Common use of Sponsor Stock Clause in Contracts

Sponsor Stock. Trust investments in Sponsor Stock shall be made via the Stock Fund. Investments in the Stock Fund shall consist primarily of shares of Sponsor Stock. The Stock Fund shall also include cash or short-term liquid investments, in accordance with this paragraph, in amounts designed to satisfy daily Participant exchange or withdrawal requests. Such holdings will include Colchester Street Trust: Money Market Portfolio: Class I or such other Mutual Fund or commingled money market pool as agreed to in writing by the Named Fiduciary and Trustee. The Named Fiduciary shall, after consultation with the Trustee, establish and communicate to the Trustee in writing a target percentage and drift allowance for such short-term liquid investments. Subject to its ability to execute open-market trades in Sponsor Stock or to otherwise trade with the Sponsor, the Trustee shall be responsible for ensuring that the short-term investments held in the Stock Fund fall within the agreed-upon range over time. Each Participant's proportional interest in the Stock Fund shall be measured in units of participation, rather than shares of Sponsor Stock. Such units shall represent a proportionate interest in all of the assets of the Stock Fund, which includes shares of Sponsor Stock, short-term investments and at times, receivables and payables (such as receivables and payables arising out of unsettled stock trades). The Trustee shall determine a NAV for each unit outstanding of the Stock Fund. Valuation of the Stock Fund shall be based upon: (a) the Closing Price or, if not available, (b) the price determined in good faith by the Trustee. The NAV shall be adjusted for gains or losses realized on sales of Sponsor Stock, appreciation or depreciation in the value of those shares owned, dividends paid on Sponsor Stock to the extent not used to purchase additional units of the Stock Fund for affected Participants, and interest on the short-term investments held by the Stock Fund, payables and receivables for pending stock trades, receivables for dividends not yet distributed, and payables for other expenses of the Stock Fund, including principal obligations, if any, and expenses that, pursuant to Sponsor direction, the Trustee accrues or pays from the Stock Fund.

Sponsor Stock. Trust investments in Sponsor Stock HEI common stock shall be made via the HEI Common Stock Fund (the “Stock Fund”). Investments in the Stock Fund shall consist primarily of shares of Sponsor StockHEI common stock. The Stock Fund shall also include cash or short-term liquid investments, in accordance with this paragraph, in amounts designed to satisfy daily Participant participant exchange or withdrawal requests. Such holdings will include Colchester Street Trust: Money Market Portfolio: Class I or such other Mutual Fund or commingled money market pool as agreed to in writing by the Named Fiduciary Sponsor or the PIC and Trustee. The Named Fiduciary shallTo satisfy the Stock Fund’s cash needs for participant-directed distributions and exchanges, after consultation with a target range for cash shall be maintained in the TrusteeStock Fund. Such target range is currently 2%, establish ±0.2%, and communicate may be changed as agreed to in writing by the Sponsor or the PIC and the Trustee in writing a target percentage and drift allowance for such short-term liquid investmentsvia letter of direction. Subject to its ability to execute open-market trades in Sponsor Stock HEI common stock or to otherwise trade with the Sponsor, the Trustee shall be responsible for ensuring that the short-term investments held in the Stock Fund fall within the agreed-upon range over time. Each Participantparticipant's proportional interest in the Stock Fund shall be measured in units of participation, rather than shares of Sponsor StockHEI common stock. Such units shall represent a proportionate interest in all of the assets of the Stock Fund, which includes shares of Sponsor StockHEI common stock, short-term investments and at times, receivables and payables (such as receivables and payables arising out of unsettled stock trades). The Trustee shall determine a NAV daily net asset value (“NAV”) for each unit outstanding of the Stock Fund. Valuation of the Stock Fund shall be based upon: (a) the Closing Price or, if not available, closing price of the stock on the principal national securities exchange on which the HEI common stock is traded; (b) if such price is unavailable, the latest available price as reported by the principal national