N/A | | | | | | | 33,653 | | | | | | | 145,361 | | | | | | | 32,700 | | | | | | | 887,964 | | | ||||
| |
|
2019
|
| | | | | | 275,244 | | | | | | | 42,027 | | | | | | | 303,877 | | | | | | | N/A | | | | | | | 147,398 | | | | | | | 193,129 | | | | | | | 18,304 | | | | | | | 979,979 | | |
|
ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
|
|
|
PAGE 34
|
| | | |
|
EXECUTIVE COMPENSATION |
|
| | | | | | | | | |
Estimated Future
Payouts Under Non-Equity Incentive Plan Awards(1) |
| |
Estimated Future
Payouts Under Equity Incentive Plan Awards(2) |
| |
All
Other Stock Awards: Number of Shares of Stock or Units (#)(3) (i) |
| |
All Other
Option Awards: Number of Securities Underlying Options (#)(4) (j) |
| |
Exercise
or Base Price of Option Awards ($/Sh) (k) |
| |
Grant
Date Fair Value of Stock and Option Awards ($)(5) (l) |
| ||||||||||||||||||||||||||||||||||||||||||
|
Name
(a) |
| |
Grant
Date (b) |
| |
Threshold
($) (c) |
| |
Target
($) (d) |
| |
Maximum
($) (e) |
| |
Threshold
(#) (f) |
| |
Target
(#) (g) |
| |
Maximum
(#) (h) |
| |||||||||||||||||||||||||||||||||||||||||||||
| Christopher J. Benjamin | | | | | 2/1/21 | | | | | | 351,797 | | | | | | 703,593 | | | | | | 1,407,186 | | | | | | 19,169 | | | | | | 54,768 | | | | | | 109,536 | | | | | | 54,768 | | | | | | N/A | | | | | | N/A | | | | | | 1,834,728 | | |
| Brett A. Brown | | | | | 2/1/21 | | | | | | 134,400 | | | | | | 268,800 | | | | | | 537,600 | | | | | | 7,893 | | | | | | 22,551 | | | | | | 45,102 | | | | | | 22,551 | | | | | | N/A | | | | | | N/A | | | | | | 755,459 | | |
| Lance K. Parker | | | | | 2/1/21 | | | | | | 134,400 | | | | | | 268,800 | | | | | | 537,600 | | | | | | 7,893 | | | | | | 22,551 | | | | | | 45,102 | | | | | | 22,551 | | | | | | N/A | | | | | | N/A | | | | | | 755,459 | | |
| Nelson N. S. Chun | | | | | 2/1/21 | | | | | | 82,212 | | | | | | 164,423 | | | | | | 328,846 | | | | | | 2,819 | | | | | | 8,054 | | | | | | 16,108 | | | | | | 8,054 | | | | | | N/A | | | | | | N/A | | | | | | 269,809 | | |
| Meredith J. Ching | | | | | 2/1/21 | | | | | | 70,400 | | | | | | 140,800 | | | | | | 281,600 | | | | | | 2,818 | | | | | | 8,054 | | | | | | 16,108 | | | | | | 8,054 | | | | | | N/A | | | | | | N/A | | | | | | 269,809 | | |
|
ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
|
|
| | | |
PAGE 35
|
|
|
EXECUTIVE COMPENSATION |
|
| | | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
|
Name
(a) |
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable (b) |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable (c) |
| |
Equity
Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) (d) |
| |
Option
Exercise Price ($) (e) |
| |
Option
Expiration Date (f) |
| |
Number
of Shares or Units of Stock that Have Not Vested (#) (g) |
| |
Market
Value of Shares or Units of Stock that Have Not Vested ($)(5) (h) |
| |
Equity In-
centive Plan Awards: Number of Unearned Shares, Units or Other Rights that Have Not Vested (#) (i) |
| |
Equity In-
centive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights that Have Not Vested ($)(5) (j) |
| |||||||||||||||||||||||||||
| Christopher J. Benjamin | | | | | 0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 92,595(1) | | | | | | 2,323,209 | | | | | | 129,365(6) | | | | | | 3,245,768 | | |
| Brett A. Brown | | | | | 0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 36,802(2) | | | | | | 923,362 | | | | | | 49,290(7) | | | | | | 1,236,686 | | |
