ALEXANDER & BALDWIN, INC. RETIREMENT PLAN FOR OUTSIDE DIRECTORS AMENDMENT NO. 1

Contract Categories: Human Resources - Retirement Agreements
EX-10.B.1 (XXVI) 2 alex2013q2exhibit10b1xxvi.htm EXHIBIT 10.B.1 (XXVI) ALEX 2013 Q2 Exhibit 10.B.1 (XXVI)


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