Attached files
file | filename |
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10-K - FORM 10-K - Matson, Inc. | form10-k.htm |
EX-21 - SUBSIDIARY AGREEMENT - Matson, Inc. | exh21.htm |
EX-31.1 - CEO CERTIFICATION - Matson, Inc. | exh31_1.htm |
EX-31.2 - CFO CERTIFICATION - Matson, Inc. | exh31_2.htm |
EX-10.B.1.(XXV) - EXECUTIVE STOCK OPTION AGREEMENT - Matson, Inc. | exh10b1-xxv.htm |
EX-10.B.1.(LIV) - A.DOANE AGREEMENT - Matson, Inc. | exh10b1-lix.htm |
EX-10.B.1.(XXVI) - NOTICE OF AWARD OF TIME-BASED RESTRICTED STOCK UNITS - Matson, Inc. | exh10b1-xxvi.htm |
EX-10.B.1.(XXIV) - NOTICE OF GRANT OF STOCK OPTION - Matson, Inc. | exh10b1-xxiv.htm |
EX-10.B.1.(XXVII) - EXECUTIVE TIME-BASED RESTRICTED STOCK UNIT AWARD AGREEMENT - Matson, Inc. | exh10b1-xxvii.htm |
EX-32 - CEO/CFO CERTIFICATION - Matson, Inc. | exh32.htm |
EX-10.B.1.(XXIX) - EXECUTIVE PERFORMANCE-BASED RESTRICTED STOCK UNIT AWARD AGREEMENT - Matson, Inc. | exh10b1-xxix.htm |
ALEXANDER
& BALDWIN, INC.
NOTICE OF AWARD OF
PERFORMANCE-BASED RESTRICTED STOCK UNITS
The
Corporation hereby awards to Participant, as of the Award Date indicated below,
an award (the “Award”) of restricted stock units under the Corporation’s 2007
Incentive Compensation Plan (the “Plan”). Each restricted stock unit
represents the right to receive one share of Common Stock on the applicable
issuance date following the vesting of that unit. The number of
shares of Common Stock subject to the awarded restricted stock units and the
applicable performance vesting requirements for those units and the underlying
shares are set forth below. The remaining terms and conditions governing the
Award, including the applicable service vesting requirements and the applicable
issuance date or dates for the shares of Common Stock that vest under the Award,
shall be as set forth in the form Performance-Based Restricted Stock Unit Award
Agreement for Awards with combined performance and service vesting
requirements.
AWARD
SUMMARY
Participant
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__________________
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Award Date:
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_____________,
20__
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Number of Shares
Subject to Award:
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The
number of shares of Common Stock issuable pursuant to the Award shall be
determined in accordance with the Vesting Schedule below. For purposes of
the percentage calculations set forth in the Performance Vesting section
of such schedule, the designated number of shares of Common Stock to be
utilized is
shares (the
“Designated Shares”).
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Vesting Schedule:
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The number of shares of Common Stock which may
actually vest and become issuable pursuant to the Award shall be
determined pursuant to a two-step process: (i) first there shall be
calculated the maximum number of shares of Common Stock in which
Participant can vest under the Performance Vesting section below based
upon the actual level at which each of the Performance Goals specified on
attached Schedule I is attained and (ii) then the number of shares
calculated under clause (i) in which Participant may actually vest shall
be determined on the basis of his or her satisfaction of the applicable
Service vesting requirements set forth in the form Performance-Based
Restricted Stock Unit Award Agreement.
Performance
Vesting: Attached Schedule
I specifies each of the Performance Goals established for the Performance
Period. For each Performance Goal, there are three designated levels of
attainment set forth in Schedule I: Threshold, Target and Extraordinary.
The Designated Shares subject to this Award are hereby allotted to each
Performance Goal as follows: (i) sixty-five percent (65%) of
the Designated Shares is allotted to Performance Goal One set forth in
Schedule I, and (ii) the remaining thirty-five percent (35%) of the
Designated Shares is allotted to Performance Goal Two set forth in
Schedule I. Within sixty (60) days after the completion of the Performance
Period, the Plan Administrator shall determine and certify the actual
level of attainment for each Performance Goal and shall then measure that
level of attainment against the Threshold, Target and Extraordinary Levels
set forth for that Performance Goal in attached Schedule I. The
maximum number of shares of Common Stock in which Participant can vest
based upon the actual level of attainment of each Performance Goal shall
be determined by applying the corresponding percentage below
for that level of attainment to the number of Designated Shares allotted
to that particular Performance Goal in accordance with forgoing allocation
(the “Allotted Shares”):
Attainment below the Threshold
Level: 0% of the Allotted Shares
Attainment at the Threshold Level:
50% of the Allotted Shares
Attainment at the Target Level:
100% of the Allotted Shares
Attainment at Extraordinary
Level:
200% of the Allotted Shares
To the extent the actual level of attainment of a
Performance Goal is at a point between the Threshold and Target Levels,
the maximum number of shares of Common Stock allotted to that Performance
Goal in which Participant can vest shall be pro-rated between the two
points on a straight line basis.