| Lance K. Parker | | | | | 0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 36,109(3) | | | | | | 905,975 | | | | | | 49,501(8) | | | | | | 1,241,980 | | |
| Nelson N.S. Chun | | | | | 0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,703(4) | | | | | | 343,808 | | | | | | 19,283(9) | | | | | | 483,810 | | |
| Meredith J. Ching | | | | | 0 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,703(4) | | | | | | 343,808 | | | | | | 19,283(9) | | | | | | 483,810 | | |
|
ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
|
|
| | | |
OPTION AWARDS
|
| |
STOCK AWARDS
|
| ||||||||||||||||||
|
Name
(a) |
| |
Number of Shares
Acquired on Exercise (#) (b) |
| |
Value Realized
on Exercise ($) (c) |
| |
Number of Shares
Acquired on Vesting (#) (d)(4) |
| |
Value Realized
on Vesting ($) (e) |
| ||||||||||||
| Christopher J. Benjamin | | | | | 50,677 | | | | | | 261,000 | | | | | | 35,704 | | | | | | 552,410 | | |
| Brett A. Brown | | | | | 0 | | | | | | 0 | | | | | | 8,912 | | | | | | 152,010 | | |
| Lance K. Parker | | | | | 0 | | | | | | 0 | | | | | | 12,596 | | | | | | 195,015 | | |
| Nelson N. S. Chun | | | | | 23,389 | | | | | | 123,962 | | | | | | 5,399 | | | | | | 83,534 | | |
| Meredith J. Ching | | | | | 17,539 | | | | | | 161,359 | | | | | | 5,399 | | | | | | 83,534 | | |
|
Name
(a) |
| |
Plan Name
(b) |
| |
Number of
Years Credited Service(1) (#) (c) |
| |
Present
Value of Accumulated Benefit ($) (d) |
| |
Payments
During Last Fiscal Year ($) (e) |
| |||||||||
|
Christopher J. Benjamin
|
| |
A&B Retirement Plan for Salaried Employees
|
| | | | 18.4 | | | | | | 747,729 | | | | | | — | | |
| | | | A&B Excess Benefits Plan | | | | | 18.4 | | | | | | 1,770,880 | | | | | | — | | |
| Brett A. Brown | | |
A&B Retirement Plan for Salaried Employees
|
| | | | 0 | | | | | | — | | | | | | — | | |
| | | | A&B Excess Benefits Plan | | | | | 0 | | | | | | — | | | | | | — | | |
| Lance K. Parker | | |
A&B Retirement Plan for Salaried Employees
|
| | | | 15.3 | | | | | | 368,177 | | | | | | — | | |
| | | | A&B Excess Benefits Plan | | | | | 15.3 | | | | | | 83,851 | | | | | | — | | |
| Nelson N. S. Chun | | |
A&B Retirement Plan for Salaried Employees
|
| | | | 16.2 | | | | | | 557,821 | | | | | | — | | |
| | | | A&B Excess Benefits Plan | | | | | 16.2 | | | | | | 611,744 | | | | | | — | | |
| Meredith J. Ching | | |
A&B Retirement Plan for Salaried Employees
|
| | | | 37.6 | | | | | | 1,905,628 | | | | | | — | | |
| | | | A&B Excess Benefits Plan | | | | | 37.6 | | | | | | 632,644 | | | | | | — | | |
|
ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
|
|
| | | |
PAGE 37
|
|
|
EXECUTIVE COMPENSATION |
|
|
ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
|
|
|
PAGE 38
|
| | | |
|
EXECUTIVE COMPENSATION |
|
|
Name
(a) |
| |
Executive
Contributions in Last FY ($) (b) |
| |
Registrant
Contributions in Last FY ($)(1) (c) |
| |
Aggregate
Earnings/Loss in Last FY ($)(2) (d) |
| |
Aggregate
Withdrawals/ Distributions ($) (e) |
| |
Aggregate
Balance at Last FYE ($)(1) (f) |
| |||||||||||||||
| Christopher J. Benjamin | | | | | — | | | | | | 70,036 | | | | | | 12,920 | | | | | | — | | | | | | 220,328 | | |
| Brett A. Brown | | | | | — | | | | | | 31,830 | | | | | | 1,342 | | | | | | — | | | | | | 54,235 | | |
| Lance K. Parker | | | | | — | | | | | | 32,136 | | | | | | 4,790 | | | | | | — | | | | | | 79,115 | | |
