| | | |
| Celeste A. Connors | | | | |
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| Elisia K. Flores | | | | |
| Peggy Y. Fowler | | | | |
| Micah A. Kāne | | | | |
| William James Scilacci, Jr. | | | | |
| Scott | | | | |
| Notice of Meeting of Shareholders | | | |
| | | | | | | | |||
| TIME AND DATE | | | | LOCATION | | | | RECORD DATE | |
| | | | The entirely via live audio webcast. You will be able to attend, submit questions and vote during the 2024 Annual Meeting by visiting www.virtualshareholdermeeting.com/HE2024 | | | | March | |
| DESCRIPTION | | | | | | BOARD RECOMMENDATION | |
| Proposal 1 | | | Election of | | | FOR Each Nominee | |
| Proposal 2 | | | Advisory vote to approve the compensation for HEI’s | | | FOR | |
| Proposal 3 | | | | | FOR | | |
| Proposal 4 | | | Ratification of the appointment of Deloitte & Touche LLP as HEI’s independent registered public accountant for Transaction of such other business as may properly come before the | | | FOR | |
| | | | BEFORE THE MEETING | | | | | | DURING THE MEETING | | | | | |||
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| By Telephone: You can vote your shares by calling 1-800-690-6903. | | | By Internet: You can vote your shares online at www.proxyvote.com. | | | By Mail: You can vote by mail by marking, dating, and signing your proxy card or voting instruction form and returning it in the postage-paid envelope. | | | HE2024. | |
| | Important Notice Regarding the Internet Availability of Proxy Materials for the | | |
| | The accompanying Proxy Statement, | | |
| Table of Contents | | | |
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| PROPOSAL NO. 1: ELECTION OF | | | | | | | |
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| PROPOSAL NO. 2: ADVISORY VOTE TO APPROVE THE COMPENSATION OF HEI’S NAMED EXECUTIVE OFFICERS | | | | | | | |
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| We Use Comparative Market Data as a Reference Point for Compensation | | | | | |||
Elements and 2022 Pay Decisions | | | ||||||
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| What We Pay and Why: Compensation Elements and 2023 Pay Decisions | | | | | 28 | | |
| C | | | | | | | |
| COMPENSATION & HUMAN CAPITAL MANAGEMENT COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION | | | | | 40 | | |
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| APPROVAL OF THE HEI EQUITY AND INCENTIVE PLAN, AS AMENDED AND RESTATED | | | | | 55 | | |
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| OTHER RELATIONSHIPS AND RELATED PERSON TRANSACTIONS | | | | | 63 | | |
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| PROPOSAL NO. 4: RATIFICATION OF THE APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR 2024 | | | | | 66 | | |
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| | | | 71 | | | ||
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| | | | A-1 | | | ||
| EXHIBIT B: HEI Equity and Incentive Plan, as Amended and Restated | | | | | B-1 | | |
| Management Proposals | | | Board Vote Recommendation | | | Page | |
| 1. Election of | | | FOR Each Nominee | | | | |
| 2. Advisory | | | FOR | | | | |
| 3. | |||||||
| | FOR | | | | |||
| 4. Ratification of Appointment of Independent Auditor for 2024 | | | FOR | | | |
| Name | | Age | | Director Since | | Primary Occupation | | Independent | | Committee Membership | | Other Public Boards | | Name | | Age | | Director Since | | Primary Occupation | | Independent | | Committee Membership | | Other Public Boards | | ||||||||||||
| Celeste A. Connors | | 47 | | 2019 | | Chief Executive Officer, Hawai‘i Green Growth Local2030 Hub | | | NCGC | | None | | Celeste A. Connors | | 48 | | 2019 | | Chief Executive Officer, Hawai‘i Green Growth Local 2030 Hub | | | ARC, NCGC | | None | | ||||||||||||||
| Richard J. Dahl | | 71 | | 2017 | | Former Chairman, President & Chief Executive Officer, James Campbell Co., LLC | | | CC (Chair), ARC, EC | | Dine Brands Global, Inc. (Chair) IDACORP (Chair) | | Admiral Thomas B. Fargo | | 75 | | 2005 | | President, Fargo Associates, LLC | | | CC, NCGC (Chair), EC (Chair) | | The Greenbrier Companies Matson, Inc. | | ||||||||||||||
| Admiral Thomas B. Fargo | | 74 | | 2005 | | President, Fargo Associates, LLC | | | CC, NCGC, EC (Chair) | | The Greenbrier Companies Matson, Inc. | | Elisia K. Flores | | 39 | | 2021 | | Chief Executive Officer & Vice Chair, L&L Franchise Inc. | | | ARC, CC | | None | | ||||||||||||||
| Elisia K. Flores | | 38 | | 2021 | | Chief Executive Officer & Vice Chair, L&L Franchise Inc. | | | ARC | | None | | Peggy Y. Fowler | | 72 | | 2011 | | Former Chief Executive Officer, Portland General Electric Company | | | CC (Chair), NCGC, EC | | Columbia Banking System, Inc. | | ||||||||||||||
| Peggy Y. Fowler | | 71 | | 2011 | | Former Chief Executive Officer, Portland General Electric Company | | | CC, NCGC (Chair), EC | | Columbia Banking System, Inc. | | Micah A. Kāne | | 55 | | 2019 | | President & Chief Executive Officer, Hawai‘i Community Foundation | | | CC, NCGC | | None | | ||||||||||||||
| Micah A. Kāne | | 54 | | 2019 | | President & Chief Executive Officer, Hawai‘i Community Foundation | | | CC, NCGC | | None | | William James Scilacci, Jr. | | 68 | | 2019 | | Former Executive Vice President & Chief Financial Officer, Edison International | | | ARC (Chair), EC | | None | | ||||||||||||||
| Michael J. Kennedy | | 51 | | 2022 | | Former Chief Executive Officer, Velo Labs | | | None | | None | | Scott W. H. Seu | | 58 | | 2022 | | President & Chief Executive Officer, Hawaiian Electric Industries, Inc. | | | | EC | | None | | |||||||||||||
| Yoko Otani | | 68 | | 2023 | | Partner, Straterix | | | ARC | | None | | |||||||||||||||||||||||||||
| William James Scilacci, Jr. | | 67 | | 2019 | | Former Executive Vice President & Chief Financial Officer, Edison International | | | ARC (Chair), EC | | None | | |||||||||||||||||||||||||||
| Scott W. H. Seu | | 57 | | 2022 | | President & Chief Executive Officer, Hawaiian Electric Industries, Inc. | | | | EC | | None | |
| BOARD OF DIRECTORS | | | | |
| Independent Chair of the Board | | | YES | |
| Number of independent directors | | | | |
| Number of directors who are from diverse (non-Caucasian) ethnic backgrounds | | | | |
| Number of directors who are women | | | | |
| All Audit & Risk, Compensation & Human Capital Management and Nominating and Corporate Governance Committee members are independent | | | YES | |
| All directors attended at least 75% of meetings of the Board and Board committees on which they served in | | | YES | |
| Policy limitation on membership on other public company boards | | | YES | |
| Annual Board and committee self-evaluations and periodic director self and peer review | | | YES | |
| Directors required to submit resignation for Board consideration upon the end of their term after reaching age 75 or in the event of a significant change in their employment | | | YES | |
