| When: | | | | Meeting Agenda: | |
| Tuesday, April 8:00 a.m., Where: The Shareholders may attend virtually and participate in the Annual Meeting, and vote their shares electronically, by visiting | | | | 1. Elect seven directors to serve until the next Annual Meeting of Shareholders and until their successors are duly elected and qualified; 2. Conduct an advisory vote on executive compensation; 3. Approve the Alexander & Baldwin, Inc. 2022 Omnibus Incentive Plan; 4. Ratify the appointment of the independent registered public accounting firm for the ensuing year; and Transact such other business as properly may be brought before the meeting or any adjournment or postponement thereof. | |
| | | | PAGE i | |
| |
| | When: | | | Tuesday, April | | |
| | Where: | | | The | | |
| | Record Date: | | | February | | |
| | Voting: | | | Shareholders as of the record date are entitled to | | |
| | Attendance: | | | Record shareholders must have the control number printed on their proxy card in order to access the virtual meeting. Shareholders who hold their shares through an intermediary must register and provide a Legal Proxy. Further information is included in this Proxy Statement. | | |
| | Agenda Item | | | | Board Recommendation | | | | Page Reference | | |
| | Election of seven directors | | | | FOR each director nominee | | | | | | |
| | Advisory vote on executive compensation | | | | FOR | | | | | | |
| | Approval of the A&B 2022 Omnibus Incentive Plan | | | | FOR | | | | | | |
| | | | | FOR | | | | | |
| | Name | | | | Director Since | | | | Occupation | | | | Committees | | |
| | Christopher J. Benjamin | | | | 2016 | | | | President & Chief Executive Officer, Alexander & Baldwin, Inc. | | | | — | | |
| | Diana M. Laing | | | | 2019 | | | | Retired CFO, American Homes 4 Rent | | | | • Audit • Compensation | | |
| | John T. Leong | | | | 2020 | | | | Co-Founder & CEO of Kupu Co-Founder & CEO of Pono Pacific Land Management, LLC | | | | • Audit |
| | |||||||||||||||
| | Thomas A. Lewis, Jr. | | | | 2017 | | | | Retired CEO, Realty Income Corporation | | | | • Compensation | | |
| | Douglas M. Pasquale | | | | 2012 | | | | Founder & CEO of Capstone Enterprises Corporation | | | | • Audit, Chair • Nominating & Corporate Governance | | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| PAGEii | | | | |
| SUMMARY INFORMATION | |
| | Name | | | | Director Since | | | | Occupation | | | | Committees | | |
| | Michele K. Saito | | | | 2012 | | | | Chair, Hawaii Business Roundtable Former President, DTRIC Insurance Company | | | | • Compensation, Chair • Nominating & Corporate Governance | | |
| | Eric K. Yeaman | | | | 2012 | | | | Founder & Managing Partner, Hoku Capital LLC | | | | • Audit • Nominating & Corporate Governance, Chair | | |
| ALEXANDER & BALDWIN, INC. ▪ | |
| | | | PAGE iii | |
| SUMMARY INFORMATION | |
| ALEXANDER & BALDWIN, INC. ▪ | |
| PAGE iv | | | | |
| |
| | | Page | |
NOTICE OF | | | | |
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | | ||
| | |
| ALEXANDER & BALDWIN, INC. ▪ | |
| | | | PAGE 1 | |
| |
| ALEXANDER & BALDWIN, INC. ▪ | |
| PAGE 2 | | | | |
| ANNUAL MEETING INFORMATION | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| | | | PAGE3 | |
| ANNUAL MEETING INFORMATION | |
| ALEXANDER & BALDWIN, INC. ▪ | |
| PAGE 4 | | | | |
| |
| ✓ | | | | Commitment to strong corporate governance | | | | ✓ | | | | Focus on long-term value creation | |
| ✓ | | | | High ethical standards | | | | ✓ | | | | Diversity | |
| ✓ | | | | Operating segment expertise | | | | ✓ | | | | Knowledge of and involvement in Hawaii | |
| ALEXANDER & BALDWIN, INC. ▪ | |
| | | | PAGE 5 | |
| PROPOSAL NO. 1 | |
| | | Christopher J. Benjamin Age: Director Since: 2016 | |
| | | Diana M. Laing Age: Director Since: 2019 | |
| ALEXANDER & BALDWIN, INC. ▪ | |
| PAGE 6 | | | | |
| PROPOSAL NO. 1 | |
| | | John T. Leong Age: Director Since: 2020 | |
| | | Thomas A. Lewis, Jr. Age: Director Since: 2017 | |
| | | Douglas M. Pasquale Age: Director Since: 2012 Lead Independent Director since 2018 | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| | | | PAGE7 | |
| PROPOSAL NO. 1 | |
| | | Michele K. Saito Age: Director Since: 2012 | |
| | | Eric K. Yeaman Age: Director Since: 2012 Chairman of the Board since October 2020 | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| PAGE8 | | | | |
| PROPOSAL NO. 1 | |
| ALEXANDER & BALDWIN, INC. ▪ | |
| | | | PAGE9 | | |
| |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| PAGE10 | | | | |
| BOARD OF DIRECTORS INFORMATION | |
| | Strong Compensation Risk Management • Robust stock ownership guidelines • Multi-year vesting periods of equity awards • Capped incentive payments • Use of multiple performance metrics • Pay philosophy for all elements of pay targeted at the 50th percentile • Reasonable payout tied to company and individual performance (e.g., incentive • 50% of NEOs’ equity awards granted are performance-based, using relative total shareholder return (“TSR”) over three years as a performance metric • Review of goal-setting by the Compensation Committee to ensure that goals are appropriate • Mix of pay that is consistent with competitive practices for organizations similar in size and complexity • Insider trading and hedging prohibitions • A compensation clawback policy • Oversight by a Compensation Committee composed of independent directors | | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| | | | PAGE11 | |
| BOARD OF DIRECTORS INFORMATION | |
| Name | | | | Audit Committee | | | | Compensation Committee | | | | Nominating and Corporate Governance Committee | |
| Christopher J. Benjamin | | | | | | | | | | | | | |
| Diana M. Laing | | | | Member | | | | Member | | | | | |
| John T. Leong | | | | Member | | | | | | | | | |
| Thomas A. Lewis, Jr. | | | | | | | | Member | | | | | |
| Douglas M. Pasquale | | | | Chair | | | | | | | | Member | |
| Michele K. Saito | | | | | | | | Chair | | | | Member | |
| Eric K. Yeaman | | | | Member | | | | | | | | Chair | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| PAGE12 | | | | |
| BOARD OF DIRECTORS INFORMATION | |
| ALEXANDER & BALDWIN, INC. ▪ | |
| | | | PAGE13 | | ||
| BOARD OF DIRECTORS INFORMATION | |
| | Select Corporate Governance Guideline Topics • Goals and responsibilities of the Board • Selection of directors, including the Chairman of the Board • Board membership criteria, • Stock ownership guidelines • Director independence, and executive sessions of non-management directors • Board self-evaluation • Board compensation • Board access to management and outside advisors • Board orientation and continuing education • Leadership development, including annual evaluations of the CEO and management succession plans | | |
| Integrity | | | Be guided in all actions by strong moral principles, in keeping with A&B’s legacy of honesty and fairness. | |
| Respect | | | Value and respect the unique qualities, perspectives and contributions of each employee and seek to understand the priorities of community members. | |
| Adaptability | | | Embrace innovation and seek better approaches. | |
| Collaboration | | | Share information and ideas and work together to find the best solutions. | |
| Decisiveness | | | Make clear and timely decisions and communicate them widely. | |
| Accountability | | | Hold ourselves accountable for delivering results and recognizing achievement. | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| PAGE14 | | | | |
| BOARD OF DIRECTORS INFORMATION | |
| ALEXANDER & BALDWIN, INC. ▪ | |
| | | PAGE15 | | |
| BOARD OF DIRECTORS INFORMATION | |
| Name | | Fees Earned or Paid in Cash ($) | | Stock Awards ($)(1) | | Option Awards ($)(2) | | Non-Equity Incentive Plan Compen- sation ($) | | Change in Pension Value and Nonqualified Deferred Compen- sation Earnings ($) | | All Other Compen- sation ($) | | Total ($) | | Name | | Fees Earned or Paid in Cash ($) | | Stock Awards ($)(1) | | Option Awards ($)(2) | | Non-Equity Incentive Plan Compen- sation ($) | | Change in Pension Value and Nonqualified Deferred Compen- sation Earnings ($) | | All Other Compen- sation ($) | | Total ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (a) | | (b) | | (c) | | (d) | | (e) | | (f) | | (g) | | (h) | | (a) | | (b) | | (c) | | (d) | | (e) | | (f) ) | | (g) | | (h) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| W. Allen Doane(3) | | | | 21,250 | | | | | 0 | | | | | N/A | | | | | N/A | | | | | N/A | | | | | 0 | | | | | 21,250 | | | Diana M. Laing | | | | 72,500 | | | | | 90,009 | | | | | N/A | | | | | N/A | | | | | N/A | | | | | 0 | | | | | 162,509 | | | ||||||||||||||
| Robert S. Harrison(3) | | | | 25,173 | | | | | 0 | | | | | N/A | | | | | N/A | | | | | N/A | | | | | 0 | | | | | 25,173 | | | John T. Leong | | | | 65,000 | | | | | 90,009 | | | | | N/A | | | | | N/A | | | | | N/A | | | | | 2,000(3) | | | | | 157,009 | | | ||||||||||||||
| Stanley M. Kuriyama(4) | | | | 198,750 | | | | | 135,009 | | | | | N/A | | | | | N/A | | | | | N/A | | | | | 0 | | | | | 333,759 | | | Thomas A. Lewis, Jr. | | | | 63,500 | | | | | 90,009 | | | | | N/A | | | | | N/A | | | | | N/A | | | | | 0 | | | | | 153,509 | | | ||||||||||||||