| Nelson N. S. Chun | | | | | — | | | | | | 19,627 | | | | | | (218) | | | | | | — | | | | | | 60,115 | | |
| Meredith J. Ching | | | | | — | | | | | | 11,928 | | | | | | 667 | | | | | | — | | | | | | 25,774 | | |
|
ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
|
|
| | | |
PAGE 39
|
|
|
EXECUTIVE COMPENSATION |
|
|
Christopher J. Benjamin
|
| ||||||||||||||||||||||||||||||||||||||||||
|
Components
|
| |
Change in
Control w/Qualifying Termination |
| |
Termination
w/o Cause(1) |
| |
Termination
w/Cause |
| |
Voluntary
Resignation |
| |
Death
|
| |
Disability(2)
|
| |
Retirement(3)
|
| |||||||||||||||||||||
| Cash Severance | | | | $ | 2,984,940 | | | | | $ | 710,700 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Retirement Benefits(4) | | | | $ | 563 | | | | | $ | (2,492)(6) | | | | | $ | (2,492)(6) | | | | | $ | (2,492)(6) | | | | | $ | (2,492)(6) | | | | | | — | | | | | $ | (2,492)(6) | | |
| | | | | $ | 12,096(5) | | | | | $ | 12,096(5) | | | | | $ | 12,096(5) | | | | | $ | 12,096(5) | | | | | $ | (247,087)(5)(6) | | | | | | — | | | | | $ | 12,096 | | |
| Health & Welfare Benefits | | | | $ | 46,716 | | | | | $ | 21,020 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Outplacement Counseling | | | | $ | 10,000 | | | | | $ | 10,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Long-Term Incentives(7) | | | | $ | 4,846,989 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 3,493,674 | | | | | $ | 3,493,674 | | | | | $ | 3,493,674 | | |
| Total (Lump-sum) | | | | $ | 7,889,209 | | | | | $ | 739,228 | | | | | $ | (2,492)(6) | | | | | $ | (2,492)(6) | | | | | $ | 3,491,182 | | | | | $ | 3,493,674 | | | | | $ | 3,491,182 | | |
| Total (Annuity) | | | | $ | 12,096 | | | | | $ | 12,096 | | | | | $ | 12,096 | | | | | $ | 12,096 | | | | | $ | (247,087)(6) | | | | | | — | | | | | $ | 12,096 | | |
|
Brett A. Brown
|
| ||||||||||||||||||||||||||||||||||||||||||
|
Components
|
| |
Change in
Control w/Qualifying Termination |
| |
Termination
w/o Cause(1) |
| |
Termination
w/Cause |
| |
Voluntary
Resignation |
| |
Death
|
| |
Disability(2)
|
| |
Retirement(3)
|
| |||||||||||||||||||||
| Cash Severance | | | | $ | 1,512,000 | | | | | $ | 420,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Retirement Benefits(4) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Health & Welfare Benefits
|
| | | $ | 58,892 | | | | | $ | 27,518 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Outplacement Counseling
|
| | | $ | 10,000 | | | | | $ | 10,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Long-Term Incentives(7) | | | | $ | 1,958,062 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 1,270,949 | | | | | $ | 1,270,949 | | | | | $ | 1,270,949 | | |
| Total (Lump-sum) | | | | $ | 3,538,954 | | | | | $ | 457,518 | | | | | | — | | | | | | — | | | | | $ | 1,270,949 | | | | | $ | 1,270,949 | | | | | $ | 1,270,949 | | |
| Total (Annuity) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 40
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EXECUTIVE COMPENSATION |
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|
Lance K. Parker
|
| ||||||||||||||||||||||||||||||||||||||||||
|
Components
|
| |
Change in
Control w/Qualifying Termination |
| |
Termination
w/o Cause(1) |
| |
Termination
w/Cause |
| |
Voluntary
Resignation |
| |
Death
|
| |
Disability(2)
|
| |
Retirement(3)
|
| |||||||||||||||||||||