| Share ownership and retention requirements for directors and executives | | | YES | |
| Experience/Expertise | | | Tenure (Years) | | | | Utility/Energy Industry | | | | Banking | | | | Local Hawai‘i Commercial | | | | Sustainability/ Environmental Leadership | | | | Renewable Energy Expertise | | | | Senior Leadership | | | | Entrepreneurship/Business Transformation | | | | Government & Regulation | | | | Financial/Accounting | | | | Legal & Risk Management | | | | Corporate Governance | | |||
| Celeste A. Connors | | | Independent | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
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| Admiral Thomas B. Fargo, USN | | | Independent (Chair) | | | 19 | | | | | | | | | | | |||||||||||||||||||||||||||||||||||
B. Fargo, USN | (Chair) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||
| Elisia K. Flores | | | Independent | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Peggy Y. Fowler | | | Independent | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
| Micah A. Kāne | | | Independent | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | | Independent | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||
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| Scott W. H. Seu | | | CEO | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Race/Ethnicity* | | | | Asian | | | | Native Hawaiian or Other Pacific Islander | | | | Hispanic or Latino | | | | Black or African American | | | | White | | | | American Indian or Alaska Native | | | | Female | | | | Male | |
| Celeste A. Connors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
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| Admiral Thomas B. Fargo, USN | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| Elisia K. Flores | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| Peggy Y. Fowler | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| Micah A. Kāne | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
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| William James Scilacci, Jr. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| Scott W. H. Seu | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Net Income | | | Diluted Earnings per Share (EPS) | | | Return on Average Common Equity | | |||||||||
| 2022 | | | | $ | 241M | | | | | $ | 2.20 | | | | | | 10.5% | | |
| 2021 | | | | $ | 246M | | | | | $ | 2.25 | | | | | | 10.4% | | |
| 2020 | | | | $ | 198M | | | | | $ | 1.81 | | | | | | 8.6% | | |
| | | | Total Shareholder Return (%) | | |||||||||||||||||||||
| | | | HEI | | | S&P 500 Index | | | Edison Electric Institute Index | | | KBW Regional Banking Index | | ||||||||||||
| 2022 | | | | | 4.3% | | | | | | (18.1)% | | | | | | 1.2% | | | | | | (6.9)% | | |
| 3-year | | | | | (1.2)% | | | | | | 24.8% | | | | | | 17.1% | | | | | | 16.1% | | |
| 5-year | | | | | 36.8% | | | | | | 56.9% | | | | | | 52.7% | | | | | | 18.6% | | |
| 10-year | | | | | 143.4% | | | | | | 226.5% | | | | | | 180.5% | | | | | | 167.2% | | |
| | | | Net Income | | | Diluted Earnings per Share (EPS) | | | Return on Average Common Equity | | |||||||||
| 2023 | | | | $ | 199M | | | | | $ | 1.81 | | | | | | 8.8% | | |
| 2022 | | | | $ | 241M | | | | | $ | 2.20 | | | | | | 10.5% | | |
| 2021 | | | | $ | 246M | | | | | $ | 2.25 | | | | | | 10.4% | | |
| | | | Total Shareholder Return (%) | | |||||||||||||||||||||
| | | | HEI | | | S&P 500 Index | | | Edison Electric Institute Index | | | KBW Regional Banking Index | | ||||||||||||
| 2023 | | | | | (64.6)% | | | | | | 26.3% | | | | | | (8.7)% | | | | | | (0.4)% | | |
| 3-year | | | | | (55.2)% | | | | | | 33.1% | | | | | | 8.2% | | | | | | 26.7% | | |
| 5-year | | | | | (53.8)% | | | | | | 107.2% | | | | | | 34.5% | | | | | | 43.2% | | |
| 10-year | | | | | (20.6)% | | | | | | 211.5% | | | | | | 126.6% | | | | | | 81.2% | | |
| | OUR EXECUTIVE COMPENSATION PROGRAM INCORPORATES BEST PRACTICES: | | | |||||||||
| | | | Majority of target compensation opportunity tied to performance | | | | | No tax gross ups (except for executive death benefit frozen in 2009) | | | ||
| | | | Rigorous performance goals are aligned with business strategy | | | | | No employment contracts | | | ||
| | | | Stock ownership and retention requirements apply to named executive officers | | | | | Minimal perquisites | | | ||
| | | | Clawback policy for performance-based pay | | | | | Prohibition against hedging and pledging of HEI stock | | | ||
| | | | “Double trigger” change-in-control agreements | | | | | No dividends or dividend equivalents paid on unearned performance shares | | |
| | | | The Board recommends that you vote FOR each nominee listed above to serve as a Director. | | |
| | | Admiral Thomas B. Fargo, USN (Retired) | | |
| Independent Director Chair of the Board Executive Committee Chair Compensation & Human Capital Management Committee Member Nominating and Corporate Governance Committee Chair | |
| Age: Independent Director Since: 2005 Principal Occupation: President, Fargo Associates, LLC | |
| EXPERTISE | | |||
| | | | CRITICAL CUSTOMERS | |
| | | | RISK MANAGEMENT | |
| | | | CORPORATE GOVERNANCE | |
| | | | LEADERSHIP | |
| | | | STRATEGIC PLANNING | |
| | | | FINANCE AND ACCOUNTING | |
| | | | BANKING | |
Committee Member |
Executive Committee Member Compensation & Human Capital Management Committee Chair Audit & Risk Committee Member |
MANAGEMENT | |||||
| | | Celeste A. Connors | | |
| Independent Director Audit & Risk Committee Member Nominating and Corporate Governance Committee Member | |
| Age: 48 Independent Director Since: 2019 Principal Occupation: Chief Executive Officer, Hawai‘i Green Growth Local2030 Hub (since 2021) | |
| EXPERTISE | | |||
| | | | ENERGY, UTILITIES | |
| | | | COMMUNITY RELATIONS | |
| | | | GOVERNMENT AND REGULATIONS | |
| | | | LEADERSHIP | |
| | | | ENTREPRENEURSHIP | |
| | | | EXECUTIVE MANAGEMENT | |
| | | | RISK MANAGEMENT | |
| | | | CLIMATE RISK | |
| | | Elisia K. Flores | | |
| Independent Director Audit & Risk Committee Member | |
| Age: Independent Director Since: 2021 Principal Occupation: Chief Executive Officer & Vice Chair, L&L Franchise, Inc. (since 2019) | |
| EXPERTISE | | |||
| | | | FINANCE AND ACCOUNTING | |
| | | | AUDIT | |
| | | | FINANCIAL OVERSIGHT | |
| | | | LEADERSHIP | |
| | | | STRATEGIC PLANNING | |
| | | | STRATEGIC & OPERATIONAL MANAGEMENT | |
| | | | EXECUTIVE MANAGEMENT | |
| | | Peggy Y. Fowler | | |
| Independent Director Executive Committee Member Nominating and Corporate Governance Committee Compensation & Human Capital Management Committee | |
| Age: Independent Director Since: 2011 Principal Occupation: Former Chief Executive Officer, Portland General Electric Company (PGE) (2000-2009) | |
| EXPERTISE | | |||
| | | | LEADERSHIP | |
| | | | ENERGY, UTILITIES | |