| Diana M. Laing | | | | 64,178 | | | | | 90,010 | | | | | N/A | | | | | N/A | | | | | N/A | | | | | 0 | | | | | 154,188 | | | Douglas M. Pasquale(4) | | | | 110,750 | | | | | 90,009 | | | | | N/A | | | | | N/A | | | | | N/A | | | | | 0 | | | | | 200,759 | | | ||||||||||||||
| John T. Leong | | | | 15,614 | | | | | 52,503 | | | | | N/A | | | | | N/A | | | | | N/A | | | | | 0 | | | | | 68,117 | | | Michele K. Saito | | | | 80,250 | | | | | 90,009 | | | | | N/A | | | | | N/A | | | | | N/A | | | | | 0 | | | | | 170,259 | | | ||||||||||||||
| Thomas A. Lewis, Jr. | | | | 64,250 | | | | | 90,010 | | | | | N/A | | | | | N/A | | | | | N/A | | | | | 0 | | | | | 154,260 | | | Eric K. Yeaman(5) | | | | 108,250 | | | | | 135,013 | | | | | N/A | | | | | N/A | | | | | N/A | | | | | 0 | | | | | 243,263 | | | ||||||||||||||
| Douglas M. Pasquale | | | | 110,750 | | | | | 90,010 | | | | | N/A | | | | | N/A | | | | | N/A | | | | | 2,000(5) | | | | | 202,760 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Michele K. Saito | | | | 80,250 | | | | | 90,010 | | | | | N/A | | | | | N/A | | | | | N/A | | | | | 0 | | | | | 170,260 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Eric K. Yeaman(6) | | | | | 81,345 | | | | | 116,261 | | | | | N/A | | | | | N/A | | | | | N/A | | | | | 0 | | | | | 197,606 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
| Pay Element | | | | Amount | | Pay Element | | | | 2021 Amount | | Amount Effective 1/1/22 | | |||||||||||
| Annual Board Cash Retainer | | | | | $ | 56,000 | | | Annual Board Cash Retainer | | | | | $ | 56,000 | | | $56,000 (no change) | | |||||
| Chairman of the Board Annual Cash Retainer | | | | | $ | 85,000 | | | Chairman of the Board Annual Cash Retainer | | | | | $ | 85,000 | | | $100,000 | | |||||
| Lead Director Annual Cash Retainer | | | | | $ | 81,000 | | | Lead Director Annual Cash Retainer | | | | | $ | 81,000 | | | $81,000 (no change) | | |||||
| Committee Member Cash Retainers (in addition to Board Cash Retainer) | | • Audit • Compensation • Nominating and Corporate Governance | | | $ $ $ | 9,000 7,500 6,000 | | | Committee Member Cash Retainers (in addition to Board Cash Retainer) | | • Audit • Compensation • Nominating and Corporate Governance | | | $ $ $ | 9,000 7,500 6,000 | | | $10,000 $7,500 (no change) $7,500 | | |||||
| Committee Chair Cash Retainers (in addition to Committee Member Cash Retainer) | | • Audit • Compensation • Nominating and Corporate Governance | | | $ $ $ | 14,000 10,000 7,500 | | | Committee Chair Cash Retainers (in addition to Committee Member Cash Retainer) | | • Audit • Compensation • Nominating and Corporate Governance | | | $ $ $ | 14,000 10,000 7,500 | | | $14,000 (no change) $10,000 (no change) $7,500 (no change) | | |||||
| Annual Equity Award | | | | | $ | 90,000 | | | Annual Equity Award | | | | | $ | 90,000 | | | $100,000 | | |||||
| Chairman of the Board Equity Award | | | | | | $ | 135,000 | | | Chairman of the Board Equity Award | | | | | $ | 135,000 | | | $160,000 | | ||||
|
| ALEXANDER & BALDWIN, INC. ▪ | |
| PAGE16 | | | | |
| BOARD OF DIRECTORS INFORMATION | |
| ALEXANDER & BALDWIN, INC. ▪ | |
| | | | PAGE17 | | |
| |
| Name and Address of Beneficial Owner | | | Amount of Beneficial Ownership | | | Percent of Class | | ||||||
| BlackRock, Inc. New York, NY | | | | | | | | | | 19.0% | | | |
| The Vanguard Group 100 Vanguard Blvd. Malvern, PA 19355 | | | | | 11,452,066(b) | | | | | | 15.8% | | |
| ALEXANDER & BALDWIN, INC. ▪ | |
| PAGE18 | | | | |
| |
| Name or Number in Group | | Number of Shares Owned (a)(b)(c) | | Stock Options (d) | | Total | | Percent of Class | | Name or Number in Group | | Number of Shares Beneficially Owned (a)(b)(c)(d) | | Percent of Class | | ||||||||||||||||||||||||
| Diana M. Laing | | | | 3,750 | | | | | 0 | | | | | 3,750 | | | | | — | | | Diana M. Laing | | | | 10,843 | | | | | — | | | ||||||
| John T. Leong | | | | 0 | | | | | 0 | | | | | 0 | | | | | — | | | John T. Leong | | | | 4,530 | | | | | — | | | ||||||
| Thomas A. Lewis, Jr. | | | | 6,655 | | | | | 0 | | | | | 6,655 | | | | | — | | | Thomas A. Lewis, Jr. | | | | 13,748 | | | | | — | | | ||||||
| Douglas M. Pasquale | | | | 78,975 | | | | | 0 | | | | | 78,975 | | | | | 0.1 | | | Douglas M. Pasquale | | | | 86,068 | | | | | 0.1 | | | ||||||
| Michele K. Saito | | | | 29,374 | | | | | 0 | | | | | 29,374 | | | | | — | | | Michele K. Saito | | | | 36,467 | | | | | 0.1 | | | ||||||
| Eric K. Yeaman | | | | 29,374 | | | | | 0 | | | | | 29,374 | | | | | — | | | Eric K. Yeaman | | | | 38,732 | | | | | 0.1 | | | ||||||
| Christopher J. Benjamin | | | | 226,385 | | | | | 50,677 | | | | | 277,062 | | | | | 0.4 | | | Christopher J. Benjamin | | | | 278,444 | | | | | 0.4 | | | ||||||
| Brett A. Brown | | | | 8,152 | | | | | 0 | | | | | 8,152 | | | | | — | | | Brett A. Brown | | | | 26,342 | | | | | — | | | ||||||
| Lance K. Parker | | | | 23,606 | | | | | 0 | | | | | 23,606 | | | | | — | | | Lance K. Parker | | | | 41,231 | | | | | 0.1 | | | ||||||
| Nelson N. S. Chun | | | | 133,210 | | | | | 23,389 | | | | | 156,599 | | | | | 0.2 | | | Nelson N. S. Chun | | | | 146,939 | | | | | 0.2 | | | ||||||
| Meredith J. Ching | | | | 113,386 | | | | | 17,539 | | | | | 130,925 | | | | | 0.2 | | | Meredith J. Ching | | | | 124,554 | | | | | 0.2 | | | ||||||
| 12 Directors and Executive Officers as a Group | | | | 659,986 | | | | | 91,605 | | | | | 751,591 | | | | | 1.0 | | | 15 Directors and Executive Officers as a Group | | | | 832,073 | | | | | 1.1 | | |
| ALEXANDER & BALDWIN, INC. ▪ | |
| | | | PAGE19 | | |
| | |
| ALEXANDER & BALDWIN, INC. ▪ | |
| PAGE 20 | | | | |
| |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| | | | PAGE21 | |
| EXECUTIVE COMPENSATION | |
| | Promote Good Pay Practices • Direct components of pay are generally targeted at the 50th percentile of market pay data • TDC consisting heavily of performance-based compensation • Multiple relevant performance metrics to determine incentive payments • Multi-year performance periods on performance-based equity awards • Multi-year vesting periods on equity awards • Robust stock ownership guidelines for senior executives • Review of realizable pay of NEOs • Reasonable internal pay ratios • Reasonable severance or change-in control provisions • Double trigger change-in-control severance that requires both a change-in-control and termination of employment without cause before any payments are made • “Clawback” policies established for executives • • Conduct shareholder outreach to solicit input and gain investor perspectives on our compensation programs • Anti-hedging policies established • No repricing or replacing of underwater stock options without prior shareholder approval • Pay risk assessments | | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| PAGE22 | | | | |
| EXECUTIVE COMPENSATION | |
| Element of Pay | | | | Composition | | | | Metrics | | | | Rationale | |
| Base Salary | | | | Cash | | | | — | | | | • Provides a fixed rate of pay based upon an executive’s responsibilities | |
| Annual Cash Incentives | | | | Cash | | | | A&B Performance Grid Metrics Grace Pacific Performance Grid Metrics 10-20% Individual Goals | | | | • Rewards the achievement of annual Company, business unit and individual performance • Reinforces pay-for-performance principles • Rewards both immediately measurable accomplishments and actions that create longer-term value | |
| One-time Simplification Incentive | | | | Cash | | | | 75-100% of Participant’s Annual Cash Incentives Target | | | | • Rewards the execution of the Company’s simplification strategy with respect to monetization of specific asset groups over a one-to-two-year period | |
| Long-Term Incentives | | | | 50% 50% | | | | Relative 3-year TSR Selected Peer Group) 3-year vesting period | | | | • Aligns the executives’ long-term interests with those of A&B’s shareholders, motivates long-term performance • Aids in attracting and retaining employees • Reinforces pay-for-performance principles | |
| Health and Welfare Benefits | | | | | | | | — | | | | • Aids in attracting and retaining employees | |
| Retirement Benefits | | | | | | | | — | | | | • Assists employees with retirement income savings and attracts and retains employees | |
| Severance Benefits | | | | | | | | — | | | | • Retains talent during transitions due to a Change in Control or other covered events | |
| ALEXANDER & BALDWIN, INC. ▪ | |
| | | PAGE23 | | |
| EXECUTIVE COMPENSATION | |
| | • Company and individual performance • Say-on-Pay vote results • Competitive market data • Economic environment • Job responsibilities and experience • Positioning within the executive’s salary range • Positioning in relation to the pay philosophy | • Investor feedback | | | • Projected market salary increases • Value of the total pay package • Alignment to pay-for-performance principles • Reasonableness and balance of pay risk • Internal pay equity • NEO’s current and expected future contributions • Size of recent awards | | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| PAGE24 | | | | |