securities exchange on which the HEI common stock is traded (the “Closing Price”); or (c) if neither is available, the price determined in good faith by the Trustee. The NAV shall be adjusted for gains or losses realized on sales of Sponsor StockHEI common stock, appreciation or depreciation in the value of those shares owned, dividends paid on Sponsor Stock to the extent not used to purchase additional units of the Stock Fund for affected Participants, and interest on the short-term investments held by the Stock Fund, payables and receivables for pending stock trades, receivables for dividends not yet distributed, and payables for other expenses of the Stock Fund, including principal obligations, if any, and expenses that, pursuant to Sponsor direction, the Trustee accrues or pays from the Stock Fund. Dividends on shares of Sponsor Stock held in the Stock Fund shall be: (a) paid to Participants in cash; or (b) retained by the Trustee in the Stock Fund and used to allocate additional units of such fund to the accounts of Participants who have elected to have dividends reinvested. The Trustee will establish and maintain procedures as described in Schedule “K” to allow Plan participants to elect to reinvest dividends or to amend such elections in order to receive dividend payments from the Stock Fund in cash. In the absence of valid Participant direction to the contrary, the Participant shall be deemed to have directed the Trustee to reinvest the Participant’s dividend in additional shares of the Stock Fund and the Named Fiduciary directs the Trustee to reinvest the Participant's dividend accordingly. The Trustee shall pay out or reinvest the dividend in accordance with Schedule “K”, attached hereto. Subject to the Trustee's administrative capabilities, the PIC may limit participants’ investment in the Stock Fund as outlined in the Plan Administration Manual or as directed by the PIC.

Sponsor Stock. Trust investments in Sponsor Stock shall be made via the Sponsor Stock Fund (the “Stock Fund”). Investments in the Stock Fund shall consist primarily of shares of Sponsor Stock. The Stock Fund shall also include cash or short-term liquid investments, in accordance with this paragraph, in amounts designed to satisfy daily Participant exchange or withdrawal requests. Such holdings will include Colchester Street Trust: Money Market Portfolio: Class I or such other Mutual Fund or commingled money market pool as agreed to in writing by the Named Fiduciary Sponsor and Trustee. The Named Fiduciary Sponsor shall, after consultation with the Trustee, establish and communicate to the Trustee in writing a target percentage and drift allowance for such short-term liquid investments. Subject to its ability to execute open-market trades in Sponsor Stock or to otherwise trade with the Sponsor, the Trustee shall be responsible for ensuring that the short-term investments held in the Stock Fund fall falls within the agreed-upon range over time. Each Participant's ’s proportional interest in the Stock Fund shall be measured in units of participation, rather than shares of Sponsor Stock. Such units shall represent a proportionate interest in all of the assets of the Stock Fund, which includes shares of Sponsor Stock, short-term investments and at times, receivables and payables (such as receivables and payables arising out of unsettled stock trades). The Trustee shall determine a NAV daily net asset value (“NAV”) for each unit outstanding of the Stock Fund. Valuation of the Stock Fund shall be based upon: (a) the Closing Price or, if not available, closing price of the stock on the principal national securities exchange on which the Sponsor Stock is traded; (b) if unavailable, the latest available price as reported by the principal national securities exchange on which the Sponsor Stock is traded (the “Closing Price”); or (c) if neither is available, the price determined in good faith by the Trustee. The NAV shall be adjusted for gains or losses realized on sales of Sponsor Stock, appreciation or depreciation in the value of those shares owned, dividends paid on Sponsor Stock to the extent not used to purchase additional units of the Stock Fund for affected Participantsparticipants, and interest on the short-term investments held by the Stock Fund, payables and receivables for pending stock trades, receivables for dividends not yet distributed, and payables for other expenses of the Stock Fund, including principal obligations, if any, and expenses that, pursuant to Sponsor direction, the Trustee accrues or pays from the Stock Fund.