| | | | RENEWABLES | |
| | | | ENVIRONMENTAL MANAGEMENT | |
| | | | CORPORATE GOVERNANCE | |
| | | | FINANCIAL OVERSIGHT | |
| | | | REGULATORY COMPLIANCE | |
| | | | FINANCE AND ACCOUNTING | |
| | | | BANKING | |
| | | Micah A. Kāne | | |
| Independent Director Nominating and Corporate Governance Committee Member Compensation & Human Capital Management Committee Member | |
| Age: Independent Director Since: 2019 Principal Occupation: President and Chief Executive Officer, Hawai‘i Community Foundation, Since 2017 | |
| EXPERTISE | | |||
| | | | LEADERSHIP | |
| | | | COMMUNITY RELATIONS | |
| | | | GOVERNMENT AND REGULATIONS | |
| | | | EXECUTIVE MANAGEMENT | |
| | | | STRATEGIC & OPERATIONAL MANAGEMENT | |
| | | | ORGANIZATIONAL LEADERSHIP | |
| | | William J. Scilacci, Jr. | | |
| Independent Director Executive Committee Member Audit & Risk Committee Chair | |
| Age: Independent Director Since: 2019 Principal Occupation: Former Executive Vice President and Chief Financial Officer, Edison International (2008-2016) | |
| EXPERTISE | | |||
| | | | FINANCE AND ACCOUNTING | |
| | | | STRATEGIC & OPERATIONAL MANAGEMENT | |
| | | | LEADERSHIP | |
| | | | ENERGY, UTILITIES | |
| | | | RISK MANAGEMENT | |
| | | Scott W.H. Seu | | |
| President and CEO, HEI Executive Committee Member | |
| Age: HEI Director Since: 2022 Principal Occupation: President and Chief Executive Officer, HEI (since 2022) | |
| EXPERTISE | | |||
| | | | CLEAN ENERGY, UTILITIES | |
| | | | LEADERSHIP | |
| | | | COMMUNITY RELATIONS | |
| | | | GOVERNMENT AND REGULATIONS | |
| | | | CORPORATE TRANSFORMATION | |
| | | | STRATEGIC PLANNING | |
| | | | FINANCE AND ACCOUNTING | |
| Name | | Audit & Risk | | Compensation & Human Capital Management | | Executive | | Nominating and Corporate Governance | | | Name | | Audit & Risk | | Compensation & Human Capital Management | | Executive | | Nominating and Corporate Governance | | ||||||||||
| Celeste A. Connors | | | | | | | | | | Celeste A. Connors | | | | | | | | |||||||||||||
| Richard J. Dahl | | | | | | | | Thomas B. Fargo | | | | | | | ||||||||||||||||
| Thomas B. Fargo | | | | | | | | Elisa K. Flores | | | | | | | | |||||||||||||||
| Elisa K. Flores | | | | | | | | | | Peggy Y. Fowler | | | | | | | ||||||||||||||
| Peggy Y. Fowler | | | | | | | | Micah A. Kāne | | | | | | | | |||||||||||||||
| Micah A. Kāne | | | | | | | | | William James Scilacci Jr. | | | | | | | | ||||||||||||||
| Yoko Otani2 | | | | | | | | | | | Scott W. H. Seu1 | | | | | | | | | |||||||||||
| Keith P. Russell | | | | | | | | | Number of meetings in 2023 | | 9 | | 6 | | 6 | | 4 | | ||||||||||||
| William James Scilacci Jr. | | | | | | | | | ||||||||||||||||||||||
| Scott W. H. Seu1 | | | | | | | | | | |||||||||||||||||||||
| Number of meetings in 2022 | | 11 | | 5 | | — | | 4 | | |
| Position* | | | 2023 Annual Retainer | | |||
| HEI Nonexecutive Chair of the Board | | | | | 125,000 | | |
| HEI Director | | | | | 85,000 | | |
| HEI Audit & Risk Committee Chair | | | | | 25,000 | | |
| HEI Compensation & Human Capital Management Committee Chair | | | | | 25,000 | | |
| HEI Nominating and Corporate Governance Committee Chair | | | | | 25,000 | | |
| HEI Audit & Risk Committee Member | | | | | 10,000 | | |
| HEI Compensation & Human Capital Management Committee Member | | | | | 10,000 | | |
| HEI Nominating and Corporate Governance Committee Member | | | | | 10,000 | | |
| | | | | | | ||
| | | | | | | ||
| ASB Audit Committee Chair | | | | | 18,750 | | |
| ASB Audit Committee Member | | | | | 7,500 | | |
| ASB Risk Committee Chair | | | | | 25,000 | | |
| ASB Risk Committee Member | | | | | 10,000 | | |
| HEI Board | | | $1,500 per meeting after 8 meetings | |
| HEI Audit & Risk Committee | | | $1,500 per meeting after 10 meetings | |
| HEI Compensation & Human Capital Management Committee | | | $1,500 per meeting after 6 meetings | |
| HEI Nominating and Corporate Governance Committee | | | $1,500 per meeting after 6 meetings | |
| | | $1,000 per meeting after | | |
| ASB Audit Committee | | | $1,000 per meeting after 10 meetings | |
| ASB Risk Committee | | | $1,000 per meeting after 6 meetings | |
| Name | | Fees Earned or Paid in Cash ($)1 | | Stock Awards ($)2 | | Changes in Pension Value and Nonqualified Deferred Compensation Earnings ($) | | All Other Compensation ($) | | Total ($) | | Name | | Fees Earned or Paid in Cash ($)1 | | Stock Awards ($)2 | | Changes in Pension Value and Nonqualified Deferred Compensation Earnings ($) | | All Other Compensation ($) | | Total ($) | | ||||||||||||||||||||||||||||||||||||||||
| Celeste A. Connors | | | | 95,000 | | | | | 120,000 | | | | | — | | | | | — | | | | | 215,000 | | | Celeste A. Connors | | | | 116,587 | | | | | 120,000 | | | | | — | | | | | — | | | | | 236,587 | | | ||||||||||
| Richard J. Dahl | | | | 121,500 | | | | | 120,000 | | | | | — | | | | | — | | | | | 241,500 | | | Richard J. Dahl3 | | | | 143,451 | | | | | 120,000 | | | | | — | | | | | — | | | | | 263,451 | | | ||||||||||
| Thomas B. Fargo, HEI Chair3 | | | | 230,000 | | | | | 120,000 | | | | | — | | | | | — | | | | | 350,000 | | | Thomas B. Fargo, HEI Chair4 | | | | 249,500 | | | | | 120,000 | | | | | — | | | | | — | | | | | 369,500 | | | ||||||||||
| Elisia K. Flores | | | | 112,113 | | | | | 120,000 | | | | | — | | | | | — | | | | | 232,113 | | | Elisia K. Flores | | | | 130,090 | | | | | 120,000 | | | | | — | | | | | — | | | | | 250,090 | | | ||||||||||
| Peggy Y. Fowler | | | | 120,000 | | | | | 120,000 | | | | | — | | | | | — | | | | | 240,000 | | | Peggy Y. Fowler | | | | 144,880 | | | | | 120,000 | | | | | — | | | | | — | | | | | 264,880 | | | ||||||||||
| Micah A. Kāne | | | | 102,363 | | | | | 120,000 | | | | | — | | | | | — | | | | | 222,363 | | | Micah A. Kāne | | | | 117,000 | | | | | 120,000 | | | | | — | | | | | — | | | | | 237,000 | | | ||||||||||
| Michael J. Kennedy4 | | | | 85,636 | | | | | 91,068 | | | | | — | | | | | — | | | | | 176,704 | | | Michael J. Kennedy3 | | | | 131,927 | | | | | 120,000 | | | | | — | | | | | — | | | | | 251,927 | | | ||||||||||
| Keith P. Russell | | | | 132,000 | | | | | 120,000 | | | | | — | | | | | — | | | | | 252,000 | | | Yoko Otani3 | | | | 133,929 | | | | | 160,767 | | | | | — | | | | | — | | | | | 294,696 | | | ||||||||||
| William James Scilacci, Jr. | | | | 111,500 | | | | | 120,000 | | | | | — | | | | | — | | | | | 231,500 | | | Keith P. Russell5 | | | | 44,135 | | | | | — | | | | | — | | | | | — | | | | | 44,135 | | | ||||||||||
| William James Scilacci, Jr. | | | | 134,500 | | | | | 120,000 | | | | | — | | | | | — | | | | | 254,500 | | |