| EXECUTIVE COMPENSATION | |
| NEO | | | Base Salary as of 12/31/20 | | | % Change | | | Base Salary as of 12/31/21 | | ||||||
| Mr. Benjamin | | | | $ | 690,000 | | | | 3% | | | | $ | 710,700 | | |
| Mr. Brown | | | | $ | 400,000 | | | | 5% | | | | $ | 420,000 | | |
| Mr. Parker* | | | | $ | 397,838 | | | | 10.6% | | | | $ | 440,000 | | |
| Mr. Chun | | | | $ | 362,805 | | | | 3% | | | | $ | 373,689 | | |
| Ms. Ching | | | | $ | 305,933 | | | | 4.6% | | | | $ | 320,000 | | |
| NEO | | | Base Salary as of 12/31/19 | | | % Change | | | Base Salary as of 12/31/20 | | ||||||
| Mr. Benjamin | | | | $ | 690,000 | | | | 0% | | | | $ | 690,000 | | |
| Mr. Brown | | | | $ | 400,000 | | | | 0% | | | | $ | 400,000 | | |
| Mr. Parker | | | | $ | 397,838 | | | | 0% | | | | $ | 397,838 | | |
| Mr. Chun | | | | $ | 362,805 | | | | 0% | | | | $ | 362,805 | | |
| Ms. Ching | | | | $ | 305,933 | | | | 0% | | | | $ | 305,933 | | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| | | | PAGE25 | |
| EXECUTIVE COMPENSATION | |
| A&B Performance Metrics ($ in millions) | | | Threshold | | | Target | | | Maximum | | | Actual | | | 0-3 Rating | | |||||||||||||||
| Same-Store NOI Growth(1) | | | | | 0.8% | | | | | | 4.2% | | | | | | 9.7% | | | | | | 17.3% | | | | | | 3 | | |
| Core FFO(1) | | | | $ | 48.0 | | | | | $ | 53.9 | | | | | $ | 62.0 | | | | | $ | 69.4 | | | | | | 3 | | |
| Adjusted Net Debt to Adjusted EBITDA(1) | | | | | 6.7x | | | | | | 6.2x | | | | | | 5.7x | | | | | | 5.2x | | | | | | 3 | | |
| Non-Grace Pacific G&A Expenses(1) | | | | $ | 40.1 | | | | | $ | 37.1 | | | | | $ | 34.1 | | | | | $ | 36.7 | | | | | | 2.1 | | |
| Grace Pacific Performance Metrics ($ in millions) | | | Threshold | | | Target | | | Maximum | | | Actual | | | 0-3 Rating | | |||||||||||||||
| Grace Pacific Adjusted EBITDA(1) | | | | $ | 5.0 | | | | | $ | 9.9 | | | | | $ | 14.9 | | | | | -$ | 0.3 | | | | | | 0 | | |
| Recordable Backlog (EOY)(2) | | | | $ | 120 | | | | | $ | 145 | | | | | $ | 170 | | | | | $ | 175.3 | | | | | | 3 | | |
| Net Cash Flow to/(from) A&B(3) | | | | -$ | 7.0 | | | | | -$ | 3.5 | | | | | $ | 0 | | | | | -$ | 6.0 | | | | | | 1.3 | | |
| ALEXANDER & BALDWIN, INC. ▪ | |
| PAGE | | | | |
| EXECUTIVE COMPENSATION | |
| Performance Metrics ($ in millions) | | | Threshold | | | Target | | | Maximum | | | Actual | | | 0-3 Rating | | |||||||||||||||
| Same-Store Cash NOI Growth(1) | | | | | 1.3% | | | | | | 2.7% | | | | | | 4.3% | | | | | | -12.7% | | | | | | 0.0 | | |
| Non-Same-Store Cash NOI(1) | | | | $ | 17.6 | | | | | $ | 18.2 | | | | | $ | 18.9 | | | | | $ | 13.5 | | | | | | 0.0 | | |
| Adjusted Free Cash Flow(1) | | | | $ | 77.0 | | | | | $ | 85.6 | | | | | $ | 102.7 | | | | | $ | 76.2 | | | | | | 0.0 | | |
| Adjusted Non-Grace G&A Expenses(1) | | | | $ | 36.2 | | | | | $ | 34.5 | | | | | $ | 31.7 | | | | | $ | 30.0 | | | | | | 3.0 | | |
| Consolidated Adjusted Pre-tax Income(1) | | | | $ | 41.0 | | | | | $ | 45.6 | | | | | $ | 54.7 | | | | | $ | 19.2 | | | | | | 0.0 | | |
| Value Creation | | | | | 1.0 | | | | | | 2.0 | | | | | | 3.0 | | | | | | 3.0 | | | | | | 3.0 | | |
NEO | | | Individual Goals | |
Mr. Benjamin | | | • Support the continued turnaround of Grace Pacific and position the business for sale. • Monetize Kukui’ula and the McBryde land assets. • Develop and begin implementation of a comprehensive post-COVID, post-simplification organization. | |
Mr. Brown | | | • Identify and create a strategic, tax-efficient, disposition model for all major asset sales and create a debt repayment strategy with sale proceeds. • Renegotiate and upsize A&B’s unsecured credit facilities and position A&B to utilize available financial tools. • Finalize future state cost and organization structure. • Ensure clear investor messaging regarding A&B’s strategic transformation and improved metrics. | |
Mr. Parker | | | • Establish long-term, post-simplification CRE growth strategy for portfolio. • Direct the overall land management and monetization efforts for Maui. • Implement a professional advancement plan as part of the Company’s succession planning process. | |
Mr. Chun | | | • Resolve various real estate and environmental matters to position Grace Pacific for sale. • Resolve various environmental matters affecting Maui and Kauai non-core lands. • Complete review and revisions of Company policies and restructure insurance coverage. • Develop succession plan for legal operations. | |
Ms. Ching | | | • Direct the overall management of water matters relating to the Company’s land stewardship. • Support the continued turnaround of Grace Pacific and position the business for sale. • Provide government relations leadership and support for land sales/monetization efforts and REIT-related strategic matters. • Develop and begin implementation of post-simplification organization design for External Affairs, including a strategic communications plan. | |
| Additional CEO Performance Metric ($ in mil.) | | | Threshold | | | Target | | | Maximum | | | Actual | | | 0-3 Rating | | |||||||||||||||
| Grace Adjusted EBITDA (1) | | | | $ | 7.9 | | | | | $ | 13.3 | | | | | $ | 19.8 | | | | | $ | 2.3 | | | | | | 0.0 | | |
| ALEXANDER & BALDWIN, INC. ▪ | |
| | | | PAGE | |
| EXECUTIVE COMPENSATION | |
| | | | Target PIIP Award | | | Actual as a % of | | | Actual PIIP Award | | | | | Target PIIP Award | | | Actual as a % of | | | Actual PIIP Award | | ||||||||||||||||||||||||||||||||||||||||||
| NEO | | % of Base Salary | | $ | | Target | | % of Base Salary | | $ | | NEO | | % of Base Salary | | $ | | Target | | % of Base Salary | | $ | | ||||||||||||||||||||||||||||||||||||||||
| Mr. Benjamin | | | | 110% | | | | $ | 759,000 | | | | | 60% | | | | | 66% | | | | $ | 455,400 | | | Mr. Benjamin | | | | 110% | | | | $ | 781,770 | | | | | 161% | | | | | 177% | | | | $ | 1,254,705 | | | ||||||||||
| Mr. Brown | | | | 80% | | | | $ | 320,000 | | | | | 63% | | | | | 50% | | | | $ | 201,600 | | | Mr. Brown | | | | 80% | | | | $ | 336,000 | | | | | 159% | | | | | 127% | | | | $ | 534,368 | | | ||||||||||
| Mr. Parker | | | | 80% | | | | $ | 318,270 | | | | | 70% | | | | | 56% | | | | $ | 222,789 | | | Mr. Parker | | | | 80% | | | | $ | 336,000* | | | | | 156% | | | | | 124% | | | | $ | 522,608 | | | ||||||||||
| Mr. Chun | | | | 55% | | | | $ | 199,543 | | | | | 70% | | | | | 39% | | | | $ | 139,680 | | | Mr. Chun | | | | 55% | | | | $ | 205,529 | | | | | 154% | | | | | 84% | | | | $ | 315,566 | | | ||||||||||
| Ms. Ching | | | | 55% | | | | $ | 168,253 | | | | | 70% | | | | | 38% | | | | $ | 117,784 | | | Ms. Ching | | | | 55% | | | | $ | 176,000 | | | | | 166% | | | | | 91% | | | | $ | 291,347 | | |
| | | | Award Potential as % of PIIP Target | | | Award Potential in Dollars | | | 2021 Award | | |||||||||||||||||||||||||||
| Individual | | | Kukui’ula Sale | | | M&C Sale | | | Ag/Energy Assets | | | Total | | ||||||||||||||||||||||||
| Chris Benjamin | | | | | 30% | | | | | | 40% | | | | | | 30% | | | | | | 100% | | | | | $ | 781,770 | | | | | $ | 234,531 | | |
| Brett Brown | | | | | 30% | | | | | | 40% | | | | | | 30% | | | | | | 100% | | | | | $ | 336,000 | | | | | $ | 100,800 | | |
| Lance Parker | | | | | 50% | | | | | | 20% | | | | | | 30% | | | | | | 100% | | | | | $ | 336,000 | | | | | $ | 168,000 | | |
| Nelson Chun | | | | | 25% | | | | | | 25% | | | | | | 25% | | | | | | 75% | | | | | $ | 154,147 | | | | | $ | 51,382 | | |
| Meredith Ching | | | | | 25% | | | | | | 25% | | | | | | 25% | | | | | | 75% | | | | | $ | 132,000 | | | | | $ | 44,000 | | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| PAGE28 | | | | |
| EXECUTIVE COMPENSATION | |
| | | Target LTI | | | LTI Vehicle Mix | | | | Target 2021 | | | LTI Vehicle Mix | | ||||||||||||||||||||||||||
| NEO | | Value | | PSUs | | RSUs | | NEO | | LTI Value | | PSUs | | RSUs | | ||||||||||||||||||||||||
| Mr. Benjamin | | | $ | 1,700,000 | | | | | 50% | | | | | 50% | | | Mr. Benjamin | | | $ | 1,700,000 | | | | | 50% | | | | | 50% | | | ||||||
| Mr. Brown | | | $ | 700,000 | | | | | 50% | | | | | 50% | | | Mr. Brown | | | $ | 700,000 | | | | | 50% | | | | | 50% | | | ||||||
| Mr. Parker | | | $ | 600,000 | | | | | 50% | | | | | 50% | | | Mr. Parker | | | $ | 700,000 | | | | | 50% | | | | | 50% | | | ||||||
| Mr. Chun | | | $ | 250,000 | | | | | 50% | | | | | 50% | | | Mr. Chun | | | $ | 250,000 | | | | | 50% | | | | | 50% | | | ||||||
| Ms. Ching | | | $ | 250,000 | | | | | 50% | | | | | 50% | | | Ms. Ching | | | $ | 250,000 | | | | | 50% | | | | | 50% | | |
| | | | Performance | | | Earnout* | |
| Threshold | | | 35th Percentile | | | 35% of Target | |
| Target | | | 55th Percentile | | | 100% of Target | |
| Maximum | | | 75th Percentile | | | 200% of Target | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| | | | PAGE29 | |
| EXECUTIVE COMPENSATION | |