| Cash Severance | | | | $ | 1,113,896 | | | | | $ | 440,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Retirement Benefits(4) | | | | $ | 57,367 | | | | | $ | (5,182)(6) | | | | | $ | (5,182)(6) | | | | | $ | (5,182)(6) | | | | | $ | (5,182)(6) | | | | | | — | | | | | |
not yet eligible |
| |
| | | | | $ | (40,173)(5)(6) | | | | | $ | (40,173)(5)(6) | | | | | $ | (40,173)(5)(6) | | | | | $ | (40,173)(5)(6) | | | | | $ | (142,578)(5)(6) | | | | | | — | | | | | |
not yet eligible |
| |
| Health & Welfare Benefits | | | | $ | 58,854 | | | | | $ | 27,446 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Outplacement Counseling | | | | $ | 10,000 | | | | | $ | 10,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Long-Term Incentives(7) | | | | $ | 1,882,603 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 1,348,301 | | | | | $ | 1,348,301 | | | | | $ | 1,348,301 | | |
| Total (Lump-sum) | | | | $ | 3,122,720 | | | | | $ | 472,264 | | | | | $ | (5,182)(6) | | | | | $ | (5,182)(6) | | | | | $ | 1,343,119 | | | | | $ | 1,348,301 | | | | | $ | 1,348,301 | | |
|
Total (Annuity)
|
| | | $ | (40,173)(6) | | | | | $ | (40,173)(6) | | | | | $ | (40,173)(6) | | | | | $ | (40,173)(6) | | | | | $ | (142,578)(6) | | | | | | — | | | | | |
not yet eligible |
| |
|
|
Nelson N. S. Chun(8)
|
| ||||||||||||||||||||||||||||||||||||||||||
|
Components
|
| |
Change in
Control w/Qualifying Termination |
| |
Termination
w/o Cause(1) |
| |
Termination
w/Cause |
| |
Voluntary
Resignation |
| |
Death
|
| |
Disability(2)
|
| |
Retirement(3)
|
| |||||||||||||||||||||
| Cash Severance | | | | $ | 1,158,436 | | | | | $ | 373,689 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Retirement Benefits(4) | | | | $ | 4,196 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (185,359)(5)(6) | | | | | | — | | | | | | — | | |
| Health & Welfare Benefits | | | | $ | 43,417 | | | | | $ | 20,011 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Outplacement Counseling | | | | $ | 10,000 | | | | | $ | 10,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | – | | |
| Long-Term Incentives(7) | | | | $ | 715,266 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 515,991 | | | | | $ | 515,991 | | | | | $ | 515,991 | | |
| Total (Lump-sum) | | | | $ | 1,931,315 | | | | | $ | 403,700 | | | | | | — | | | | | | — | | | | | $ | 515,991 | | | | | $ | 515,991 | | | | | $ | 515,991 | | |
| Total (Annuity) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (185,359)(6) | | | | | | — | | | | | | — | | |
|
|
Meredith J. Ching(8)
|
| ||||||||||||||||||||||||||||||||||||||||||
|
Components
|
| |
Change in
Control w/Qualifying Termination |
| |
Termination
w/o Cause(1) |
| |
Termination
w/Cause |
| |
Voluntary
Resignation |
| |
Death
|
| |
Disability(2)
|
| |
Retirement(3)
|
| |||||||||||||||||||||
| Cash Severance | | | | $ | 992,000 | | | | | $ | 320,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Retirement Benefits(4) | | | | $ | 3,446 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (1,168,239)(5)(6) | | | | | | — | | | | | | — | | |
| Health & Welfare Benefits | | | | $ | 25,072 | | | | | $ | 11,129 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Outplacement Counseling | | | | $ | 10,000 | | | | | $ | 10,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Long-Term Incentives(7) | | | | $ | 715,266 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 515,991 | | | | | $ | 515,991 | | | | | $ | 515,991 | | |