| Name | | HEI Board Retainer ($) | | HEI Committee Retainer ($) | | HEI Chair Retainer ($) | | HEI Extra Meeting Fees1 ($) | | ASB Board Retainer ($) | | ASB Audit Committee Retainer ($) | | ASB Risk Committee Retainer ($) | | ASB Extra Meeting Fees1 ($) | | Total ($) | | Name | | HEI Board Retainer ($) | | HEI Committee Retainer ($) | | HEI Chair Retainer ($) | | HEI Extra Meeting Fees1 ($) | | ASB Board Retainer ($) | | ASB Committee Retainer ($) | | ASB Chairman Retainer ($) | | ASB Extra Meeting Fees1 ($) | | Cyber Security Working Group ($) | | Total ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Celeste A. Connors | | | | 85,000 | | | | | 10,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 95,000 | | | Celeste A. Connors | | | | 85,000 | | | | | 13,587 | | | | | — | | | | | 18,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 116,587 | | | |||||||||||||||||||
| Richard J. Dahl | | | | 85,000 | | | | | 35,000 | | | | | — | | | | | 1,500 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 121,500 | | | Richard J. Dahl2 | | | | 54,511 | | | | | 22,446 | | | | | — | | | | | — | | | | | 30,489 | | | | | 9,864 | | | | | 16,141 | | | | | 10,000 | | | | | — | | | | | 143,451 | | | |||||||||||||||||||
| Thomas B. Fargo, HEI Chair2 | | | | 85,000 | | | | | 20,000 | | | | | 125,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 230,000 | | | Thomas B. Fargo, HEI Chair3 | | | | 85,000 | | | | | 20,000 | | | | | 125,000 | | | | | 19,500 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 249,500 | | | |||||||||||||||||||
| Elisia K. Flores | | | | 85,000 | | | | | 7,363 | | | | | — | | | | | — | | | | | — | | | | | 18,750 | | | | | — | | | | | 1,000 | | | | | 112,113 | | | Elisia K. Flores | | | | 85,000 | | | | | 13,587 | | | | | — | | | | | 16,500 | | | | | — | | | | | 15,003 | | | | | — | | | | | — | | | | | — | | | | | 130,090 | | | |||||||||||||||||||
| Peggy Y. Fowler | | | | 85,000 | | | | | 35,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 120,000 | | | Peggy Y. Fowler | | | | 85,000 | | | | | 40,380 | | | | | — | | | | | 19,500 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 144,880 | | | |||||||||||||||||||
| Micah A. Kāne | | | | 85,000 | | | | | 17,363 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 102,363 | | | Micah A. Kāne | | | | 85,000 | | | | | 20,000 | | | | | — | | | | | 12,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 117,000 | | | |||||||||||||||||||
| Michael J. Kennedy | | | | 35,340 | | | | | — | | | | | — | | | | | — | | | | | 29,796 | | | | | 7,500 | | | | | 10,000 | | | | | 3,000 | | | | | 85,636 | | | Michael J. Kennedy2 | | | | 54,511 | | | | | 4,392 | | | | | — | | | | | — | | | | | 30,489 | | | | | 21,535 | | | | | — | | | | | 16,000 | | | | | 5,000 | | | | | 131,927 | | | |||||||||||||||||||
| Keith P. Russell | | | | 85,000 | | | | | 10,000 | | | | | — | | | | | 1,500 | | | | | — | | | | | 7,500 | | | | | 25,000 | | | | | 3,000 | | | | | 132,000 | | | Yoko Otani2 | | | | 54,511 | | | | | 6,413 | | | | | — | | | | | — | | | | | 30,489 | | | | | 26,516 | | | | | — | | | | | 16,000 | | | | | — | | | | | 133,929 | | | |||||||||||||||||||
| William James Scilacci, Jr. | | | | 85,000 | | | | | 25,000 | | | | | — | | | | | 1,500 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 111,500 | | | Keith P. Russell4 | | | | 29,423 | | | | | 3,462 | | | | | — | | | | | — | | | | | — | | | | | 11,250 | | | | | — | | | | | — | | | | | — | | | | | 44,135 | | | |||||||||||||||||||
| William James Scilacci, Jr. | | | | 85,000 | | | | | 25,000 | | | | | — | | | | | 19,500 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 5,000 | | | | | 134,500 | | |
| | | | The Board recommends that you vote FOR the advisory resolution approving the compensation of HEI’s | | |
| Name | | | Title | | | Entity | |
| Scott W. H. Seu | | | HEI President & CEO | | | Holding company | |
| | | HEI Executive Vice President, Chief Financial Officer and Treasurer1 | | | Holding company | | |
| Kurt K. Murao | | | HEI Executive Vice President, General Counsel, Chief Administrative Officer and Corporate Secretary | | | Holding company | |
| Shelee M. T. Kimura | | | Hawaiian Electric President & CEO | | | Electric utility subsidiary | |
| Ann C. Teranishi | | | ASB President & CEO | | | Bank subsidiary | |
| | | Former HEI Executive Vice President, | | | Holding company | |
| | What We Do | | | |||
| | | | Link pay to performance | | | |
| | | | Utilize rigorous performance conditions that encourage long-term value creation | | | |
| | | | Balance short- and long-term compensation to promote sustained performance over time | | | |
| | | | Grant majority of long-term incentives in the form of performance-based awards | | | |
| | | | Use the competitive median as a reference point in setting compensation levels | | | |
| | | | Review tally sheets when making compensation decisions | | | |
| | | | Mitigate undue risk in compensation programs | | | |
| | | | Utilize “double-trigger” change-in-control agreements | | | |
| | | | Maintain a clawback policy for performance-based compensation | | | |
| | | | Require stock ownership and retention by named executive officers; CEO must own five times the CEO’s base salary and each of the other NEOs must own two times their respective base salary | | | |
| | | | Prohibit pledging of Company stock and transactions designed to hedge the risk of stock ownership | | | |
| | | | Utilize an independent compensation consultant to advise the Compensation & Human Capital Management Committee | | |
| | What We Don’t Do | | | |||
| | | | No employment contracts | | | |
| | | | No tax gross ups, except under the Executive Death Benefit Plan which was frozen in 2009 | | | |
| | | | No compensation programs that are reasonably likely to create material risk to the Company | | | |
| | | | No significant perquisites | | | |
| | | | No dividends or dividend equivalents on unearned performance shares | | |
| | | | | | HEI Messrs. Seu, | | | | Utility Subsidiary (applies to Ms. Kimura) | | | | Bank Subsidiary (applies to Ms. Teranishi) | | |
| | Selection Criteria | | | | • Publicly traded, US-based electric and multi-utility companies • Revenue balanced in a range of approximately 0.4x to 2.5x HEI’s revenue • Market cap balanced in a range of approximately 0.4x to 2.5x HEI’s revenue | | | | • Electric and multi-utility companies • Revenue balanced in a range of approximately 0.4x to 2.5x Hawaiian Electric’s revenue • | | | | • Regional banks and thrifts • Revenue balanced in a range of approximately 0.5x to 2x ASB’s revenue • Total assets balanced in a range of approximately 0.5x to 2x ASB’s total assets • Secondary consideration of 2 of 3 of the following: ◦ Proportion of loan portfolio composed of over 30% single family and less than 85% residential ◦ Located on the west coast or Hawai‘i ◦ Ratio of noninterest income to operating revenue from 10%-40% | | |
