Amendment No. 1 to Alexander & Baldwin, Inc. Executive Severance Plan

Contract Categories: Human Resources › Severance Agreements
Summary

This amendment updates the Alexander & Baldwin, Inc. Executive Severance Plan, originally effective January 1, 2008. It clarifies the timing of severance payments, stating that if a participant does not revoke their release, payments will be made within 60 days of separation from service. If the release is revoked in time, the participant will not receive any severance benefits under the specified sections. The amendment is effective as of October 18, 2010, and is executed by the company's authorized officers.

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EX-10.B.1.(LIX) 2 exh10b1.htm AMENDMENT NO. 1 TO THE ALEXANDER & BALDWIN, INC. EXECUTIVE SEVERANCE PLAN exh10b1.htm

ALEXANDER & BALDWIN, INC.
EXECUTIVE SEVERANCE PLAN
 
AMENDMENT NO. 1
 
The Alexander & Baldwin, Inc. Executive Severance Plan, as adopted effective January 1, 2008 (the “Plan”), is hereby amended as follows effective as of October 18, 2010:
 
1.  
The third sentence of Section 3.1(a) is amended in its entirety to read as follows:

“If the release is not revoked, the payment under subsections 3.1(a)(i) and (iii) shall be payable no later than 60 days following the date of the participant’s Separation from Service.”
 
2.  
The fourth sentence of Section 3.1(a) is amended in its entirety to read as follow:

 
“If the release is timely revoked, the participant shall not be entitled to any benefit under Section 3.1(a)(i), (ii) and (iii).”
 
IN WITNESS WHEREOF, Alexander & Baldwin, Inc. has caused this Amendment to be executed on its behalf by its duly authorized officers on this 18th day of October 2010.
 
ALEXANDER & BALDWIN, INC.


By /s/ Son-Jai Paik
Its Vice President
 
By /s/ Alyson J. Nakamura
Its Secretary