Amendment No. 4 to Alexander & Baldwin, Inc. Excess Benefits Plan

Summary

This amendment updates the Alexander & Baldwin, Inc. Excess Benefits Plan, effective April 1, 2022. It clarifies how benefits are calculated following the termination of the A&B Retirement Plan, specifying the use of certain interest rates and mortality tables as if the retirement plan had not ended. It also sets rules for lump sum payments to participants. The amendment is executed by authorized officers of Alexander & Baldwin, Inc.

EX-10.B.1(XXXVIII) 5 a10b1xxxviiiamendmentno4to.htm EX-10.B.1(XXXVIII) Document

ALEXANDER & BALDWIN, INC. EXCESS BENEFITS PLAN

AMENDMENT NO. 4

The Alexander & Baldwin, Inc. Excess Benefits Plan, effective June 29, 2012, hereinafter referred to as the “Plan,” is hereby amended effective April 1, 2022 as follows:

1. Section 4.01(a) of the Plan is amended to add a new paragraph to the end thereof to state in its entirety as follows:

Notwithstanding the termination of the A&B Retirement Plan, the amount of the benefit determined under Section 4.01(a)(1) and Appendix A shall be calculated using interest rates and mortality table under Code Section 417(e) as if the A&B Retirement Plan had not terminated. The amount of the benefit determined under Section 4.01(a)(2) and (3) shall be calculated using the 5-year average interest credit rate after plan termination as described in Section 11.05 of the A&B Retirement Plan. On or after May 1, 2022, (or such later date as Participants are permitted to elect the form of payment under the terminated A&B Retirement Plan) under Appendix A, item 5, the lump sum payment shall always be based on a single life annuity form of payment.

IN WITNESS WHEREOF, Alexander & Baldwin, Inc. has caused this Amendment No. 4 to be executed on its behalf by its duly authorized officers on this 12th day of April, 2022.

ALEXANDER & BALDWIN, INC.

By: _/s/ Derek Kanehira_________

Its Senior Vice President

By: _/s/Alyson J. Nakamura______

Its Vice President and Secretary