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ALEXANDER & BALDWIN, INC.
NOTICE OF AWARD OF TIME-BASED RESTRICTED STOCK
UNITS
The Corporation hereby awards to Participant, as of
the Award Date indicated below, an award (the “Award”)
of restricted stock units under the Corporation’s 2007
Incentive Compensation Plan (the “Plan”). Each
restricted stock unit represents the right to receive one share of
Common Stock on the vesting date of that unit. The number of shares
of Common Stock subject to the awarded restricted stock units and
the applicable vesting schedule for those units and the underlying
shares are set forth below. The remaining terms and conditions
governing the Award shall be as set forth in the form Time-Based
Restricted Stock Unit Award Agreement for service-vesting
Awards.
AWARD SUMMARY
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Participant
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_________________________________________
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Award Date:
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______________________, 200_
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Number of Shares Subject to Award:
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___________ shares of Common Stock (the
“Shares”)
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Vesting Schedule:
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The Shares shall vest in a series of three (3)
successive equal annual installments upon Participant’s
completion of each successive year of Service over the three
(3)-year period measured from the Award Date. Each such installment
vesting date is hereby designated a “Vesting and Issuance
Date.” However, one or more Shares may be subject to
accelerated vesting in accordance with the provisions of Paragraph
3 or Paragraph 5 of the form Time-Based Restricted Stock Unit Award
Agreement.
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Participant understands and agrees that the Award is
granted subject to and in accordance with the terms of the Plan and
hereby agrees to be bound by the terms of the Plan and the terms of
the Award as set forth in t
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