To the extent the actual level of attainment of a
Performance Goal is at a point between the Target and Extraordinary
Levels, the maximum number of shares of Common Stock allotted to that
Performance Goal in which Participant can vest shall be pro-rated between
the two points on a straight line basis.
The maximum number of shares of Common Stock in
which Participant can vest on the basis of the foregoing performance
measures shall be hereinafter designated the “Performance Shares” and
shall in no event exceed in the aggregate 200% of the number of Designated
Shares set forth in the Number of Shares Subject to Award section
above.
Service
Vesting. The number of Performance Shares in which
Participant actually vests shall be determined on the basis of his or her
satisfaction of the Service-vesting requirements set forth in Paragraph 3
of the form Performance-Based Restricted Stock Unit Award
Agreement.
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Participant
understands and agrees that the Award is granted subject to and in accordance
with the terms of the Plan and hereby agrees to be bound by the terms of the
Plan and the terms of the Award as set forth in the form Performance-Based
Restricted Stock Unit Award Agreement attached hereto as Exhibit
A. A copy of the Plan is available upon request made to the
Corporate Secretary at the Corporation’s principal offices.
Continuing Consent.
Participant further acknowledges and agrees that, except to the extent the Plan
Administrator notifies Participant in writing to the contrary, each subsequent
award of combined performance and service-vesting restricted stock
units made to him or her under the Plan shall be subject to the same terms and
conditions set forth in the form Performance-Based Restricted
Stock Unit Award Agreement attached as Exhibit A to this
performance and service-vesting Award, and Participant hereby accepts those
terms and conditions for each such subsequent performance and service-vesting
restricted stock unit award that may be made to him or her under the Plan and
hereby agrees to be bound by those terms and conditions for any such restricted
stock unit awards, without any further consent or acceptance required on his or
her part at the time or times when those awards may be made. However,
Participant may, at any time he or she holds an outstanding performance and
service-vesting restricted stock unit award under the Plan, request a written
copy of the form Performance-Based Restricted Stock Unit Award Agreement from
the Corporation by contacting the Corporation’s Human Resources Department at
the Corporation’s headquarters at 822 Bishop Street, Honolulu, HI
96813.
Employment at
Will. Nothing in this Notice or in the form Performance-Based
Restricted Stock Unit Award Agreement or in the Plan shall confer upon
Participant any right to continue in Service for any period of specific duration
or interfere with or otherwise restrict in any way the rights of the Corporation
(or any Parent or Subsidiary employing or retaining Participant) or of
Participant, which rights are hereby expressly reserved by each, to terminate
Participant’s Service at any time for any reason, with or without
cause.
Definitions. All
capitalized terms in this Notice shall have the meaning assigned to them in this
Notice or in the form Performance-Based Restricted Stock Unit Award Agreement
for performance and service-vesting Awards.
DATED: _____________,
20__
ALEXANDER & BALDWIN,
INC.
By:
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Title:
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OPTIONEE
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Address:
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SCHEDULE
I
PERFORMANCE
PERIOD, PERFORMANCE GOALS AND LEVELS OF ATTAINMENT
The
Performance Period shall be coincident with the Corporation’s 20__ fiscal year
and shall accordingly commence on January 1, 20__ and end on December 31,
20__.
The
Performance Goals which shall determine the number of shares of Common Stock
which are to vest as Performance Shares under the Award shall be as
follows:
Performance Goal
One to which sixty-five percent (65%) of the Designated Shares subject to
this Award is allotted shall be tied to the Corporation’s pre-tax income for the
Performance Period. The required levels of attainment of pre-tax income for the
Performance Period at the Threshold, Target and Extraordinary Levels are as
follows:
Threshold
Level:
$____ million
Target
Level: $____
million
Extraordinary
Level $____
million
Performance Goal
Two to which the remaining thirty-five percent (35%) of the Designated
Shares subject to this Award is allotted shall be tied to the Corporation’s
return on invested capital (“ROIC”) for the Performance Period. The required
levels of attainment of ROIC for the Performance Period at the Threshold, Target
and Extraordinary Levels are as follows:
Threshold
Level: ______%
**
Target
Level: ______%
**
Extraordinary
Level ______%
**
Pre-tax income and ROIC shall be
calculated on a consolidated basis with the Corporation’s consolidated
subsidiaries for financial reporting purposes and shall be determined on the
basis of the Corporation’s audited financial statements for the Performance
Period, subject to any adjustments as determined by the Plan Administrator that
are needed to accurately reflect the performance of the Corporation (e.g.,
because of changes in accounting rules, extraordinary gains from the sale of the
Corporation’s assets, unforeseen extraordinary events affecting the Corporation
or any of its business operations, or other similar or dissimilar circumstances
occurring during the Performance Period that may or may not have been beyond the
control of the Corporation).
* The
actual level of pre-tax income achieved shall be adjusted to exclude the effect
of unplanned pension, post retirement and non-qualified expenses.
** The
calculation of the actual ROIC performance measure will be adjusted for the
effect of unplanned accumulated other comprehensive income changes included in
shareholders’ equity as of December 31, 20__.