STOCK OPTION AGREEMENTS
The following provisions are hereby incorporated into, and are hereby made a part of, the terms and provisions
governing each option granted to ____________________ ("Optionee") under the Alexander & Baldwin, Inc.
1989 Stock Option/Stock Incentive Plan or the Alexander & Baldwin, Inc. 1998 Stock Option/Stock Incentive
Plan and outstanding on ______________, 2006. Each such option ("Option") is more particularly identified in
attached Schedule I, and the applicable stock option agreement for each such Option is hereby amended to
incorporate the terms and provisions of this Addendum, with such terms and provisions to have the same force
and effect as if expressly set forth in such stock option agreement.
This Addendum shall be effective as of October 26, 2006.
LIMITED TRANSFERABILITY OF OPTION
1. The Option may be assigned in whole or in part during Optionee's lifetime to a revocable living trust
established for the exclusive benefit of Optionee or the Optionee and his or her spouse, to the extent such
assignment is in connection with the Optionee's estate plan. The assigned portion shall be exercisable only by the
person who acquires a proprietary interest in the Option pursuant to such assignment. The terms applicable to the
assigned portion shall be the same as those in effect for the Option immediately prior to such assignment and shall
be set forth in such documents to be executed by the assignee as the Corporation deems appropriate.
2. Should the Optionee die while holding the Option, then the Option shall be transferred in accordance with
Optionee's will or the laws of inheritance. However, Optionee may designate one or more persons as the
beneficiary or beneficiaries of the Option, and the Option shall, in accordance with such designation,
automatically be transferred to such beneficiary or beneficiaries upon the Optionee's death while holding the
Option. Such beneficiary or beneficiaries shall take the transferred Option subject to all the te