| Total (Lump-sum) | | | | $ | 1,745,784 | | | | | $ | 341,129 | | | | | | — | | | | | | — | | | | | $ | 515,991 | | | | | $ | 515,991 | | | | | $ | 515,991 | | |
| Total (Annuity) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (1,168,239)(6) | | | | | | — | | | | | | — | | |
|
|
ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 41
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|
|
EXECUTIVE COMPENSATION |
|
| | | |
Summary
Compensation Table Amount |
| |
+
|
| |
Company
Contribution to Health Plans |
| |
=
|
| |
Total Pay
|
| |||||||||
| CEO | | | | $ | 4,136,553 | | | | | | | | $ | 15,994 | | | | | | | | $ | 4,152,547 | | |
| Median Employee | | | | $ | 95,674 | | | | | | | | $ | 18,908 | | | | | | | | $ | 114,582 | | |
|
ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 42
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EXECUTIVE COMPENSATION |
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 43
|
|
|
EXECUTIVE COMPENSATION |
|
| | | |
Year Ended
|
| | | | | | | |||||||||
|
(In millions)
|
| |
2021
|
| |
2020
|
| |
Change
|
| |||||||||
| Commercial Real Estate operating profit | | | | $ | 72.6 | | | | | $ | 49.8 | | | | | | | | |
| Adjustments: | | | | | | | | | | | | | | | | | | | |
|
Depreciation and amortization
|
| | | | 37.7 | | | | | | 40.1 | | | | | | | | |
|
Straight-line lease adjustments
|
| | | | (4.4) | | | | | | 1.3 | | | | | | | | |
|
Favorable/(unfavorable) lease amortization
|
| | | | (0.9) | | | | | | (1.2) | | | | | | | | |
|
Termination income
|
| | | | (0.2) | | | | | | (2.3) | | | | | | | | |
|
Other (income)/expense, net
|
| | | | (0.6) | | | | | | (0.9) | | | | | | | | |
|
Selling, general, administrative and other expenses
|
| | | | 6.5 | | | | | | 7.5 | | | | | | | | |
| NOI | | | | $ | 110.7 | | | | | $ | 94.3 | | | | | | | | |
|
Acquisitions / dispositions and other adjustments
|
| | | | (2.9) | | | | | | (2.4) | | | | | | | | |
| Same-Store NOI | | | | $ | 107.8 | | | | | $ | 91.9 | | | | | | 17.3% | | |
| Non-Same Store NOI | | | | $ | 2.9 | | | | | $ | 2.4 | | | | | | | | |
|
(In Millions)
|
| |
2021
|
| |||
| Selling, General and Administrative Expense | | | | $ | 51.9 | | |
| Adjustments: | | | | | | | |
|
M&C Segment Selling, General and Administrative Expense
|
| | | | (15.2) | | |
| Adjusted Non-Grace G&A Expenses | | | | $ | 36.7 | | |
|
ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 44
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| | | |
|
EXECUTIVE COMPENSATION |
|
|
(In Millions)
|
| |
2021
|
| |||
| Net Income | | | | $ | 35.8 | | |
| Adjustments: | | | | | | | |
|
Depreciation and amortization of commercial real estate
|
| | | | 50.4 | | |
|
Interest expense
|
| | | | 26.3 | | |
|
Income tax expense (benefit)
|
| | | | — | | |
| Consolidated EBITDA | | | | $ | 112.5 | | |
| Adjustments: | | | | | | | |
|
Asset impairments related to the Materials & Construction Segment
|
| | | | 26.1 | | |
|
Equity method investment impairment related to the Materials & Construction Segment
|
| | | | 2.9 | | |
| Consolidated Adjusted EBITDA | | | | $ | 141.5 | | |
| Adjustments: | | | | | | | |
|
(Income) loss related to assets sold as part of simplification efforts
|
| | | | (24.6) | | |
| Adjusted EBITDA | | | | $ | 116.9 | | |
|
(In Millions)
|
| |
2021
|
| |||
| Notes Payable and Other Debt | | | | $ | 532.7 | | |
| Adjustments: | | | | | | | |
|
Net unamortized deferred financing cost / discount (premium)
|
| | | | 0.2 | | |