| NEO | | Base Salary as of 12/31/20 | | Target PIIP Award | | 2020 LTI Grant | | Target Total Direct Compensation | | NEO | | Base Salary as of 12/31/21 | | Target PIIP Award | | 2021 LTI Grant | | Target Total Direct Compensation | | ||||||||||||||||||||||||||||||||
| Mr. Benjamin | | | $ | 690,000 | | | | $ | 759,000 | | | | $ | 1,700,000 | | | | $ | 3,149,000 | | | Mr. Benjamin | | | $ | 710,700 | | | | $ | 781,770 | | | | $ | 1,700,000 | | | | $ | 3,192,470 | | | ||||||||
| Mr. Brown | | | $ | 400,000 | | | | $ | 320,000 | | | | $ | 700,000 | | | | $ | 1,420,000 | | | Mr. Brown | | | $ | 420,000 | | | | $ | 336,000 | | | | $ | 700,000 | | | | $ | 1,456,000 | | | ||||||||
| Mr. Parker | | | $ | 397,838 | | | | $ | 318,270 | | | | $ | 600,000 | | | | $ | 1,316,108 | | | Mr. Parker** | | | $ | 440,000 | | | | $ | 336,000 | | | | $ | 700,000 | | | | $ | 1,476,000 | | | ||||||||
| Mr. Chun | | | $ | 362,805 | | | | $ | 199,543 | | | | $ | 250,000 | | | | $ | 812,348 | | | Mr. Chun | | | $ | 373,689 | | | | $ | 205,529 | | | | $ | 250,000 | | | | $ | 829,218 | | | ||||||||
| Ms. Ching | | | $ | 305,933 | | | | $ | 168,253 | | | | $ | 250,000 | | | | $ | 724,186 | | | Ms. Ching | | | $ | 320,000 | | | | $ | 176,000 | | | | $ | 250,000 | | | | $ | 746,000 | | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| PAGE30 | | | | |
| EXECUTIVE COMPENSATION | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| | | | PAGE31 | |
| EXECUTIVE COMPENSATION | |
| Position | | | Salary Multiple | | |||
| CEO | | | | | 5X | | |
| Other NEOs | | | | | 3X | | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| PAGE32 | | | | |
| EXECUTIVE COMPENSATION | |
| ALEXANDER & BALDWIN, INC. ▪ | |
| | | | PAGE33 | | ||
| EXECUTIVE COMPENSATION | |
| | Name and Principal Position (a) | | Year (b) | | | | Salary ($) (c) | | | | Bonus ($)(1) (d) | | | | Stock Awards ($)(2) (e) | | | | Option Awards ($) (f) | | | | Non-Equity Incentive Plan Compensation ($)(3) (g) | | | | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)(4) (h) | | | | All Other Compensation ($)(5) (i) | | | | Total ($) (j) | | | Name and Principal Position (a) | | Year (b) | | | | Salary ($) (c) | | | | Bonus ($)(1) (d) | | | | Stock Awards ($)(2) (e) | | | | Option Awards ($) (f) | | | | Non-Equity Incentive Plan Compensation ($)(3) (g) | | | | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)(4) (h) | | | | All Other Compensation ($)(5) (i) | | | | Total ($) (j) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Christopher J. Benjamin President and Chief Executive Officer | | | | | 2020 | | | | | | | 690,000 | | | | | | | 386,400 | | | | | | | 1,946,094 | | | | | | | N/A | | | | | | | 69,000 | | | | | | | 300,551 | | | | | | | 78,710 | | | | | | | 3,470,755 | | | | Christopher J. Benjamin President and Chief Executive Officer | | | | | 2021 | | | | | | | 711,523 | | | | | | | 351,797 | | | | | | | 1,834,728 | | | | | | | N/A | | | | | | | 1,137,439 | | | | | | | 0(6) | | | | | | | 101,066 | | | | | | | 4,136,553 | | |
| | | 2019 | | | | | | | 685,000 | | | | | | | 170,116 | | | | | | | 1,969,270 | | | | | | | N/A | | | | | | | 664,884 | | | | | | | 390,393 | | | | | | | 33,403 | | | | | | | 3,913,066 | | | | | | 2020 | | | | | | | 690,000 | | | | | | | 386,400 | | | | | | | 1,946,094 | | | | | | | N/A | | | | | | | 69,000 | | | | | | | 300,551 | | | | | | | 78,710 | | | | | | | 3,470,755 | | | |||||||
| | | 2018 | | | | | | | 665,000 | | | | | | | 268,504 | | | | | | | 2,003,838 | | | | | | | N/A | | | | | | | 509,768 | | | | | | | 0(6) | | | | | | | 32,323 | | | | | | | 3,479,433 | | | | | | 2019 | | | | | | | 685,000 | | | | | | | 170,116 | | | | | | | 1,969,270 | | | | | | | N/A | | | | | | | 664,884 | | | | | | | 390,393 | | | | | | | 33,403 | | | | | | | 3,913,066 | | | |||||||
| | Brett A. Brown(7) Executive Vice President & Chief Financial Officer | | | | | 2020 | | | | | | | 400,000 | | | | | | | 137,600 | | | | | | | 801,301 | | | | | | | N/A | | | | | | | 64,000 | | | | | | | 0 | | | | | | | 40,728 | | | | | | | 1,443,629 | | | | Brett A. Brown(7) Executive Vice President and Chief Financial Officer | | | | | 2021 | | | | | | | 420,955 | | | | | | | 186,480 | | | | | | | 755,459 | | | | | | | N/A | | | | | | | 448,688 | | | | | | | N/A | | | | | | | 62,860 | | | | | | | 1,874,442 | | |
| | | 2019 | | | | | | | 259,231 | | | | | | | 71,728 | | | | | | | 604,043 | | | | | | | N/A | | | | | | | 163,500 | | | | | | | N/A | | | | | | | 96,668(8) | | | | | | | 1,195,170 | | | | | | 2020 | | | | | | | 400,000 | | | | | | | 137,600 | | | | | | | 801,301 | | | | | | | N/A | | | | | | | 64,000 | | | | | | | 0 | | | | | | | 40,728 | | | | | | | 1,443,629 | | | |||||||
| | Lance K. Parker Executive Vice President and Chief Real Estate Officer | | | | | 2020 | | | | | | | 397,838 | | | | | | | 159,135 | | | | | | | 686,836 | | | | | | | N/A | | | | | | | 63,654 | | | | | | | 74,887 | | | | | | | 49,185 | | | | | | | 1,431,535 | | | | | | 2019 | | | | | | | 259,231 | | | | | | | 71,728 | | | | | | | 604,043 | | | | | | | N/A | | | | | | | 163,500 | | | | | | | N/A | | | | | | | 96,668(8) | | | | | | | 1,195,170 | | | |||
| | | 2019 | | | | | | | 394,941 | | | | | | | 59,048 | | | | | | | 729,337 | | | | | | | N/A | | | | | | | 404,363 | | | | | | | 87,508 | | | | | | | 22,815 | | | | | | | 1,698,012 | | | | Lance K. Parker Executive Vice President and Chief Operating Officer(9) | | | | | 2021 | | | | | | | 423,748 | | | | | | | 241,920 | | | | | | | 755,459 | | | | | | | N/A | | | | | | | 448,688 | | | | | | | 10,558 | | | | | | | 63,166 | | | | | | | 1,943,539 | | | ||||
| | | 2018 | | | | | | | 383,438 | | | | | | | 58,734 | | | | | | | 667,946 | | | | | | | N/A | | | | | | | 234,938 | | | | | | | 5,608 | | | | | | | 22,130 | | | | | | | 1,372,794 | | | | | | 2020 | | | | | | | 397,838 | | | | | | | 159,135 | | | | | | | 686,836 | | | | | | | N/A | | | | | | | 63,654 | | | | | | | 74,887 | | | | | | | 49,185 | | | | | | | 1,431,535 | | | |||||||
| | Nelson N. S. Chun Executive Vice President and Chief Legal Officer | | | | | 2020 | | | | | | | 362,805 | | | | | | | 99,771 | | | | | | | 286,186 | | | | | | | N/A | | | | | | | 39,909 | | | | | | | 32,480 | | | | | | | 38,737 | | | | | | | 859,888 | | | | | | 2019 | | | | | | | 394,941 | | | | | | | 59,048 | | | | | | | 729,337 | | | | | | | N/A | | | | | | | 404,363 | | | | | | | 87,508 | | | | | | | 22,815 | | | | | | | 1,698,012 | | | |||
| | | 2019 | | | | | | | 360,163 | | | | | | | 49,839 | | | | | | | 303,877 | | | | | | | N/A | | | | | | | 174,800 | | | | | | | 77,702 | | | | | | | 21,546 | | | | | | | 987,927 | | | | Nelson N. S. Chun Executive Vice President and Chief Legal Officer(11) | | | | | 2021 | | | | | | | 376,716 | | | | | | | 92,488 | | | | | | | 269,809 | | | | | | | N/A | | | | | | | 274,460 | | | | | | | 0(10) | | | | | | | 50,657 | | | | | | | 1,064,130 | | | ||||
| | | 2018 | | | | | | | 349,674 | | | | | | | 70,566 | | | | | | | 306,116 | | | | | | | N/A | | | | | | | 133,972 | | | | | | | 0(9) | | | | | | | 20,908 | | | | | | | 881,236 | | | | | | 2020 | | | | | | | 362,805 | | | | | | | 99,771 | | | | | | | 286,186 | | | | | | | N/A | | | | | | | 39,909 | | | | | | | 32,480 | | | | | | | 38,737 | | | | | | | 859,888 | | | |||||||
| | Meredith J. Ching Executive Vice President, External Affairs | | | | | 2020 | | | | | | | 305,933 | | | | | | | 84,131 | | | | | | | 286,186 | | | | | | | N/A | | | | | | | 33,653 | | | | | | | 145,361 | | | | | | | 32,700 | | | | | | | 887,964 | | | | | | 2019 | | | | | | | 360,163 | | | | | | | 49,839 | | | | | | | 303,877 | | | | | | | N/A | | | | | | | 174,800 | | | | | | | 77,702 | | | | | | | 21,546 | | | | | | | 987,927 | | | |||
| | | 2019 | | | | | | | 275,244 | | | | | | | 42,027 | | | | | | | 303,877 | | | | | | | N/A | | | | | | | 147,398 | | | | | | | 193,129 | | | | | | | 18,304 | | | | | | | 979,979 | | | | Meredith J. Ching Executive Vice President, External Affairs | | | | | 2021 | | | | | | | 318,944 | | | | | | | 100,320 | | | | | | | 269,809 | | | | | | | N/A | | | | | | | 235,027 | | | | | | | 0(12) | | | | | | | 42,958 | | | | | | | 967,058 | | | ||||
| | | 2018 | | | | | | | 277,923 | | | | | | | 59,504 | | | | | | | 306,116 | | | | | | | N/A | | | | | | | 112,971 | | | | | | | 0(10) | | | | | | | 15,146 | | | | | | | 771,660 | | | | | | 2020 | | | | | | | 305,933 | | | | | | | 84,131 | | | | | | | 286,186 | | | | | | | N/A | | | | | | | 33,653 | | | | | | | 145,361 | | | | | | | 32,700 | | | | | | | 887,964 | | | |||||||
| | | | 2019 | | | | | | | 275,244 | | | | | | | 42,027 | | | | | | | 303,877 | | | | | | | N/A | | | | | | | 147,398 | | | | | | | 193,129 | | | | | | | 18,304 | | | | | | | 979,979 | | |
| ALEXANDER & BALDWIN, INC. ▪ | |
| PAGE34 | | | | | ||
| EXECUTIVE COMPENSATION | |
| | | | | | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | | | All Other Stock Awards: Number of Shares of Stock or Units (#)(3) (i) | | All Other Option Awards: Number of Securities Underlying Options (#)(4) (j) | | Exercise or Base Price of Option Awards ($/Sh) (k) | | Grant Date Fair Value of Stock and Option Awards ($)(5) (l) | | | | | | | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | | | All Other Stock Awards: Number of Shares of Stock or Units (#)(3) (i) | | All Other Option Awards: Number of Securities Underlying Options (#)(4) (j) | | Exercise or Base Price of Option Awards ($/Sh) (k) | | Grant Date Fair Value of Stock and Option Awards ($)(5) (l) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name (a) | | Grant Date (b) | | Threshold ($) (c) | | Target ($) (d) | | Maximum ($) (e) | | Threshold (#) (f) | | Target (#) (g) | | Maximum (#) (h) | | Name (a) | | Grant Date (b) | | Threshold ($) (c) | | Target ($) (d) | | Maximum ($) (e) | | Threshold (#) (f) | | Target (#) (g) | | Maximum (#) (h) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Christopher J. Benjamin | | | | 2/1/20 | | | | | 284,625 | | | | | 569,250 | | | | | 1,138,500 | | | | | 13,609 | | | | | 38.883 | | | | | 77,766 | | | | | 38,883 | | | | | N/A | | | | | N/A | | | | | 1,946,094 | | | Christopher J. Benjamin | | | | 2/1/21 | | | | | 351,797 | | | | | 703,593 | | | | | 1,407,186 | | | | | 19,169 | | | | | 54,768 | | | | | 109,536 | | | | | 54,768 | | | | | N/A | | | | | N/A | | | | | 1,834,728 | | | ||||||||||||||||||||||
| Brett A. Brown | | | | 2/1/20 | | | | | 120,000 | | | | | 240,000 | | | | | 480,000 | | | | | 5,604 | | | | | 16,010 | | | | | 32,020 | | | | | 16,010 | | | | | N/A | | | | | N/A | | | | | 801,301 | | | Brett A. Brown | | | | 2/1/21 | | | | | 134,400 | | | | | 268,800 | | | | | 537,600 | | | | | 7,893 | | | | | 22,551 | | | | | 45,102 | | | | | 22,551 | | | | | N/A | | | | | N/A | | | | | 755,459 | | | ||||||||||||||||||||||
| Lance K. Parker | | | | 2/1/20 | | | | | 119,351 | | | | | 238,703 | | | | | 477,406 | | | | | 4,803 | | | | | 13,723 | | | | | 27,446 | | | | | 13,723 | | | | | N/A | | | | | N/A | | | | | 686,836 | | | Lance K. Parker | | | | 2/1/21 | | | | | 134,400 | | | | | 268,800 | | | | | 537,600 | | | | | 7,893 | | | | | 22,551 | | | | | 45,102 | | | | | 22,551 | | | | | N/A | | | | | N/A | | | | | 755,459 | | | ||||||||||||||||||||||
| Nelson N. S. Chun | | | | 2/1/20 | | | | | 74,829 | | | | | 149,657 | | | | | 299,314 | | | | | 2,001 | | | | | 5,718 | | | | | 11,436 | | | | | 5,718 | | | | | N/A | | | | | N/A | | | | | 286,186 | | | Nelson N. S. Chun | | | | 2/1/21 | | | | | 82,212 | | | | | 164,423 | | | | | 328,846 | | | | | 2,819 | | | | | 8,054 | | | | | 16,108 | | | | | 8,054 | | | | | N/A | | | | | N/A | | | | | 269,809 | | | ||||||||||||||||||||||
| Meredith J. Ching | | | | 2/1/20 | | | | | 63,099 | | | | | 126,197 | | | | | 252,395 | | | | | 2,001 | | | | | 5,718 | | | | | 11,436 | | | | | 5,718 | | | | | N/A | | | | | N/A | | | | | 286,186 | | | Meredith J. Ching | | | | 2/1/21 | | | | | 70,400 | | | | | 140,800 | | | | | 281,600 | | | | | 2,818 | | | | | 8,054 | | | | | 16,108 | | | | | 8,054 | | | | | N/A | | | | | N/A | | | | | 269,809 | | |
| ALEXANDER & BALDWIN, INC. ▪ | |
| | | | PAGE35 | | ||
| EXECUTIVE COMPENSATION | |
| | | Option Awards | | Stock Awards | | | | Option Awards | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name (a) | | Number of Securities Underlying Unexercised Options (#) Exercisable (b) | | Number of Securities Underlying Unexercised Options (#) Unexercisable (c) | | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) (d) | | Option Exercise Price ($) (e) | | Option Expiration Date (f) | | Number of Shares or Units of Stock that Have Not Vested (#) (g) | | Market Value of Shares or Units of Stock that Have Not Vested ($)(5) (h) | | Equity In- centive Plan Awards: Number of Unearned Shares, Units or Other Rights that Have Not Vested (#) (i) | | Equity In- centive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights that Have Not Vested ($)(5) (j) | | Name (a) | | Number of Securities Underlying Unexercised Options (#) Exercisable (b) | | Number of Securities Underlying Unexercised Options (#) Unexercisable (c) | | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) (d) | | Option Exercise Price ($) (e) | | Option Expiration Date (f) | | Number of Shares or Units of Stock that Have Not Vested (#) (g) | | Market Value of Shares or Units of Stock that Have Not Vested ($)(5) (h) | | Equity In- centive Plan Awards: Number of Unearned Shares, Units or Other Rights that Have Not Vested (#) (i) | | Equity In- centive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights that Have Not Vested ($)(5) (j) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Christopher J. Benjamin | | | | 50,677 | | | | | — | | | | | — | | | | | 14.92 | | | | | 1/24/2022 | | | | | 73,531(1) | | | | | 1,263,263 | | | | | 107,111(6) | | | | | 1,840,167 | | | Christopher J. Benjamin | | | | 0 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 92,595(1) | | | | | 2,323,209 | | | | | 129,365(6) | | | | | 3,245,768 | | | ||||||||||||||||||
| Brett A. Brown | | | | N/A | | | | | N/A | | | | | N/A | | | | | N/A | | | | | N/A | | | | | 23,163(2) | | | | | 397,940 | | | | | 26,739(7) | | | | | 459,376 | | | Brett A. Brown | | | | 0 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 36,802(2) | | | | | 923,362 | | | | | 49,290(7) | | | | | 1,236,686 | | | ||||||||||||||||||
| Lance K. Parker | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 26,154(3) | | | | | 449,326 | | | | | 37,788(8) | | | | | 649,198 | | | Lance K. Parker | | | | 0 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 36,109(3) | | | | | 905,975 | | | | | 49,501(8) | | | | | 1,241,980 | | | ||||||||||||||||||
| Nelson N.S. Chun | | | | | 23,389 | | | | | — | | | | | — | | | | | 14.92 | | | | | 1/24/2022 | | | | | 11,048(4) | | | | | 189,805 | | | | | 16,196(9) | | | | | 278,247 | | | Nelson N.S. Chun | | | | 0 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 13,703(4) | | | | | 343,808 | | | | | 19,283(9) | | | | | 483,810 | | | |||||||||||||||||
| Meredith J. Ching | | | | 17,539 | | | | | — | | | | | — | | | | | 14.92 | | | | | 1/24/2022 | | | | | 11,048(4) | | | | | 189,805 | | | | | 16,196(9) | | | | | 278,247 | | | Meredith J. Ching | | | | 0 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 13,703(4) | | | | | 343,808 | | | | | 19,283(9) | | | | | 483,810 | | | ||||||||||||||||||
|
| ALEXANDER & BALDWIN, INC. ▪ | |
| PAGE36 | | | | | ||
| EXECUTIVE COMPENSATION | |
| | | OPTION AWARDS | | STOCK AWARDS | | | | OPTION AWARDS | | STOCK AWARDS | | ||||||||||||||||||||||||||||||||||||||||
| Name (a) | | Number of Shares Acquired on Exercise (#) (b) | | Value Realized on Exercise ($) (c) | | Number of Shares Acquired on Vesting (#) (d)(4) | | Value Realized on Vesting ($) (e) | | Name (a) | | Number of Shares Acquired on Exercise (#) (b) | | Value Realized on Exercise ($) (c) | | Number of Shares Acquired on Vesting (#) (d)(4) | | Value Realized on Vesting ($) (e) | | ||||||||||||||||||||||||||||||||
| Christopher J. Benjamin | | | | 0 | | | | | 0 | | | | | 30,886 | | | | | 676,494 | | | Christopher J. Benjamin | | | | 50,677 | | | | | 261,000 | | | | | 35,704 | | | | | 552,410 | | | ||||||||
| Brett A. Brown | | | | N/A | | | | | N/A | | | | | 3,576 | | | | | 43,127 | | | Brett A. Brown | | | | 0 | | | | | 0 | | | | | 8,912 | | | | | 152,010 | | | ||||||||
| Lance K. Parker | | | | 1,740 | | | | | 3,236 | | | | | 9,942 | | | | | 217,794 | | | Lance K. Parker | | | | 0 | | | | | 0 | | | | | 12,596 | | | | | 195,015 | | | ||||||||
| Nelson N. S. Chun | | | | 31,291 | | | | | 86,989 | | | | | 5,238 | | | | | 114,722 | | | Nelson N. S. Chun | | | | 23,389 | | | | | 123,962 | | | | | 5,399 | | | | | 83,534 | | | ||||||||
| Meredith J. Ching | | | | 23,466 | | | | | 43,647 | | | | | 5,238 | | | | | 114,722 | | | Meredith J. Ching | | | | 17,539 | | | | | 161,359 | | | | | 5,399 | | | | | 83,534 | | |
| Name (a) | | Plan Name (b) | | Number of Years Credited Service(1) (#) (c) | | Present Value of Accumulated Benefit ($) (d) | | Payments During Last Fiscal Year ($) (e) | | Name (a) | | Plan Name (b) | | Number of Years Credited Service(1) (#) (c) | | Present Value of Accumulated Benefit ($) (d) | | Payments During Last Fiscal Year ($) (e) | | ||||||||||||||||||||||||||
| Christopher J. Benjamin | | | A&B Retirement Plan for Salaried Employees | | | | 18.4 | | | | | 755,533 | | | | | — | | | Christopher J. Benjamin | | | A&B Retirement Plan for Salaried Employees | | | | 18.4 | | | | | 747,729 | | | | | — | | | ||||||
| | | A&B Excess Benefits Plan | | | | 18.4 | | | | | 1,767,467 | | | | | — | | | | | A&B Excess Benefits Plan | | | | 18.4 | | | | | 1,770,880 | | | | | — | | | ||||||||
| Brett A. Brown | | | A&B Retirement Plan for Salaried Employees | | | | 0 | | | | | — | | | | | — | | | Brett A. Brown | | | A&B Retirement Plan for Salaried Employees | | | | 0 | | | | | — | | | | | — | | | ||||||
| | | A&B Excess Benefits Plan | | | | 0 | | | | | — | | | | | — | | | | | A&B Excess Benefits Plan | | | | 0 | | | | | — | | | | | — | | | ||||||||
| Lance K. Parker | | | A&B Retirement Plan for Salaried Employees | | | | 15.3 | | | | | 367,995 | | | | | — | | | Lance K. Parker | | | A&B Retirement Plan for Salaried Employees | | | | 15.3 | | | | | 368,177 | | | | | — | | | ||||||