| | Peer Group for | | | | ALLETE, Inc. Alliant Energy Corp. AVANGRID, Inc. Avista Corp. Black Hills Corp. Evergy, Inc. IDACORP, Inc. MDU Resources Group Inc. NiSource Inc. Northwestern Corp OGE Energy Corp. Pinnacle West Capital Corp. PNM Resources Inc. Portland General Electric | | | | Alliant Energy Corp. AVANGRID, Inc. Avista Corp. Black Hills Corp. Evergy, Inc. IDACORP, Inc. MDU Resources Group Inc. NiSource Inc. Northwestern Corp. OGE Energy Corp. Pinnacle West Capital Corp. PNM Resources Inc. Portland General Electric | | | | Bank of Hawai‘i Byline Bancorp Berkshire Hills Central Pacific Financial Community Bank CVB Financial Rist Bancorp First Busey First Financial Bank First Hawaiian Bank Heritage Financial Homestreet Independent Bank Park National Renasant Republic Bancorp Sandy Spring Bancorp Seacoast Banking South State Tompkins Financial TriCo Bancshares Westamerica Bancorp | | |
| Position | | | Value of Stock to be Owned | | ||||||
| Alliant Energy Corp. Ameren Corp. American Electric Power Co., Inc. AVANGRID, Inc. Avista Corp. Black Hills Corp. Centerpoint Energy, Inc. CMS Energy Corp. Consolidated Edison, Inc. | | | 5x base salary | | ||||||
| DTE Energy Co. Duke Energy Corp. Edison International Entergy Corp. Evergy, Inc. Eversource Energy Exelon Corp. FirstEnergy Corp. IDACORP, Inc. | | | Group Inc. MGE Energy, Inc. NextEra Energy, Inc. NiSource Inc. NorthWestern Corp. OGE Energy Corp. Otter Tail Corp. PG&E Corp. Pinnacle West Capital Corp. PNM Resources Inc. | PPL Corp. Public Service Enterprise Group Inc. Sempra Energy Southern Co. Unitil Corp. WEC Energy Group, Inc. Xcel Energy Inc. | |
| Compensation Element | | | Summary | | | Objectives | |
| Base Salary | | | Fixed level of cash compensation set in reference to peer group median (may vary based on performance, experience, responsibilities, expertise and other factors). | | | Attract and retain talented executives by providing competitive fixed cash compensation. | |
| Annual Performance-Based Incentives | | | Variable cash award based on achievement of pre-set performance goals for the year. Award opportunity is determined as a percentage of base salary. Performance below threshold levels yields no incentive payment. | | | Drive achievement of key business results linked to short-term and long-term strategy and reward executives for their contributions to such results. Balance compensation cost and return by paying awards based on performance. | |
| Long-Term Performance-Based Incentives | | | Variable equity award based on meeting pre-set performance objectives over a 3-year period. Award opportunity is determined as a percentage of base salary. Performance below threshold levels yields no incentive payment. | | | Motivate executives and align their interests with those of shareholders by promoting long-term value growth and by paying awards in the form of equity. Balance compensation cost and return by paying awards based on performance. | |
| Annual RSU Grant | | | Annual equity grants in the form of RSUs that vest in equal installments over 3 years (beginning with grants made in 2021). Amount of grant is determined as a percentage of base salary. | | | Promote alignment of executive and shareholder interests by ensuring executives have significant ownership of HEI stock. Retain talented leaders through multi-year vesting. | |
| Benefits | | | Includes defined benefit pension plans and defined contribution plan (for HEI/Utility employees) and defined contribution plan (for Bank employees); deferred compensation plans; double-trigger change-in-control agreements; minimal perquisites; and an executive death benefit plan (frozen since 2009). | | | Enhance total compensation with meaningful and competitive benefits that promote retention and peace of mind and contribute to financial security. Double-trigger change-in-control agreements encourage focused attention of executives during major corporate transitions. | |
| | | | Base Salary1 ($) | | Performance-based Annual Incentive (Target Opportunity2 as % of Base Salary) | | Performance-based Long-term Incentive (Target Opportunity2 as % of Base Salary) | | RSUs (Value as % of Base Salary) | | | | | Base Salary1 ($) | | Performance-based Annual Incentive (Target Opportunity2 as % of Base Salary) | | Performance-based Long-term Incentive (Target Opportunity2 as % of Base Salary) | | RSUs (Value as % of Base Salary) | | ||||||||||||||||||||||||||||||||||||||||||
| Name | | 2021 | | 2022 | | 2021 | | 2022 | | 2021-23 | | 2022-24 | | 2021 | | 2022 | | Name | | 2022 | | 2023 | | 2022 | | 2023 | | 2022-24 | | 2023-25 | | 2022 | | 2023 | | ||||||||||||||||||||||||||||
| Scott W. H. Seu | | | | 506,667 | | | | | | 875,000 | | | | 80 | | | 100 | | | 98 | | | 140 | | | 60 | | | same | | Scott W. H. Seu | | | | 875,000 | | | | | | 958,333 | | | | 100 | | | same | | | 140 | | | 158 | | | 60 | | | 67 | | ||
| Paul K. Ito | | | | 300,550 | | | | | | 313,425 | | | | 45 | | | same | | | 68 | | | 45 | | | 30 | | | same | | Scott T. DeGhetto3 | | | | — | | | | | | 150,000 | | | | — | | | — | | | — | | | — | | | — | | | — | | ||
| Kurt K. Murao | | | | 402,000 | | | | | | 428,667 | | | | 60 | | | same | | | 76 | | | 60 | | | 45 | | | same | | Kurt K. Murao | | | | 428,667 | | | | | | 475,167 | | | | 60 | | | same | | | 60 | | | same | | | 45 | | | same | | ||
| Shelee M. T. Kimura | | | | 292,000 | | | | | | 450,000 | | | | 50 | | | 75 | | | 61 | | | 90 | | | 35 | | | 853 | | Shelee M. T. Kimura | | | | 450,000 | | | | | | 575,000 | | | | 75 | | | same | | | 90 | | | same | | | 854 | | | 60 | | ||
| Ann C. Teranishi4 | | | | 473,707 | | | | | | 605,000 | | | | 70 | | | same | | | 72 | | | 65 | | | 50 | | | 30 | | Ann C. Teranishi | | | | 605,000 | | | | | | 726,000 | | | | 70 | | | 75 | | | 65 | | | same | | | 30 | | | 35 | | ||
| Gregory C. Hazelton | | | | 546,400 | | | | | | 560,233 | | | | 65 | | | 70 | | | 119 | | | 80 | | | 775 | | | 50 | | Paul K. Ito | | | | 313,425 | | | | | | 475,000 | | | | 45 | | | 70 | | | 45 | | | 80 | | | 30 | | | 1005 | |
| 2022 Annual Incentive Performance Metrics & Why We Use Them | | Weighting | | | Goals | | | Results | | Total Achieved as a % of Target Opportunity | | 2023 Annual Incentive Performance Metrics & Why We Use Them | | Weighting | | | Goals | | | Results | | Total Achieved as a % of Target Opportunity | | ||||||||||||||||
| Threshold | | Target | | Maximum | | | Threshold | | Target | | Maximum | | |||||||||||||||||||||||||||
| Seu, Ito, Murao and Hazelton | | | | | | | | | | | | | | Seu, Murao and Ito* | | | | | | | | | | | | | | ||||||||||||
| HEI Consolidated Adjusted Net Income1 focuses on fundamental earnings, which correlates to shareholder value | | 60% | | $208.2M | | $231.3M | | $247.5M | | | $230.6M | | | | | HEI Consolidated Net Income focuses on fundamental earnings, which correlates to shareholder value | | 60% | | $226.42M | | $251.6M | | $269.2M | | | $199.2M | | | | | ||||||||