|
Cash and cash equivalents
|
| | | | (70.0) | | |
| Net Debt | | | | $ | 462.9 | | |
| Adjustments: | | | | | | | |
|
Cash receipts from assets sold as part of simplification efforts
|
| | | | 139.8 | | |
| Adjusted Net Debt | | | | $ | 602.7 | | |
|
($ In Millions)
|
| |
2021
|
| |||
| Adjusted Net Debt | | | | $ | 602.7 | | |
| Adjusted EBITDA | | | | $ | 116.9 | | |
| Adjusted Net Debt to Adjusted EBITDA | | | | | 5.2x | | |
|
ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 45
|
|
|
EXECUTIVE COMPENSATION |
|
|
(In Millions)
|
| |
2021
|
| |||
| CRE Operating Profit | | | | $ | 72.6 | | |
| Adjustments: | | | | | | | |
|
Depreciation and amortization of commercial real estate properties
|
| | | | 37.7 | | |
|
Corporate and other expense
|
| | | | (27.1) | | |
|
Core business interest expense
|
| | | | (13.5) | | |
|
Distributions to participating securities
|
| | | | (0.3) | | |
| Core FFO | | | | $ | 69.4 | | |
|
(In Millions)
|
| |
2021
|
| |||
| Materials & Construction Operating Profit (Loss) | | | | $ | (40.5) | | |
| Adjustments: | | | | | | | |
|
Materials & Construction depreciation and amortization
|
| | | | 10.8 | | |
| Materials & Construction EBITDA | | | | $ | (29.7) | | |
|
Impairment of assets related to Materials & Construction
|
| | | | 26.1 | | |
|
Impairment of equity method investment related to Grace
|
| | | | 2.9 | | |
|
Loss attributable to the Company’s joint venture interest in a materials company
|
| | | | 2.5 | | |
|
Income attributable to Company’s Maui quarries
|
| | | | (1.7) | | |
|
Income attributable to noncontrolling interests
|
| | | | (0.4) | | |
| Grace Adjusted EBITDA | | | | $ | (0.3) | | |
|
ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 46
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 47
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 48
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|
|
Fiscal Year
|
| |
Options
Granted |
| |
RSUs
Granted |
| |
PSUs
Vested |
| |
Total Granted or
Vested if PSU |
| |
Weighted
Average Shares Outstanding |
| |
Burn Rate
|
| ||||||||||||||||||
| 2019 | | | | | – | | | | | | 171,600 | | | | | | – | | | | | | 171,600 | | | | | | 72,202,100 | | | | | | 0.2% | | |
| 2020 | | | | | – | | | | | | 188,900 | | | | | | – | | | | | | 188,900 | | | | | | 72,341,900 | | | | | | 0.3% | | |
| 2021 | | | | | – | | | | | | 240,300 | | | | | | – | | | | | | 240,300 | | | | | | 72,504,500 | | | | | | 0.3% | | |
| 3-Year Average | | | | | – | | | | | | 200,300 | | | | | | – | | | | | | 200,300 | | | | | | 72,349,500 | | | | | | 0.3% | | |
| | | |
Number of RSUs
|
| |
Weighted-
Average Grant-date Fair Value |
| ||||||
| Outstanding, January 1, 2021 | | | | | 550.5 | | | | | | 25.44 | | |
| Granted | | | | | 376.6 | | | | | | 16.63 | | |
| Vested | | | | | (167.4) | | | | | | 20.48 | | |
| Cancelled | | | | | (82.0) | | | | | | 29.62 | | |
| Outstanding, December 31, 2021 | | | | | 677.7 | | | | | | 21.26 | | |
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE 59
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PROPOSAL NO. 4 |
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE A-17
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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PAGE A-18
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ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT
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