A&B EXCESS BENEFITS PLAN
Amended and Restated Effective January 1, 2008
ESTABLISHMENT AND PURPOSE
1.01. Establishment of Plan . Alexander & Baldwin, Inc. hereby establishes an excess
benefits/top hat plan for certain eligible executives.
1.02. Purpose of Plan . It is the purpose of this Plan to provide certain eligible executives with
benefits equal to the benefits they would receive under the A&B Retirement Plan, the Matson Retirement Plan for
Salaried Employees and the A&B Profit Sharing Plan if certain changes had been made to those plans. The Plan
is intended to be exempt from the participation, vesting, funding, and fiduciary requirements of Title I of the
Employee Retirement Income Security Act of 1974 (“ERISA”), pursuant to Sections 201(2), 301(3) and 401(1)
The following terms have the meanings indicated:
2.00. “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 C of this Plan.
2.01. “A&B” means Alexander & Baldwin, Inc., a Hawaii corporation.
2.02. “A&B Master Trust Agreement” means the Alexander & Baldwin, Inc. Retirement and
Pension Trust Agreement, as amended from time to time.
2.03. “A&B Retirement Plan” means the Alexander & Baldwin, Inc. Retirement Plan for Salaried
Employees or the Matson Retirement Plan for Salaried Employees, as each may be amended from time to time.
2.04. “A&B Profit Sharing Plan” means the Alexander & Baldwin, Inc. Profit Sharing Retirement
Plan, as amended from time to time.
2.05. “Administrator” means the person specified in Section 5.01.