| | | A&B Excess Benefits Plan | | | | 15.3 | | | | | 73,475 | | | | | — | | | | | A&B Excess Benefits Plan | | | | 15.3 | | | | | 83,851 | | | | | — | | | ||||||||
| Nelson N. S. Chun | | | A&B Retirement Plan for Salaried Employees | | | | 16.2 | | | | | 578,852 | | | | | — | | | Nelson N. S. Chun | | | A&B Retirement Plan for Salaried Employees | | | | 16.2 | | | | | 557,821 | | | | | — | | | ||||||
| | | A&B Excess Benefits Plan | | | | 16.2 | | | | | 633,921 | | | | | — | | | | | A&B Excess Benefits Plan | | | | 16.2 | | | | | 611,744 | | | | | — | | | ||||||||
| Meredith J. Ching | | | A&B Retirement Plan for Salaried Employees | | | | 37.6 | | | | | 1,983,134 | | | | | — | | | Meredith J. Ching | | | A&B Retirement Plan for Salaried Employees | | | | 37.6 | | | | | 1,905,628 | | | | | — | | | ||||||
| | | A&B Excess Benefits Plan | | | | 37.6 | | | | | 643,160 | | | | | — | | | | | A&B Excess Benefits Plan | | | | 37.6 | | | | | 632,644 | | | | | — | | |
| ALEXANDER & BALDWIN, INC. ▪ | |
| | | PAGE37 | | |
| EXECUTIVE COMPENSATION | |
| ALEXANDER & BALDWIN, INC. ▪ | |
| PAGE38 | | | | | ||
| EXECUTIVE COMPENSATION | |
| Name (a) | | Executive Contributions in Last FY ($) (b) | | Registrant Contributions in Last FY ($)(1) (c) | | Aggregate Earnings in Last FY ($)(2) (d) | | Aggregate Withdrawals/ Distributions ($) (e) | | Aggregate Balance at Last FYE ($)(1) (f) | | Name (a) | | Executive Contributions in Last FY ($) (b) | | Registrant Contributions in Last FY ($)(1) (c) | | Aggregate Earnings/Loss in Last FY ($)(2) (d) | | Aggregate Withdrawals/ Distributions ($) (e) | | Aggregate Balance at Last FYE ($)(1) (f) | | ||||||||||||||||||||||||||||||||||||||||
| Christopher J. Benjamin | | | | — | | | | | 59,045 | | | | | 22,785 | | | | | — | | | | | 137,372 | | | Christopher J. Benjamin | | | | — | | | | | 70,036 | | | | | 12,920 | | | | | — | | | | | 220,328 | | | ||||||||||
| Brett A. Brown | | | | — | | | | | 21,063 | | | | | — | | | | | — | | | | | 21,063 | | | Brett A. Brown | | | | — | | | | | 31,830 | | | | | 1,342 | | | | | — | | | | | 54,235 | | | ||||||||||
| Lance K. Parker | | | | — | | | | | 29,520 | | | | | 4,442 | | | | | — | | | | | 42,189 | | | Lance K. Parker | | | | — | | | | | 32,136 | | | | | 4,790 | | | | | — | | | | | 79,115 | | | ||||||||||
| Nelson N. S. Chun | | | | — | | | | | 19,072 | | | | | 4,700 | | | | | — | | | | | 40,706 | | | Nelson N. S. Chun | | | | — | | | | | 19,627 | | | | | (218) | | | | | — | | | | | 60,115 | | | ||||||||||
| Meredith J. Ching | | | | — | | | | | 13,035 | | | | | 35 | | | | | — | | | | | 13,179 | | | Meredith J. Ching | | | | — | | | | | 11,928 | | | | | 667 | | | | | — | | | | | 25,774 | | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| | | | PAGE39 | |
| EXECUTIVE COMPENSATION | |
| Christopher J. Benjamin | | ||||||||||||||||||||||||||||||||||||||||||
| Components | | | Change in Control w/Termination | | | Termination w/o Cause(1) | | | Termination w/Cause | | | Voluntary Resignation | | | Death | | | Disability(2) | | | Retirement(3) | | |||||||||||||||||||||
| Cash Severance | | | | $ | 2,898,000 | | | | | $ | 690,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Retirement Benefits(4) | | | | $ | (141,011)(6) | | | | | $ | (69,188)(6) | | | | | $ | (69,188)(6) | | | | | $ | (69,188)(6) | | | | | $ | (69,188)(6) | | | | | $ | (69,188)(6) | | | | |||||
| | | | | $ | (9,215)(5)(6) | | | | | $ | (9,215)(5)(6) | | | | | $ | (9,215)(5)(6) | | | | | $ | (9,215)(5)(6) | | | | | $ | (235,740)(5)(6) | | | | | $ | (9,215)(5)(6) | | | | |||||
| Health & Welfare Benefits | | | | $ | 45,860 | | | | | $ | 20,592 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Outplacement Counseling | | | | $ | 10,000 | | | | | $ | 10,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Long-Term Incentives(7) | | | | $ | 2,574,660 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 1,478,798 | | | | | $ | 1,478,798 | | | | | $ | 1,478,798 | | |
| Total (Lump-sum) | | | | $ | 5,387,509 | | | | | $ | 651,404 | | | | | $ | (69,188)(6) | | | | | $ | (69,188)(6) | | | | | $ | 1,409,610 | | | | | $ | 1,478,798 | | | | | $ | 1,409,610 | | |
| Total (Annuity) | | | | $ | (9,215)(6) | | | | | $ | (9,215)(6) | | | | | $ | (9,215)(6) | | | | | $ | (9,215)(6) | | | | | $ | (235,740)(6) | | | | | $ | (9,215)(6) | | | |
| Brett A. Brown | | ||||||||||||||||||||||||||||||||||||||||||
| Components | | | Change in Control w/Termination | | | Termination w/o Cause(1) | | | Termination w/Cause | | | Voluntary Resignation | | | Death | | | Disability(2) | | | Retirement(3) | | |||||||||||||||||||||
| Cash Severance | | | | $ | 955,619 | | | | | $ | 400,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Retirement Benefits(4) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Health & Welfare Benefits | | | | $ | 57,117 | | | | | $ | 26,707 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Outplacement Counseling | | | | $ | 10,000 | | | | | $ | 10,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Long-Term Incentives(7) | | | | $ | 867,382 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 462,499 | | | | | $ | 462,499 | | | | | $ | 462,499 | | |
| Total (Lump-sum) | | | | $ | 1,890,118 | | | | | $ | 436,707 | | | | | | — | | | | | | — | | | | | $ | 462,499 | | | | | $ | 462,499 | | | | | $ | 462,499 | | |
| Total (Annuity) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Christopher J. Benjamin | | ||||||||||||||||||||||||||||||||||||||||||
| Components | | | Change in Control w/Qualifying Termination | | | Termination w/o Cause(1) | | | Termination w/Cause | | | Voluntary Resignation | | | Death | | | Disability(2) | | | Retirement(3) | | |||||||||||||||||||||
| Cash Severance | | | | $ | 2,984,940 | | | | | $ | 710,700 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Retirement Benefits(4) | | | | $ | 563 | | | | | $ | (2,492)(6) | | | | | $ | (2,492)(6) | | | | | $ | (2,492)(6) | | | | | $ | (2,492)(6) | | | | | | — | | | | | $ | (2,492)(6) | | |
| | | | | $ | 12,096(5) | | | | | $ | 12,096(5) | | | | | $ | 12,096(5) | | | | | $ | 12,096(5) | | | | | $ | (247,087)(5)(6) | | | | | | — | | | | | $ | 12,096 | | |
| Health & Welfare Benefits | | | | $ | 46,716 | | | | | $ | 21,020 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Outplacement Counseling | | | | $ | 10,000 | | | | | $ | 10,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Long-Term Incentives(7) | | | | $ | 4,846,989 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 3,493,674 | | | | | $ | 3,493,674 | | | | | $ | 3,493,674 | | |
| Total (Lump-sum) | | | | $ | 7,889,209 | | | | | $ | 739,228 | | | | | $ | (2,492)(6) | | | | | $ | (2,492)(6) | | | | | $ | 3,491,182 | | | | | $ | 3,493,674 | | | | | $ | 3,491,182 | | |
| Total (Annuity) | | | | $ | 12,096 | | | | | $ | 12,096 | | | | | $ | 12,096 | | | | | $ | 12,096 | | | | | $ | (247,087)(6) | | | | | | — | | | | | $ | 12,096 | | |
| Brett A. Brown | | ||||||||||||||||||||||||||||||||||||||||||
| Components | | | Change in Control w/Qualifying Termination | | | Termination w/o Cause(1) | | | Termination w/Cause | | | Voluntary Resignation | | | Death | | | Disability(2) | | | Retirement(3) | | |||||||||||||||||||||
| Cash Severance | | | | $ | 1,512,000 | | | | | $ | 420,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Retirement Benefits(4) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Health & Welfare Benefits | | | | $ | 58,892 | | | | | $ | 27,518 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Outplacement Counseling | | | | $ | 10,000 | | | | | $ | 10,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Long-Term Incentives(7) | | | | $ | 1,958,062 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 1,270,949 | | | | | $ | 1,270,949 | | | | | $ | 1,270,949 | | |
| Total (Lump-sum) | | | | $ | 3,538,954 | | | | | $ | 457,518 | | | | | | — | | | | | | — | | | | | $ | 1,270,949 | | | | | $ | 1,270,949 | | | | | $ | 1,270,949 | | |
| Total (Annuity) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| ALEXANDER & BALDWIN, INC. ▪ | |
| PAGE40 | | | | |
| EXECUTIVE COMPENSATION | |
| Lance K. Parker | | ||||||||||||||||||||||||||||||||||||||||||
| Components | | | Change in Control w/Termination | | | Termination w/o Cause(1) | | | Termination w/Cause | | | Voluntary Resignation | | | Death | | | Disability(2) | | | Retirement(3) | | |||||||||||||||||||||
| Cash Severance | | | | $ | 1,295,655 | | | | | $ | 397,838 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Retirement Benefits(4) | | | | $ | 60,801 | | | | | $ | 3,994 | | | | | $ | 3,994 | | | | | $ | 3,994 | | | | | $ | 3,994 | | | | | | — | | | | | | not yet eligible | | |
| | | | | $ | (42,781)(6) | | | | | $ | (42,781)(6) | | | | | $ | (42,781)(6) | | | | | $ | ($42,781)(6) | | | | | $ | (155,902)(5)(6) | | | | | | — | | | | | | not yet eligible | | |
