ALEXANDER & BALDWIN, INC.
NOTICE OF AWARD OF TIME-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 vesting date of that unit. The number of shares of Common Stock subject to
the awarded restricted stock units and the applicable vesting schedule for those units and the underlying shares are set forth
below. The remaining terms and conditions governing the Award shall be as set forth in the form Time-Based Restricted Stock
Unit Award Agreement for service-vesting Awards.
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 Timed-
Based Restricted Stock Unit Award Agreement attached as Exhibit A . Participant hereby acknowledges the receipt of a copy of
the official prospectus for the Plan in the form attached hereto as Exhibit B . 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 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 Time-Based Restricted Stock
Unit Award Agreement attached to his or her initial service-vesting Award, and Participant hereby accepts those terms and
conditions for each such subsequent 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