HEI Exhibit 10.9(a)
AMENDMENTS TO THE HAWAIIAN
ELECTRIC INDUSTRIES, INC.
SUPPLEMENTAL EXECUTIVE RETIREMENT
PLAN
FREEZING BENEFIT ACCRUALS
EFFECTIVE DECEMBER 31, 2008
The following amendments are made to
the Hawaiian Electric Industries, Inc. Supplemental Executive
Retirement Plan (the “Plan”), which was restated
effective January 1, 2009, to comply with final regulations
under Section 409A of the Internal Revenue Code of 1986, as
amended.
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1.
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The following
paragraph is added to the end of the Prologue to the
Plan:
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The Plan is frozen effective
December 31, 2008. After that date, there will be no new
Participants in the Plan, and no further benefits will accrue to
any Participant.
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2.
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The following
is added at the end of Section 1.18:
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Solely for purposes of determining a
Participant’s Primary Social Security Benefit, each active
Participant whose benefit is frozen December 31, 2008, shall
be treated as having Separated from Service December 31,
2008.
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3.
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Section 2.1(a) of the Plan is amended and
restated in its entirety to read as follows:
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(a) Credited Service shall be
granted for the period of time beginning with the initial date on
which the Participant commenced employment with an Associated
Company and ending on the date the Participant has a Separation
from Service with all the Associated Companies; provided, however,
that no Credited Service shall be granted for any period after
December 31, 2008.
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4.
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The text of
Article III, Eligibility, is amended and restated in its entirety
to read as follows:
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An officer of an Associated Company
shall be a Participant only if and as of when the officer’s
participation in the Plan has been approved by the Committee
(provided that, if no effecti
