ALEXANDER & BALDWIN, INC.
EXECUTIVE TIME-BASED RESTRICTED STOCK UNIT AWARD AGREEMENT
A. The Corporation has implemented the Plan for the purpose of providing eligible persons in the
Corporation’s service with the opportunity to participate in one or more cash or equity incentive compensation programs
designed to encourage them to continue their service relationship with the Corporation.
B. Participant is to render valuable services to the Corporation (or a Parent or Subsidiary), and this
Agreement is executed pursuant to, and is intended to carry out the purposes of, the Plan in connection with the Corporation’s
issuance of shares of Common Stock to Participant under the Stock Issuance Program.
C. All capitalized terms in this Agreement shall have the meaning assigned to them in the attached
NOW, THEREFORE , it is hereby agreed as follows:
1. Grant of Restricted Stock Units . The Corporation hereby awards to Participant, as of the Award
Date, restricted stock units under the Plan. The number of shares of Common Stock underlying the awarded restricted stock
units and the applicable vesting schedule for those units and the underlying Shares are set forth in the Award Notice. The
remaining terms and conditions governing the Award shall be as set forth in this Agreement.
2. Limited Transferability . Prior to the actual issuance of the Shares which vest hereunder, Participant
may not transfer any interest in the restricted stock units subject to the Award or the underlying Shares or pledge or otherwise
hedge the sale of those units or Shares, including (without limitation) any short sale or any acquisition or disposition of any put
or call option or other instrument tied to the value of those Shares. However, any Shares which vest hereunder but otherwise
remain unissued at the time of Participant’s death may be transferred pursuant to the provisions of Participant’s will or the laws
of inheritance or to Participant’s d