Sponsor Stock. Trust investments in Sponsor Stock HEI common stock shall ------------- be made via the HEI Common Stock Fund (the "Stock Fund"). Investments in the Stock Fund shall consist primarily of shares of Sponsor StockHEI common stock. The Stock Fund shall also include cash or short-term liquid investments, in accordance with this paragraph, in amounts designed to satisfy daily Participant participant exchange or withdrawal requests. Such holdings will include Colchester Street Trust: Money Market Portfolio: Class I or such other Mutual Fund or commingled money market pool as agreed to in writing by the Named Fiduciary Sponsor or the PIC and Trustee. The Named Fiduciary shallTo satisfy the Stock Fund's cash needs for participant-directed distributions and exchanges, after consultation with a target range for cash shall be maintained in the TrusteeStock Fund. Such target range is currently 2%, establish +/-0.2%, and communicate may be changed as agreed to in writing by the Sponsor or the PIC and the Trustee in writing a target percentage and drift allowance for such short-term liquid investmentsvia letter of direction. Subject to its ability to execute open-market trades in Sponsor Stock HEI common stock or to otherwise trade with the Sponsor, the Trustee shall be responsible for ensuring that the short-term investments held in the Stock Fund fall falls within the agreed-upon range over time. Each Participantparticipant's proportional interest in the Stock Fund shall be measured in units of Hawaiian Electric Industries, Inc. Unitized Stock Amendment - 4/th/ Amendment Core/Trust participation, rather than shares of Sponsor StockHEI common stock. Such units shall represent a proportionate interest in all of the assets of the Stock Fund, which includes shares of Sponsor StockHEI common stock, short-term investments and at times, receivables and payables (such as receivables and payables arising out of unsettled stock trades). The Trustee shall determine a NAV daily net asset value ("NAV") for each unit outstanding of the Stock Fund. Valuation of the Stock Fund shall be based upon: (a) the Closing Price or, if not available, closing price of the stock on the principal national securities exchange on which the HEI common stock is traded; (b) if such price is unavailable, the latest available price as reported by the principal national securities exchange on which the HEI common stock is traded (the "Closing Price"); or (c) if neither is available, the price determined in good faith by the Trustee. The NAV shall be adjusted for gains or losses realized on sales of Sponsor StockHEI common stock, appreciation or depreciation in the value of those shares owned, dividends paid on Sponsor Stock HEI common stock to the extent not used to purchase additional units of the Stock Fund for affected Participantsparticipants, and interest on the short-term investments held by the Stock Fund, payables and receivables for pending stock trades, receivables for dividends not yet distributed, and payables for other expenses of the Stock Fund, including principal obligations, if any, and expenses that, pursuant to Sponsor direction, the Trustee accrues or pays from the Stock Fund.

Sponsor Stock. Trust investments in Sponsor Stock shall be made via the Stock Fund. Investments in the HEI Common Stock Fund shall ------------- consist primarily of shares of Sponsor Stock. The Stock Fund shall also include cash or HEI common stock and short-term liquid investments, in accordance with this paragraph, in amounts designed to satisfy daily Participant exchange or withdrawal requests. Such holdings The cash will include Colchester Street Trustbe invested via the Fidelity Institutional Cash Portfolios: Money Market PortfolioMarket: Class I or such other Mutual Fund or commingled money market pool as agreed to by the Sponsor or the PIC and the Trustee. To satisfy the HEI Common Stock Fund's cash needs for participant-directed distributions and exchanges, a target range for cash shall be maintained in the HEI Common Stock Fund. Such target range is currently 2%, plus/minus 0.2%, and may be changed as agreed to in writing by the Named Fiduciary Sponsor or the PIC and the Trustee. The Named Fiduciary shall, after consultation with the Trustee, establish and communicate to the Trustee in writing a target percentage and drift allowance for such short-term liquid investments. Subject to its ability to execute open-market trades in Sponsor Stock or to otherwise trade with the Sponsor, the Trustee shall be is responsible for ensuring that the short-term investments actual cash held in the HEI Common Stock Fund fall falls within the agreed-agreed upon range over timerange. Each Participantparticipant's proportional interest in the HEI Common Stock Fund shall be measured in units of participation, rather than shares of Sponsor StockHEI common stock. Such units shall represent a proportionate interest in all of the assets of the HEI Common Stock Fund, which includes shares of Sponsor StockHEI common stock, short-term investments and investments, money market mutual fund shares, interest in commingled money market pools and, at times, receivables for dividends and interest and HEI common stock sold and payables for HEI common stock purchased. A Net Asset Value (such as receivables and payables arising out of unsettled stock