HEI Exhibit 4.2

THIS Fifth AMENDMENT TO THE MASTER TRUST AGREEMENT is made and entered into effective March 1, 2020, unless otherwise stated herein, by and between Hawaiian Electric Industries, Inc. and American Savings Bank, F.S.B. (collectively and individually, the “Sponsor”) and Fidelity Management Trust Company (the “Trustee”);

WHEREAS, the Trustee and the Sponsor heretofore entered into a master trust agreement for the Hawaiian Electric Industries Retirement Savings Plan and the American Savings Bank 401(k) Plan (collectively and individually, the “Plan”), dated as of September 4, 2012, and amended by a First Amendment, effective March 1, 2015, by a Second Amendment, effective January 1, 2018, by a Third Amendment, effective July 1, 2018, by a Fourth Amendment, effective June 26, 2019, and further amended by letters of direction that were executed by the Sponsor and the Trustee and that specifically state that both parties intend and agree that each such letter of direction shall constitute an amendment (the “Master Trust Agreement”); and

WHEREAS, the Trustee and the Sponsor now desire to amend said Master Trust Agreement as provided for in Section 13 thereof;

NOW THEREFORE, in consideration of the above premises, the Trustee and the Sponsor hereby amend the Master Trust Agreement by:

(1) Amending Schedule A, Administrative Services, to restate subsection (e) under the “Other” section in its entirety, as follows:

(e) Qualified Domestic Relations Order Processing: The Trustee will determine whether a judgment, decree or order, including approval of a property settlement agreement relating to benefits under the Plan, which provides for child support, alimony payments or marital property rights for the benefit of a spouse, former spouse or other dependent of a Participant is “qualified” under section 414(p) of the Code and section 206(d) of ERISA. The specific procedures associated with this service are detailed in the Plan's QDRO Approval Guidelines and Procedures (“QDRO Guidelines”). The service will commence only after the Trustee’s receipt of a Sponsor direction and related documentation (e.g., Service Authorization). The Trustee will provide full joinder response only upon specific Sponsor direction and payment of the additional fee listed in Schedule B. The Administrator shall notify the Trustee of any pending domestic relations order (“DRO”) that the Administrator is or becomes aware of and direct the Trustee to restrict the affected Participant’s account in accordance with the QDRO Guidelines.

(2) Amending Schedule B, Fee Schedule, to add the following.

IN WITNESS WHEREOF, the Trustee and the Sponsor have caused this Fifth Amendment to be executed by their duly authorized officers effective as of the day and year first above written. By signing below, the undersigned represent that they are authorized to execute this document on behalf of the respective parties. Notwithstanding any contradictory provision of the Master Trust Agreement, each party may rely without duty of inquiry on the foregoing representation. The Sponsor acknowledges that this Fifth Amendment may contain service and/or compensation information intended by the Trustee to satisfy the disclosure requirements of Department of Labor regulation section 2550.408b-2(c)(1).