A&B 1985 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
Amended and Restated Effective January 1, 2008
ESTABLISHMENT AND PURPOSE
1.01. Establishment of Plan . Alexander & Baldwin, Inc. established the A&B 1985
Supplemental Executive Retirement Plan (the “Plan”) effective January 1, 1986. This amendment and
restatement is effective January 1, 2008.
1.02. Purpose of Plan . It is the purpose of this Plan to enhance the Company’s ability to hire
and retain executives by providing a means for the Company to provide executives selected as participants with
retirement benefits and health and welfare benefits equal to the benefits which they would receive under the
Alexander & Baldwin, Inc. Retirement Plan for Salaried Employees, the Retirement Plan for Employees of
Matson and the Alexander & Baldwin, Inc. Retiree Health and Welfare Benefit Plan, if certain changes had been
made to those plans. This Plan is intended to be a nonqualified supplemental retirement plan for a select group of
highly compensated management executives and is exempt from the participation, vesting, funding and fiduciary
requirements of Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
2.01. “Actuarial Equivalent” means a form of benefit differing in time, period, or manner of
payment from a specified benefit provided in the Plan, but having the same present value when determined in
accordance with generally accepted actuarial practice and the rules contained in Appendix B of this Plan.
2.02. “Approved Early Retirement Date” means the first day of any month after the Participant
has attained age 55 and prior to his or her Normal Retirement Date on which the Participant retires with the
approval of the Chief Executive Officer of A&B, which may be granted or withheld in his or her sole discretion.