| Utility Operations2 supports effective utility operations for all stakeholders | | 25% | | See note 2 below | | See note 2 below | | See note 2 below | | | See note 2 below | | | 99% | | Utility Operations1 supports effective utility operations for all stakeholders | | 25% | | See note 1 below | | See note 1 below | | See note 1 below | | | See note 1 below | | | 30% | | ||||||||
| ASB Return on Assets (ROA)3 measures how efficiently the Bank deploys its assets by comparing return to total assets | | 15% | | 0.66% | | 0.76% | | 0.86% | | | 0.82% | | | | | ASB Return on Assets (ROA)2 measures how efficiently the Bank deploys its assets by comparing return to total assets | | 15% | | 0.88% | | 0.98% | | 1.08% | | | 0.55% | | | ||||||||||
| Kimura | | | | | | | | | | | | | | Kimura and Ito* | | | | | | | | | | | | | | ||||||||||||
| Utility Consolidated Net Income focuses on fundamental earnings, which correlates to shareholder value | | 40% | | $174.3M | | $193.7M | | $203.4M | | | $188.9M | | | | | Utility Consolidated Net Income focuses on fundamental earnings, which correlates to shareholder value | | 50% | | $188.6M | | $198.5M | | $208.4M | | | $194.0M | | | | | ||||||||
| Utility Consolidated Customer Satisfaction4 focuses on improving the customer experience through all points of contact with the Utility | | 15% | | Consolidated score of 76 or a benchmark of 60th percentile in 2 of 4 quarters | | Consolidated score of 76 or a benchmark of 60th percentile in 3 of 4 quarters | | Consolidated score of 76 or a benchmark of 60th percentile in 4 of 4 quarters | | | Below Threshold | | | | | Utility Consolidated Safety: Recordable Incidents (basis for Total Cases Incident Rate (TCIR))3 rewards improvements in workplace safety, promoting employee well-being and reducing expense | | 7.5% | | 3-year historical average | | 5% improvement over 3-year historical average | | 10% improvement over 3-year historical average | | | 11% improvement over 3-year historical average | | | ||||||||||
| Utility Consolidated Reliability: System Average Interruption Duration Index (SAIDI)5 promotes system reliability for customers | | 5% | | 127 minutes and Reliability SAIDI PIM penalty $340,000 or less | | 111 minutes and no Reliability SAIDI PIM penalty | | 96 minutes and no Reliability SAIDI PIM penalty | | | 119 minutes and Reliability SAIDI PIM penalty $79,000 | | | | | Utility Consolidated Safety: Lost Workdays (basis for Severity Rate)3 rewards improvements in workplace safety, promoting employee well-being and reducing expense | | 7.5% | | 3-year average | | 5% improvement over 3-year average | | 10% improvement over 3-year average | | | 48% improvement over 3-year average | | | ||||||||||
| Utility Consolidated Reliability: System Average Interruption Frequency Index (SAIFI)5 promotes system reliability for customers | | 5% | | 1.34 interruptions and Reliability SAIFI PIM penalty $340,000 or less | | 1.21 interruptions and no Reliability SAIFI PIM penalty | | 1.08 interruptions and no Reliability SAIFI PIM penalty | | | 1.06 interruptions and no Reliability SAIFI PIM penalty | | | | | Utility Consolidated Customer Satisfaction4 focuses on improving the customer experience through all points of contact with the Utility | | 10% | | Quarterly Consolidated score of 74 | | Quarterly Consolidated score of 77 | | Quarterly Consolidated score of 80 | | | Quarterly Consolidated score of 77 | | | ||||||||||
| Utility Consolidated Safety: Total Cases Incident Rate (TCIR)6 rewards improvements in workplace safety, promoting employee well-being and reducing expense | | 7.5% | | 1.37 TCIR | | 1.03 TCIR | | 0.92 TCIR | | | 1.61 TCIR | | | | | Utility Consolidated Reliability: System Average Interruption Duration Index (SAIDI)5 promotes system reliability for customers | | 10% | | 127 minutes and Reliability SAIDI PIM penalty $340,000 or less | | 112 minutes and no Reliability SAIDI PIM penalty | | 96 minutes and no Reliability SAIDI PIM penalty | | | 156 minutes and Reliability SAIDI PIM penalty $3.1M | | | ||||||||||
| Utility Consolidated Safety: Severity Rate6 rewards improvements in workplace safety, promoting employee well-being and reducing expense | | 7.5% | | 18.53 | | 16.00 | | 13.46 | | | 37.11 | | | 74% | | Utility Consolidated Human Capital Management (HCM): Employee Engagement6 promotes employee performance and commitment through engagement initiatives | | 5% | | One-point increase from 2022 survey result for employee engagement score | | Two-point increase from 2022 survey result for employee engagement score | | Three-point increase from 2022 survey result for employee engagement score | | | One-point decrease from 2022 survey result for employee engagement score | | | 99% | | ||||||||
| Utility Consolidated Human Capital Management (HCM): Strategic Workforce Planning7 rewards strategic workforce supply and demand assessment and development of effective people strategies | | 5% | | Create strategic workforce plans for 1 strategic initiative and for each of the 4 strategic workforce plans that were created in 2021, complete 70% of the action items that have target completion dates in 2022 | | Create strategic workforce plans for 2 strategic initiatives and for each of the 4 strategic workforce plans that were created in 2021, complete 80% of the action items that have target completion dates in 2022 | | Create strategic workforce plans for 3 strategic initiatives and for each of the 4 strategic workforce plans that were created in 2021, complete 90% of the action items that have target completion dates in 2022 | | | Maximum | | | | | Utility Consolidated Human Capital Management (HCM): Diversity, Equity & Inclusion (DEI)6 promotes awareness and removal of barriers to equity and inclusion in the workplace | | 5% | | Establishment of 1 Employee Resource Group (ERG) with 25+ participants with executive sponsor: at least 1 activity/quarter from establishment date | | Establishment of 2 ERG with 25+ participants with executive sponsor: at least 1 activity/ quarter from establishment date | | Establishment of 3 ERG with 25+ participants with executive sponsor: at least 1 activity/ quarter from establishment date | | | Establishment of 3 ERG with 25+ participants with executive sponsor: at least 1 activity/ quarter from establishment date | | | ||||||||||
| Utility Consolidated Human Capital Management (HCM): Diversity, Equity & Inclusion (DEI)7 promotes awareness and removal of barriers to equity and inclusion in the workplace | | 5% | | 80% of employees participate in a minimum of one qualifying DEI activity | | 90% of employees participate in a minimum of one qualifying DEI activity | | 99% of employees participate in a minimum of one qualifying DEI activity | | | 100% of employees participate in a minimum of one qualifying DEI activity | | | | | Utility Decarbonization: Expand Renewable Energy7 promotes the decarbonization of Hawai‘i through expanding renewable energy generation | | 5% | | Achieve key 2023 milestones for one of three Stage 3 RFPs and approve 40 MWs of incremental DER applications | | Achieve key 2023 milestones for two of three Stage 3 RFPs and approve 58 MWs of incremental DER applications | | Achieve key 2023 milestones in all three Stage 3 RFPs and approve 68 MWs of incremental DER applications | | | Achieve key 2023 milestones in all three Stage 3 RFPs and approve 73 MWs of incremental DER applications | | | ||||||||||