| Health & Welfare Benefits | | | | $ | 52,574 | | | | | $ | 25,528 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Outplacement Counseling | | | | $ | 10,000 | | | | | $ | 10,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Long-Term Incentives(7) | | | | $ | 923,012 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 528,995 | | | | | $ | 528,995 | | | | | $ | 528,995 | | |
| Total (Lump-sum) | | | | $ | 2,342,041 | | | | | $ | 437,360 | | | | | $ | 3,994 | | | | | $ | 3,994 | | | | | $ | 532,995 | | | | | $ | 528,995 | | | | | $ | 528,995 | | |
| Total (Annuity) | | | | $ | (42,781)(6) | | | | | $ | (42,781)(6) | | | | | $ | (42,781)(6) | | | | | $ | ($42,781)(6) | | | | | $ | (155,902)(6) | | | | | | — | | | | | | not yet eligible | | |
| Nelson N. S. Chun(8) | | ||||||||||||||||||||||||||||||||||||||||||
| Components | | | Change in Control w/Termination | | | Termination w/o Cause(1) | | | Termination w/Cause | | | Voluntary Resignation | | | Death | | | Disability(2) | | | Retirement(3) | | |||||||||||||||||||||
| Cash Severance | | | | $ | 1,124,696 | | | | | $ | 362,805 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Retirement Benefits(4) | | | | $ | (23,331)(6) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (200,348)(5)(6) | | | | | | — | | | | | | — | | |
| Health & Welfare Benefits | | | | $ | 42,311 | | | | | $ | 19,498 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Outplacement Counseling | | | | $ | 10,000 | | | | | $ | 10,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Long-Term Incentives(7) | | | | $ | 387,194 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 223,021 | | | | | $ | 223,021 | | | | | $ | 233,021 | | |
| Total (Lump-sum) | | | | $ | 1,540,869 | | | | | $ | 392,303 | | | | | | — | | | | | | — | | | | | $ | 223,021 | | | | | $ | 223,021 | | | | | $ | 233,021 | | |
| Total (Annuity) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (200,348)(6) | | | | | | — | | | | | | — | | |
| Meredith J. Ching(8) | | ||||||||||||||||||||||||||||||||||||||||||
| Components | | | Change in Control w/Termination | | | Termination w/o Cause(1) | | | Termination w/Cause | | | Voluntary Resignation | | | Death | | | Disability(2) | | | Retirement(3) | | |||||||||||||||||||||
| Cash Severance | | | | $ | 948,392 | | | | | $ | 305,933 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Retirement Benefits(4) | | | | $ | (27,317)(6) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (1,223,543)(5)(6) | | | | | | — | | | | | | — | | |
| Health & Welfare Benefits | | | | $ | 24,328 | | | | | $ | 10,807 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Outplacement Counseling | | | | $ | 10,000 | | | | | $ | 10,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Long-Term Incentives(7) | | | | $ | 387,194 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 223,021 | | | | | $ | 223,021 | | | | | $ | 223,021 | | |
| Total (Lump-sum) | | | | $ | 1,342,597 | | | | | $ | 326,740 | | | | | | — | | | | | | — | | | | | $ | 223,021 | | | | | $ | 223,021 | | | | | $ | 223,021 | | |
| Total (Annuity) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (1,223,543)(6) | | | | | | — | | | | | | — | | |
| Lance K. Parker | | ||||||||||||||||||||||||||||||||||||||||||
| Components | | | Change in Control w/Qualifying Termination | | | Termination w/o Cause(1) | | | Termination w/Cause | | | Voluntary Resignation | | | Death | | | Disability(2) | | | Retirement(3) | | |||||||||||||||||||||
| Cash Severance | | | | $ | 1,113,896 | | | | | $ | 440,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Retirement Benefits(4) | | | | $ | 57,367 | | | | | $ | (5,182)(6) | | | | | $ | (5,182)(6) | | | | | $ | (5,182)(6) | | | | | $ | (5,182)(6) | | | | | | — | | | | | | not yet eligible | | |
| | | | | $ | (40,173)(5)(6) | | | | | $ | (40,173)(5)(6) | | | | | $ | (40,173)(5)(6) | | | | | $ | (40,173)(5)(6) | | | | | $ | (142,578)(5)(6) | | | | | | — | | | | | | not yet eligible | | |
| Health & Welfare Benefits | | | | $ | 58,854 | | | | | $ | 27,446 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Outplacement Counseling | | | | $ | 10,000 | | | | | $ | 10,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Long-Term Incentives(7) | | | | $ | 1,882,603 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 1,348,301 | | | | | $ | 1,348,301 | | | | | $ | 1,348,301 | | |
| Total (Lump-sum) | | | | $ | 3,122,720 | | | | | $ | 472,264 | | | | | $ | (5,182)(6) | | | | | $ | (5,182)(6) | | | | | $ | 1,343,119 | | | | | $ | 1,348,301 | | | | | $ | 1,348,301 | | |
| Total (Annuity) | | | | $ | (40,173)(6) | | | | | $ | (40,173)(6) | | | | | $ | (40,173)(6) | | | | | $ | (40,173)(6) | | | | | $ | (142,578)(6) | | | | | | — | | | | | | not yet eligible | | |
|
| Nelson N. S. Chun(8) | | ||||||||||||||||||||||||||||||||||||||||||
| Components | | | Change in Control w/Qualifying Termination | | | Termination w/o Cause(1) | | | Termination w/Cause | | | Voluntary Resignation | | | Death | | | Disability(2) | | | Retirement(3) | | |||||||||||||||||||||
| Cash Severance | | | | $ | 1,158,436 | | | | | $ | 373,689 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Retirement Benefits(4) | | | | $ | 4,196 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (185,359)(5)(6) | | | | | | — | | | | | | — | | |
| Health & Welfare Benefits | | | | $ | 43,417 | | | | | $ | 20,011 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Outplacement Counseling | | | | $ | 10,000 | | | | | $ | 10,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | – | | |
| Long-Term Incentives(7) | | | | $ | 715,266 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 515,991 | | | | | $ | 515,991 | | | | | $ | 515,991 | | |
| Total (Lump-sum) | | | | $ | 1,931,315 | | | | | $ | 403,700 | | | | | | — | | | | | | — | | | | | $ | 515,991 | | | | | $ | 515,991 | | | | | $ | 515,991 | | |
| Total (Annuity) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (185,359)(6) | | | | | | — | | | | | | — | | |
|
| Meredith J. Ching(8) | | ||||||||||||||||||||||||||||||||||||||||||
| Components | | | Change in Control w/Qualifying Termination | | | Termination w/o Cause(1) | | | Termination w/Cause | | | Voluntary Resignation | | | Death | | | Disability(2) | | | Retirement(3) | | |||||||||||||||||||||
| Cash Severance | | | | $ | 992,000 | | | | | $ | 320,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Retirement Benefits(4) | | | | $ | 3,446 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (1,168,239)(5)(6) | | | | | | — | | | | | | — | | |
| Health & Welfare Benefits | | | | $ | 25,072 | | | | | $ | 11,129 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Outplacement Counseling | | | | $ | 10,000 | | | | | $ | 10,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Long-Term Incentives(7) | | | | $ | 715,266 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 515,991 | | | | | $ | 515,991 | | | | | $ | 515,991 | | |
| Total (Lump-sum) | | | | $ | 1,745,784 | | | | | $ | 341,129 | | | | | | — | | | | | | — | | | | | $ | 515,991 | | | | | $ | 515,991 | | | | | $ | 515,991 | | |
| Total (Annuity) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (1,168,239)(6) | | | | | | — | | | | | | — | | |
|
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| | | | PAGE41 | |
| EXECUTIVE COMPENSATION | |
| | | Summary Compensation Table Amount | | + | | Company Contribution to Health Plans | | = | | Total Pay | | | | Summary Compensation Table Amount | | + | | Company Contribution to Health Plans | | = | | Total Pay | | ||||||||||||||||||||||||||||
| CEO | | | $ | 3,470,755 | | | | | | $ | 15,566 | | | | | | $ | 3,486,321 | | | CEO | | | $ | 4,136,553 | | | | | | $ | 15,994 | | | | | | $ | 4,152,547 | | | ||||||||||
| Median Employee | | | $ | 81,338 | | | | | | $ | 19,249 | | | | | | $ | 100,587 | | | Median Employee | | | $ | 95,674 | | | | | | $ | 18,908 | | | | | | $ | 114,582 | | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| PAGE42 | | | | |
| EXECUTIVE COMPENSATION | |
| ALEXANDER & BALDWIN, INC. ▪ | |
| | | PAGE43 | | |
| EXECUTIVE COMPENSATION | |
| | | | Year Ended | | | | | Year Ended | | | | | | | | ||||||||||||||||||||||||
| (In millions) | | 2020 | | 2019 | | Change | | (In millions) | | 2021 | | 2020 | | Change | | ||||||||||||||||||||||||
| Commercial Real Estate operating profit | | | $ | 49.8 | | | | $ | 66.2 | | | | | | | | Commercial Real Estate operating profit | | | $ | 72.6 | | | | $ | 49.8 | | | | | | | | ||||||
| Adjustments: | | | | | | | | | | | | | | | | | Adjustments: | | | | | | | | | | | | | | | | | ||||||
| Depreciation and amortization | | | | 40.1 | | | | | 36.7 | | | | | | | | Depreciation and amortization | | | | 37.7 | | | | | 40.1 | | | | | | | | ||||||
| Straight-line lease adjustments | | | | 1.3 | | | | | (5.1) | | | | | | | | Straight-line lease adjustments | | | | (4.4) | | | | | 1.3 | | | | | | | | ||||||
| Favorable/(unfavorable) lease amortization | | | | (1.2) | | | | | (1.6) | | | | | | | | Favorable/(unfavorable) lease amortization | | | | (0.9) | | | | | (1.2) | | | | | | | | ||||||
| Termination income | | | | (2.3) | | | | | (0.1) | | | | | | | | Termination income | | | | (0.2) | | | | | (2.3) | | | | | | | | ||||||