trades). The Trustee shall determine a NAV "NAV") per unit for the HEI Common Stock Fund will be determined daily for each unit outstanding of the HEI Common Stock Fund. Valuation The Net Asset Value is calculated as follows: The daily NAV is equal to the total net assets of the HEI Common Stock Fund divided by the outstanding units of the HEI Common Stock Fund on the valuation date. The total net assets of the HEI Common Stock Fund is equal to the number of underlying shares of HEI common stock multiplied by the stock's closing price on the New York Stock Exchange plus the market value of the Fund's interest in Fidelity Institutional Cash Portfolio: Money Market: Class I ("FICAP"), short-term investments, money market mutual funds and commingled money market pools; plus receivables for HEI common stock sold; minus payables for HEI common stock purchased; plus dividends accrued as of the ex-date on the underlying stock; plus interest accrued on the FICAP or other component of the Fund. The total return on the HEI Common Stock Fund shall include all accrued dividends and interest, realized and unrealized gains/losses on the underlying investments. Dividends received by the HEI Common Stock Fund shall be based upon: (a) reinvested in the Closing Price or, if not available, (b) the price determined HEI Common Stock Fund. Investments in good faith by the Trustee. The NAV HEI common stock shall be adjusted for gains or losses realized on sales of Sponsor Stock, appreciation or depreciation in the value of those shares owned, dividends paid on Sponsor Stock subject to the extent not used to purchase additional units of the Stock Fund for affected Participants, and interest on the short-term investments held by the Stock Fund, payables and receivables for pending stock trades, receivables for dividends not yet distributed, and payables for other expenses of the Stock Fund, including principal obligations, if any, and expenses that, pursuant to Sponsor direction, the Trustee accrues or pays from the Stock Fund.following limitations:

Sponsor Stock. Trust investments in Sponsor Stock HEI common stock shall be made via the Stock Fund. Investments in the Stock Fund shall consist primarily of shares of Sponsor StockHEI common stock. The Stock Fund shall also include a target range of cash or short-term liquid investments, in accordance with this paragraph, in amounts designed to satisfy daily Participant exchange or withdrawal requests. Such holdings will include Colchester Street Trust: Money Market Portfolio: Class I or such other Mutual Fund or commingled money market pool as agreed to in writing by the Sponsor or Named Fiduciary and the Trustee. The Named Fiduciary shallAs of the Effective Date, after consultation with the Trustee, establish target range of cash and communicate to the Trustee in writing a target percentage and drift allowance for such short-term liquid investmentsinvestments is 2%, ±0.2%, and may be changed as agreed to in writing between the Sponsor or Named Fiduciary and the Trustee via letter of direction. Subject to its ability to execute open-market trades in Sponsor Stock HEI common stock or to otherwise trade with the Sponsor, the Trustee shall be responsible for ensuring that the short-term investments held in the Stock Fund fall within the agreed-upon range over time. Each Participant's ’s proportional interest in the Stock Fund shall be measured in units of participation, rather than shares of Sponsor StockHEI common stock. Such units shall represent a proportionate interest in all of the assets of the Stock Fund, which includes shares of Sponsor StockHEI common stock, short-term investments and at times, receivables and payables (such as receivables and payables arising out of unsettled stock trades). The Trustee shall determine a NAV for each unit outstanding of the Stock Fund. Valuation of the Stock Fund shall be based upon: (a) the Closing Price at the end of each Business Day or, if not available, (b) the price determined in good faith by the Trustee. The NAV shall be adjusted for gains or losses realized on sales of Sponsor StockHEI common stock, appreciation or depreciation in the value of those shares owned, dividends paid on Sponsor Stock to the extent not used to purchase additional units of the Stock Fund for affected Participants, and interest on the short-term investments held by the Stock Fund, payables and receivables for pending stock trades, receivables for dividends not yet distributed, and payables for other expenses of the Stock Fund, including principal obligations, if any, and expenses that, pursuant to Sponsor direction, the Trustee accrues or pays from the Stock Fund. Dividends on shares of HEI common stock held in the Stock Fund shall be: (A) paid to Participants in cash; or (B) retained by the Trustee in the Stock Fund and used to allocate additional units of such Stock Fund to the accounts of Participants who have elected to have dividends reinvested. In the absence of valid Participant direction to the contrary, the Participant shall be deemed to have directed the Trustee to reinvest the Participant’s dividend in additional shares of the Stock Fund, and the Named Fiduciary directs the Trustee to reinvest the Participant’s dividend accordingly. The Trustee shall pay out or reinvest the dividend in accordance with Schedule E, attached hereto.