| Utility Decarbonization: Renewable Portfolio Standard (RPS)8 promotes increased sales of energy derived from renewable sources | | 5% | | 39.0% | | 40.0% | | 41.0% | | | 39.1% | | | | | Teranishi | | | | | | | | | | | | | | ||||||||||
| Utility Decarbonization: Electrification8 promotes the decarbonization of Hawai‘i through improved electric vehicle charging infrastructure | | 5% | | 1. Launch eBus Make Ready Pilot within 30 days of PUC acceptance or approval of Pilot Final Program Design Report and 2. Commission 7 new fast chargers at 4 new sites | | Achieve the Threshold, plus: 1. Complete design and construction of infrastructure to support 2 additional new fast chargers at 2 existing sites | | Achieve the Target, plus: 1. Complete design and construction of infrastructure to support 2 additional new fast chargers at 2 existing sites and 2. If approved by PUC, launch Commercial Make Ready Pilot within 30 days of final authority to do so | | | Threshold | | | | | ASB ROA2 | | 40% | | 0.88% | | 0.98% | | 1.08% | | | 0.55% | | | 0% | | ||||||||
| Teranishi* | | | | | | | | | | | | | | ASB Net Income focuses on fundamental earnings, which correlates to shareholder value | | 60% | | $85M | | $92M | | $99M | | | $53.4M | | |||||||||||||
| ASB ROA3 | | 40% | | 0.66% | | 0.76% | | 0.86% | | | 0.82% | | | 180% | | ||||||||||||||||||||||||
| ASB Adjusted Net Income1 focuses on fundamental earnings, which correlates to shareholder value | | 60% | | $62M | | $69M | | $76M | | | $75.6M | |
| Year ended December 31, 2022 | | | HEI CONSOLIDATED | | | ASB | | ||||||
| (in millions) | | | | | | | | | | | | | |
| GAAP net income (as reported) | | | | $ | 241.1 | | | | | $ | 80.0 | | |
| Excluding special items (after-tax): | | | | | | | | | | | | | |
| Reversal of allowance for credit losses related to the pandemic1,2 | | | | | (3.9) | | | | | | (3.9) | | |
| Branch lease termination costs (gain on sale of branches)1 | | | | | (0.5) | | | | | | (0.5) | | |
| Gain on sale of an investment by Pacific Current3 | | | | | (6.2) | | | | | | — | | |
| Non-GAAP (adjusted) net income for 2022 EICP purposes | | | | $ | 230.6 | | | | | $ | 75.6 | | |
| Name | | Target Opportunity (% of base salary) | | | | | | | Base Salary ($) | | | | | | | Target Opportunity ($) | | | | | | | Total Achieved as a % of Target Opportunity (%) | | | | | | | 2022 Actual Annual Incentive Payout ($)1 | | Name1 | | Target Opportunity (% of base salary) | | | | | | | Base Salary ($) | | | | | | | Target Opportunity ($) | | | | | | | Total Achieved as a % of Target Opportunity (%)2 | | | | | | | 2023 Actual Annual Incentive Payout ($)2 | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Scott W. H. Seu | | | | 100 | | | | | × | | | | | 875,000 | | | | | = | | | | | 875,000 | | | | | × | | | | | 99 | | | | | = | | | | | 869,129 | | | Scott W. H. Seu | | | | 100 | | | | | × | | | | | 958,333 | | | | | = | | | | | 958,333 | | | | | × | | | | | — | | | | | = | | | | | — | | | ||||||||||||||||||
| Paul K. Ito | | | | 45 | | | | | × | | | | | 313,425 | | | | | = | | | | | 141,041 | | | | | × | | | | | 99 | | | | | = | | | | | 140,054 | | | Kurt K. Murao | | | | 60 | | | | | × | | | | | 475,167 | | | | | = | | | | | 285,100 | | | | | × | | | | | — | | | | | = | | | | | — | | | ||||||||||||||||||
| Kurt K. Murao | | | | 60 | | | | | × | | | | | 428,667 | | | | | = | | | | | 257,200 | | | | | × | | | | | 99 | | | | | = | | | | | 255,475 | | | Shelee M. T. Kimura | | | | 75 | | | | | × | | | | | 575,000 | | | | | = | | | | | 431,250 | | | | | × | | | | | — | | | | | = | | | | | — | | | ||||||||||||||||||
| Shelee M. T. Kimura | | | | 75 | | | | | × | | | | | 450,000 | | | | | = | | | | | 337,500 | | | | | × | | | | | 74 | | | | | = | | | | | 249,909 | | | Ann C. Teranishi | | | | 75 | | | | | × | | | | | 726,000 | | | | | = | | | | | 544,500 | | | | | × | | | | | — | | | | | = | | | | | — | | | ||||||||||||||||||
| Ann C. Teranishi | | | | 70 | | | | | × | | | | | 605,000 | | | | | = | | | | | 423,500 | | | | | × | | | | | 180 | | | | | = | | | | | 764,357 | | | Paul K. Ito | | | | 70 | | | | | × | | | | | 475,000 | | | | | = | | | | | 332,500 | | | | | × | | | | | — | | | | | = | | | | | — | | | ||||||||||||||||||
| Gregory C. Hazelton2 | | | | 70 | | | | | × | | | | | 278,733 | | | | | = | | | | | 195,113 | | | | | × | | | | | 99 | | | | | = | | | | | 193,721 | | |
| 2023-25 Long-Term Incentive Performance Metrics & Why We Use Them | | | Weighting | |
| Seu, | | | | |
| HEI 3-year | | | 30% | |
| HEI 3-year Average ROACE2 promotes profitability based on net income returned as a % of average common equity. | | | 30% | |
| Utility Carbon Emissions (CO2e) Reduction3 promotes reduction of carbon dioxide equivalent emissions from power generation. | | | 20% | |
| HEI Relative TSR4 compares the value created for HEI shareholders to that created by | | | 20% | |
| Kimura | | | | |
| Utility 3-year Average Annual Net Income Growth5 promotes shareholder value by focusing on net income growth based on the years included in the plan. | | | 30% | |
| Utility 3-year Average ROACE6 promotes efficient use of capital in generating profitability and is based on net income returned as a % of average common equity. | | | 30% | |
| Utility Carbon Emissions (CO2e) Reduction3 promotes reduction of carbon dioxide equivalent emissions from power generation. | | | 20% | |
| HEI Relative TSR4 compares the value created for HEI shareholders to that created by the | | | 20% | |
| Teranishi | | | | |
| ASB 3-year Average Return on Equity7 promotes profitability based on net income returned as a % of average common equity. | | | 40% | |
| ASB | | | ||
| |||||
| HEI Relative TSR4 compares the value created for HEI shareholders to that created by the | | | 20% | |
| Name | | 2020-22 Target Opportunity (as % of Base Salary) | | 2020-22 Target Opportunity (in shares) | | Name1 | | 2021-23 Target Opportunity (as % of Base Salary)2 | | 2021-23 Target Opportunity (in shares) | | ||||||||||||||||
| Scott W. H. Seu | | | | 80% | | | | | 6,975 | | | Scott W. H. Seu | | | | 98% | | | | | 14,613 | | | ||||
| Paul K. Ito | | | | 45% | | | | | 2,785 | | | Kurt K. Murao | | | | 76% | | | | | 8,991 | | | ||||
| Kurt K. Murao | | | | 60% | | | | | 4,387 | | | Shelee M. T. Kimura | | | | 61% | | | | | 5,242 | | | ||||
| Shelee M. T. Kimura | | | | 45% | | | | | 2,587 | | | Ann C. Teranishi | | | | 72% | | | | | 8,519 | | | ||||
