Amendment No. 1 to Alexander & Baldwin, Inc. Retirement Plan for Outside Directors
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Summary
This amendment updates the Alexander & Baldwin, Inc. Retirement Plan for Outside Directors, effective March 1, 2013. It changes how the after-tax equivalent rate is calculated and requires the Administrative Committee to declare the effective marginal tax rate at the start of each year. The amendment is executed by authorized officers of Alexander & Baldwin, Inc.
EX-10.B.1(XXVI) 6 exh10b1_xxvi.htm EXHIBIT 10.B.1(XXVI) exh10b1_xxvi.htm
ALEXANDER & BALDWIN, INC. RETIREMENT PLAN FOR
OUTSIDE DIRECTORS
AMENDMENT NO. 1
The Alexander & Baldwin, Inc. Retirement Plan for Outside Directors, effective June 29, 2012, hereinafter referred to as the “Plan”, is hereby amended effective March 1, 2013, as follows:
1. The last sentence in Appendix A, item #2, shall be deleted and replaced with the following:
“The after-tax equivalent rate shall be determined by multiplying the discount rate in use by the A&B Retirement Plan for Salaried Employees of A&B, LLC by the excess of 100% over the effective marginal tax rate declared by the Administrative Committee.”
2. Item #3 in Appendix A shall be deleted in its entirety and replaced with the following:
“The Administrative Committee shall declare the effective marginal tax rate at the beginning of each year.”
IN WITNESS WHEREOF, Alexander & Baldwin, Inc. has caused this Amendment to be executed on its behalf by its duly authorized officers on this 26th day of February, 2013.
ALEXANDER & BALDWIN, INC.
By: /s/ Son-Jai Paik______________
Its Vice President
By: /s/ Alyson Nakamura__________
Its Secretary