Sponsor Stock. Trust investments in Sponsor Stock HEI common stock shall be made via the HEI Common Stock Fund (the "Stock Fund"). Investments in the Stock Fund shall consist primarily of shares of Sponsor StockHEI common stock. The Stock Fund shall also include cash or short-term liquid investments, in accordance with this paragraph, in amounts designed to satisfy daily Participant participant exchange or withdrawal requests. Such holdings will include Colchester Street Trust: Money Market Portfolio: Class I or such other Mutual Fund or commingled money market pool as agreed to in writing by the Named Fiduciary Sponsor or the PIC and Trustee. The Named Fiduciary shallTo satisfy the Stock Fund's cash needs for participant-directed distributions and exchanges, after consultation with a target range for cash shall be maintained in the TrusteeStock Fund. Such target range is currently 2%, establish +/-0.2%, and communicate may be changed as agreed to in writing by the Sponsor or the PIC and the Trustee in writing a target percentage and drift allowance for such short-term liquid investmentsvia letter of direction. Subject to its ability to execute open-market trades in Sponsor Stock HEI common stock or to otherwise trade with the Sponsor, the Trustee shall be responsible for ensuring that the short-term investments held in the Stock Fund fall falls within the agreed-upon range over time. Each Participantparticipant's proportional interest in the Stock Fund shall be measured in units of participation, rather than shares of Sponsor StockHEI common stock. Such units shall represent a proportionate interest in all of the assets of the Stock Fund, which includes shares of Sponsor StockHEI common stock, short-term investments and at times, receivables and payables (such as receivables and payables arising out of unsettled stock trades). The Trustee shall determine a NAV daily net asset value ("NAV") for each unit outstanding of the Stock Fund. Valuation of the Stock Fund shall be based upon: (a) the Closing Price or, if not available, closing price of the stock on the principal national securities exchange on which the HEI common stock is traded; (b) if such price is unavailable, the latest available price as reported by the principal national securities exchange on which the HEI common stock is traded (the "Closing Price"); or (c) if neither is available, the price determined in good faith by the Trustee. The NAV shall be adjusted for gains or losses realized on sales of Sponsor StockHEI common stock, appreciation or depreciation in the value of those shares owned, dividends paid on Sponsor Stock to the extent not used to purchase additional units of the Stock Fund for affected Participants, and interest on the short-term investments held by the Stock Fund, payables and receivables for pending stock trades, receivables for dividends not yet distributed, and payables for other expenses of the Stock Fund, including principal obligations, if any, and expenses that, pursuant to Sponsor direction, the Trustee accrues or pays from the Stock Fund. Dividends on shares of Sponsor Stock held in the Stock Fund shall be: (a) paid to Participants in cash; or (b) retained by the Trustee in the Stock Fund and used to allocate additional units of such fund to the accounts of Participants who have elected to have dividends reinvested. The Trustee will establish and maintain procedures as described in Schedule "K" to allow Plan participants to elect to reinvest dividends or to amend such elections in order to receive dividend payments from the Stock Fund in cash. In the absence of valid Participant direction to the contrary, the Named Fiduciary directs the Trustee to reinvest the Participant's dividend in additional shares of the Stock Fund. The Trustee shall pay out or reinvest the dividend in accordance with Schedule "K", attached hereto.