HEI Exhibit 10.19(a)
AMERICAN SAVINGS BANK
SUPPLEMENTAL EXECUTIVE
RETIREMENT, DISABILITY, AND DEATH
BENEFIT PLAN
Addendum for Timothy K.
Schools
WHEREAS, Timothy K. Schools is the
President of American Savings Bank, F.S.B. (the “Bank”)
and a participant in the American Savings Bank Supplemental
Executive Retirement, Disability, and Death Benefit Plan (the
“SERP”), a non-tax-qualified deferred compensation plan
that is subject to the requirements of Section 409A of the
Internal Revenue Code of 1986, as amended, (the
“Code”);
WHEREAS, the Bank has amended and
restated the SERP to comply with final regulations under
Section 409A of the Code, which are effective January 1,
2009, and has frozen benefit accruals under the SERP effective
December 31, 2008;
WHEREAS, in connection with the
restatement of the SERP to comply with Section 409A of the
Code, the Bank has provided special transition elections to current
participants with respect to benefits payable after 2008, and in
connection with the freeze of benefit accruals under the SERP, the
Bank has amended the SERP to provide for the cash out of the SERP
benefits of certain participants in January 2009 in lieu of
transition elections;
WHEREAS, Mr. Schools is not in
the category of participants whose SERP benefits would be cashed
out in January 2009 under the amendments to the SERP freezing
benefit accruals, but