| Other (income)/expense, net | | | | (0.9) | | | | | (2.0) | | | | | | | | Other (income)/expense, net | | | | (0.6) | | | | | (0.9) | | | | | | | | ||||||
| Selling, general, administrative and other expenses | | | | 7.5 | | | | | 10.1 | | | | | | | | | Selling, general, administrative and other expenses | | | | 6.5 | | | | | 7.5 | | | | | | | | |||||
| NOI | | | $ | 94.3 | | | | $ | 104.2 | | | | | | | | NOI | | | $ | 110.7 | | | | $ | 94.3 | | | | | | | | ||||||
| Acquisitions / dispositions and other adjustments | | | | (13.5) | | | | | (11.6) | | | | | | | | | Acquisitions / dispositions and other adjustments | | | | (2.9) | | | | | (2.4) | | | | | | | | |||||
| Same-Store Cash NOI | | | $ | 80.8 | | | | $ | 92.6 | | | | | (12.7)% | | | Same-Store NOI | | | $ | 107.8 | | | | $ | 91.9 | | | | | 17.3% | | | ||||||
| Non-Same Store Cash NOI | | | $ | 13.5 | | | | $ | 11.6 | | | | | | | | | Non-Same Store NOI | | | $ | 2.9 | | | | $ | 2.4 | | | | | | | | |||||
|
| (In Millions) | | | 2020 | | |||
| Net Cash Provided by Operations | | | | $ | 63.1 | | |
| Adjustments: | | | | | | | |
| Add: Net cash provided by (used in) investing activities | | | | | 12.0 | | |
| Add: Enterprise resource planning system costs | | | | | 1.1 | | |
| Less: Capital expenditures for acquisitions | | | | | — | | |
| Adjusted Free Cash Flow | | | | $ | 76.2 | | |
| (In Millions) | | 2020 | | (In Millions) | | 2021 | | ||||||||
| Selling, General and Administrative Expense | | | $ | 46.1 | | | Selling, General and Administrative Expense | | | $ | 51.9 | | | ||
| Adjustments: | | | | | | | Adjustments: | | | | | | | ||
| M&C Segment Selling, General and Administrative Expense | | | | (15.0) | | | M&C Segment Selling, General and Administrative Expense | | | | (15.2) | | | ||
| Enterprise Resource Planning System Costs | | | | (1.1) | | | Adjusted Non-Grace G&A Expenses | | | $ | 36.7 | | | ||
| Adjusted Non-Grace G&A Expenses | | | $ | 30.0 | | |
| ALEXANDER & BALDWIN, INC. ▪ | |
| PAGE44 | | | | |
| EXECUTIVE COMPENSATION | |
| (In Millions) | | | 2021 | | |||
| Net Income | | | | $ | 35.8 | | |
| Adjustments: | | | | | | | |
| Depreciation and amortization of commercial real estate | | | | | 50.4 | | |
| Interest expense | | | | | 26.3 | | |
| Income tax expense (benefit) | | | | | — | | |
| Consolidated EBITDA | | | | $ | 112.5 | | |
| Adjustments: | | | | | | | |
| Asset impairments related to the Materials & Construction Segment | | | | | 26.1 | | |
| Equity method investment impairment related to the Materials & Construction Segment | | | | | 2.9 | | |
| Consolidated Adjusted EBITDA | | | | $ | 141.5 | | |
| Adjustments: | | | | | | | |
| (Income) loss related to assets sold as part of simplification efforts | | | | | (24.6) | | |
| Adjusted EBITDA | | | | $ | 116.9 | | |
| (In Millions) | | | 2021 | | |||
| Notes Payable and Other Debt | | | | $ | 532.7 | | |
| Adjustments: | | | | | | | |
| Net unamortized deferred financing cost / discount (premium) | | | | | 0.2 | | |
| Cash and cash equivalents | | | | | (70.0) | | |
| Net Debt | | | | $ | 462.9 | | |
| Adjustments: | | | | | | | |
| Cash receipts from assets sold as part of simplification efforts | | | | | 139.8 | | |
| Adjusted Net Debt | | | | $ | 602.7 | | |
| ($ In Millions) | | | 2021 | | |||
| Adjusted Net Debt | | | | $ | 602.7 | | |
| Adjusted EBITDA | | | | $ | 116.9 | | |
| Adjusted Net Debt to Adjusted EBITDA | | | | | 5.2x | | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| | | | PAGE | |
| EXECUTIVE COMPENSATION | |
| (In Millions) | | | 2021 | | |||
| CRE Operating Profit | | | | $ | 72.6 | | |
| Adjustments: | | | | | | | |
| Depreciation and amortization of commercial real estate properties | | | | | 37.7 | | |
| Corporate and other expense | | | | | (27.1) | | |
| Core business interest expense | | | | | (13.5) | | |
| Distributions to participating securities | | | | | (0.3) | | |
| Core FFO | | | | $ | 69.4 | | |
| (In Millions) | | | 2020 | | |||
| Income (Loss) From Continuing Operations Before Income Taxes | | | | $ | 5.6 | | |
| Adjustments: | | | | | | | |
| M&C Segment Operating Loss | | | | | 12.4 | | |
| M&C Interest Expense | | | | | 0.1 | | |
| Enterprise Resource Planning System Costs | | | | | 1.1 | | |
| Consolidated Adjusted Pre-tax Income (Loss) | | | | $ | 19.2 | | |
| (In Millions) | | | 2020 | | |||
| Materials & Construction Operating Profit (Loss) | | | | $ | (12.4) | | |
| Adjustments: | | | | | | | |
| Materials & Construction depreciation and amortization | | | | | 10.8 | | |
| Materials & Construction EBITDA | | | | $ | (1.6) | | |
| Impairment of assets related to Materials & Construction | | | | | 5.6 | | |
| Loss (income) attributable to noncontrolling interests | | | | | 0.4 | | |
| Income attributable to the Company’s joint venture interest in a materials company | | | | | (2.1) | | |
| Grace Adjusted EBITDA | | | | $ | 2.3 | | |
| (In Millions) | | | 2021 | | |||
| Materials & Construction Operating Profit (Loss) | | | | $ | (40.5) | | |
| Adjustments: | | | | | | | |
| Materials & Construction depreciation and amortization | | | | | 10.8 | | |
| Materials & Construction EBITDA | | | | $ | (29.7) | | |
| Impairment of assets related to Materials & Construction | | | | | 26.1 | | |
| Impairment of equity method investment related to Grace | | | | | 2.9 | | |
| Loss attributable to the Company’s joint venture interest in a materials company | | | | | 2.5 | | |
| Income attributable to Company’s Maui quarries | | | | | (1.7) | | |
| Income attributable to noncontrolling interests | | | | | (0.4) | | |
| Grace Adjusted EBITDA | | | | $ | (0.3) | | |
| ALEXANDER & BALDWIN, INC. ▪ | |
| PAGE | | | | |
| |
| ALEXANDER & BALDWIN, INC. ▪ | |
| | | | PAGE | |
| | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| PAGE48 | | | | |
| |
| Fiscal Year | | | Options Granted | | | RSUs Granted | | | PSUs Vested | | | Total Granted or Vested if PSU | | | Weighted Average Shares Outstanding | | | Burn Rate | | ||||||||||||||||||
| 2019 | | | | | – | | | | | | 171,600 | | | | | | – | | | | | | 171,600 | | | | | | 72,202,100 | | | | | | 0.2% | | |
| 2020 | | | | | – | | | | | | 188,900 | | | | | | – | | | | | | 188,900 | | | | | | 72,341,900 | | | | | | 0.3% | | |
| 2021 | | | | | – | | | | | | 240,300 | | | | | | – | | | | | | 240,300 | | | | | | 72,504,500 | | | | | | 0.3% | | |
| 3-Year Average | | | | | – | | | | | | 200,300 | | | | | | – | | | | | | 200,300 | | | | | | 72,349,500 | | | | | | 0.3% | | |
| | | | Number of RSUs | | | Weighted- Average Grant-date Fair Value | | ||||||
| Outstanding, January 1, 2021 | | | | | 550.5 | | | | | | 25.44 | | |
| Granted | | | | | 376.6 | | | | | | 16.63 | | |
| Vested | | | | | (167.4) | | | | | | 20.48 | | |
| Cancelled | | | | | (82.0) | | | | | | 29.62 | | |
| Outstanding, December 31, 2021 | | | | | 677.7 | | | | | | 21.26 | | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| | | | PAGE49 | |
| | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| PAGE50 | | | | |
| |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| | | | PAGE51 | |
| | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| PAGE52 | | | | |
| |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| | | | PAGE53 | |
| | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| PAGE54 | | | | |
| |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| | | | PAGE55 | |
| | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| PAGE56 | | | | |
| |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| | | | PAGE57 | |
| | |
| ALEXANDER & BALDWIN, INC. ▪ | |
| PAGE | | | | |
| |
| ALEXANDER & BALDWIN, INC. ▪ | |
| | | | PAGE | |
| PROPOSAL NO. 4 | |
| ALEXANDER & BALDWIN, INC. ▪ | |
| PAGE A-1 | | | | |
| |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| | | | PAGEA-2 | |
| | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| PAGEA-3 | | | | |
| |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| | | | PAGEA-4 | |
| | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| PAGEA-5 | | | | |
| |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| | | | PAGEA-6 | |
| | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| PAGEA-7 | | | | |
| |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| | | | PAGEA-8 | |
| | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| PAGEA-9 | | | | |
| |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| | | | PAGEA-10 | |
| | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| PAGEA-11 | | | | |
| |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| | | | PAGEA-12 | |
| | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| PAGEA-13 | | | | |
| |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| | | | PAGEA-14 | |
| | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| PAGEA-15 | | | | |
| |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| | | | PAGEA-16 | |
| | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| PAGEA-17 | | | | |
| |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |
| | | | PAGEA-18 | |
| | |
| ALEXANDER & BALDWIN, INC. ▪ 2022 PROXY STATEMENT | |