HAWAIIAN ELECTRIC CO INC
AMENDMENTS TO THE HEI SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
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<TYPE>EX-10.9(A)
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<DESCRIPTION>AMENDMENTS TO THE HEI SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
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<TITLE>Amendments to the HEI Supplemental Executive Retirement Plan</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">HEI Exhibit 10.9(a) </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>AMENDMENTS TO THE HAWAIIAN ELECTRIC INDUSTRIES, INC. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN </B>
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>FREEZING BENEFIT ACCRUALS EFFECTIVE DECEMBER 31, 2008 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">The following amendments are made to the Hawaiian Electric Industries, Inc. Supplemental Executive Retirement Plan (the &#147;Plan&#148;), which was restated effective January&nbsp;1, 2009, to comply with final
regulations under Section&nbsp;409A of the Internal Revenue Code of 1986, as amended. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">1.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The following paragraph is added to the end of the Prologue to the Plan: </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT
FACE="Times New Roman" SIZE="2">The Plan is frozen effective December&nbsp;31, 2008. After that date, there will be no new Participants in the Plan, and no further benefits will accrue to any Participant. </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">2.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The following is added at the end of Section&nbsp;1.18: </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman"
SIZE="2">Solely for purposes of determining a Participant&#146;s Primary Social Security Benefit, each active Participant whose benefit is frozen December&nbsp;31, 2008, shall be treated as having Separated from Service December&nbsp;31, 2008.
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">3.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Section&nbsp;2.1(a) of the Plan is amended and restated in its entirety to read as follows: </FONT></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">(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&nbsp;31, 2008. </FONT></P> <P
STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">4.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The text of Article III, Eligibility, is amended and restated in its entirety to read as follows: </FONT></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">An officer of an Associated Company shall be a Participant only if and as of when the officer&#146;s participation in the Plan has been approved by the
Committee (provided that, if no effective date of participation is specified, participation shall commence as of the date of such approval and provided further that participation shall not commence before the Participant first performs an hour of
service for the Company or an Associated Company). However, except as may be provided in an addendum to the Hawaiian Electric Industries, Inc. Excess Pay Plan for a specific Participant, in no event may a Participant who is entitled to a benefit
under this Plan also be eligible to participate in the Hawaiian Electric </FONT>
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<FONT FACE="Times New Roman" SIZE="2">Industries, Inc. Excess Pay Plan. Subject to Section&nbsp;9.2 of this Plan, a Participant shall not be entitled to a benefit under this Plan except to the
extent the Participant is vested in the Retirement Plan or, in respect of those Participants who first participated in the Plan after 2008, unless and until the Participant has completed five years of continuous participation in the Plan.
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">5.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The following is added at the end of Section&nbsp;5.1(a): </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman"
SIZE="2">As part of the freeze of benefit accruals effective December&nbsp;31, 2008, the offsets in clauses (ii)(2) and (3)&nbsp;above for benefits payable from the Retirement Plan and the American Savings Bank Retirement Plan shall be computed
based on the benefits accrued as of December&nbsp;31, 2008. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">6.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">The text of Section&nbsp;5.3, Postponed Retirement Income, is amended and restated in its entirety to read as follows: </FONT></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">If a Participant remains employed subsequent to the Participant&#146;s Normal Retirement Date and has a Separation from Service on a Postponed Retirement
Date, the Participant&#146;s retirement income shall be computed based upon the Participant&#146;s Credited Service and Final Average Compensation (including Credited Service and Final Average Compensation credited subsequent to the
Participant&#146;s Normal Retirement Date) as of the Participant&#146;s Postponed Retirement Date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The foregoing amendments shall be
effective December&nbsp;31, 2008. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">TO RECORD the adoption of these amendments, Hawaiian Electric Industries, Inc. has executed this
document December&nbsp;8, 2008. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">HAWAIIAN ELECTRIC INDUSTRIES, INC.</FONT></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">By</FONT></TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;/s/ Patricia U. Wong</FONT></P></TD></TR>
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<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Its Vice President-Administration</FONT></TD></TR>
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