| Ann C. Teranishi | | | | 30% | | | | | 2,054 | | | Paul K. Ito | | | | 68% | | | | | 6,015 | | | ||||
| Gregory C. Hazelton | | | | 80% | | | | | 9,036 | | |
| 2020-22 Long-Term Incentive Performance Metrics & Why We Use Them | | Weighting | | | Goals | | | Result | | Total Achieved as a % of Target Opportunity | | 2021-23 Long-Term Incentive Performance Metrics & Why We Use Them | | Weighting | | | Goals | | | Result | | Total Achieved as a % of Target Opportunity | | ||||||||||||||||
| Threshold | | Target | | Maximum | | | Threshold | | Target | | Maximum | | |||||||||||||||||||||||||||
| Ito, Murao and Hazelton | | | | | | | | | | | | | | Murao and Ito* | | | | | | | | | | | | | | ||||||||||||
| HEI 3-year Average Annual EPS Growth1 promotes shareholder value by focusing on EPS growth over a three-year period. | | 30% | | 4.0% | | 5.0% | | 6.0% | | | 1.7% | | | | | HEI Average Annual EPS Growth1 promotes shareholder value by focusing on EPS growth based on the last two years of the plan. | | 30% | | 4.0% | | 6.0% | | 8.0% | | | -6.8% | | | | | ||||||||
| HEI ROACE2 measures profitability based on net income returned as a % of average common equity. | | 30% | | 9.0% | | 9.5% | | 10.0% | | | 9.7% | | | 61% | | HEI ROACE2 measures profitability based on net income returned as a % of average common equity based on the average of the last two years of the plan. | | 30% | | 8.5% | | 9.0% | | 9.5% | | | 9.3% | | | 60% | | ||||||||
| Utility Renewable Portfolio Standards3 measures the Utility’s progress towards meeting the State of Hawai‘i’s RPS targets for increased production of energy from renewable sources. | | 20% | | 32.0% | | 40.0% | | 50.0% | | | 39.1% | | | | | Utility Renewable Portfolio Standards3 measures the Utility’s progress towards meeting the State of Hawai‘i’s RPS targets for increased production of energy from renewable sources. | | 20% | | 40.0% | | 45.0% | | 50.0% | | | 41.2% | | | ||||||||||
| HEI Relative TSR4 compares the value created for HEI shareholders to that created by other investor-owned electric companies (EEI Index). | | 20% | | 30th percentile | | 50th percentile | | 70th percentile | | | 29th percentile | | | | | HEI Relative TSR4 compares the value created for HEI shareholders to that created by other investor-owned electric companies (EEI Index). | | 20% | | 30th percentile | | 50th percentile | | 70th percentile | | | 0 percentile | | | ||||||||||
| Seu* and Kimura | | | | | | | | | | | | | | Seu** and Kimura | | | | | | | | | | | | | | ||||||||||||
| Utility 3-year Average Annual Net Income Growth5 promotes shareholder value by focusing on net income growth based on the years included in the plan. | | 30% | | 4.5% | | 5.5% | | 7.0% | | | 6.4% | | | | | Utility Average Annual EPS Growth5 promotes shareholder value by focusing on EPS growth based on the last two years of the plan. | | 30% | | 4.0% | | 5.0% | | 6.0% | | | 4.2% | | | | | ||||||||
| Utility 3-year ROACE as a % of Allowed Return6 measures the performance of the Utility and its subsidiaries in attaining the level of ROACE they are permitted to earn by their regulator. The focus on ROACE encourages improved return compared to the cost of capital. | | 30% | | 83% | | 85% | | 88% | | | 85% | | | 97% | | Utility ROACE as a % of Allowed Return6 measures the performance of the Utility and its subsidiaries in attaining the level of ROACE they are permitted to earn by their regulator based on the average of the last two years of the plan. The focus on ROACE encourages improved return compared to the cost of capital. | | 30% | | 84% | | 86% | | 88% | | | 86% | | | 60% | | ||||||||
| Utility Renewable Portfolio Standards3 measures the Utility’s progress towards meeting the State of Hawai‘i’s RPS targets for increased production of energy from renewable sources. | | 20% | | 32.0% | | 40.0% | | 50.0% | | | 39.1% | | | | | Utility Renewable Portfolio Standards3 measures the Utility’s progress towards meeting the State of Hawai‘i’s RPS targets for increased production of energy from renewable sources. | | 20% | | 40.0% | | 45.0% | | 50.0% | | | 41.2% | | | ||||||||||
| HEI Relative TSR4 compares the value created for HEI shareholders to that created by the EEI Index. | | 20% | | 30th percentile | | 50th percentile | | 70th percentile | | | 29th percentile | | | | | HEI Relative TSR4 compares the value created for HEI shareholders to that created by other investor-owned electric companies (EEI Index). | | 20% | | 30th percentile | | 50th percentile | | 70th percentile | | | 0 percentile | | | ||||||||||
| Teranishi | | | | | | | | | | | | | | Teranishi | | | | | | | | | | | | | | ||||||||||||
| ASB Return on Equity7 measures profitability based on net income returned as a % of average common equity based on the average of the last two years of the plan. | | 40% | | 11.30% | | 12.60% | | 13.95% | | | 11.80% | | | | | ASB Return on Equity7 measures profitability based on net income returned as a % of average common equity based on the average of the last two years of the plan. | | 40% | | 7.60% | | 8.50% | | 9.60% | | | 11.69% | | | ||||||||||
| ASB Efficiency Ratio8 promotes expense control based on the average of the last two years of the plan. | | 40% | | 60.5% | | 58.5% | | 55.5% | | | 66.1% | | | 28% | | ASB Strategic Plan Initiatives: % of Self Service Deposits (Consumer)8 measures the deposit transaction volumes through three distinct channels: branches, ATMs and mobile devices. | | 20% | | 47% | | 53% | | 59% | | | 60% | | | 155% | | ||||||||
| HEI Relative TSR4 compares the value created for HEI shareholders to that created by the EEI Index. | | 20% | | 30th percentile | | 50th percentile | | 70th percentile | | | 29th percentile | | | | | ASB Strategic Plan Initiatives: Net Promoter Score9 measures how likely customers are to promote ASB’s brand, product or company to their peers. | | 20% | | 55% | | 67% | | 75% | | | 73% | | | ||||||||||
| HEI Relative TSR4 compares the value created for HEI shareholders to that created by other investor-owned electric companies (EEI Index). | | 20% | | 30th percentile | | 50th percentile | | 70th percentile | | | 0 percentile | | |
| | | | | | | | | | | | | | | | | | | | | | | | 2020-22 Incentive Payout1 | | | | | | | | | | | | | | | | | | | | | | | | | 2021-23 Incentive Payout2 | | ||||||||||||||||||||||||||
| Name | | Target Opportunity (in shares) | | | | | | | Total Achieved as a % of Target Opportunity (%) | | | | | | | (shares) | | (dividend equivalents paid as a share number) | | Name1 | | Target Opportunity (in shares) | | | | | | | Total Achieved as a % of Target Opportunity (%) | | | | | | | (shares) | | (dividend equivalents paid as a share number) | | ||||||||||||||||||||||||||||||||||||
| Scott W. H. Seu | | | | 6,975 | | | | | × | | | | | 97 | | | | | = | | | | | 6,758 | | | | | 716 | | | Scott W. H. Seu | | | | 14,613 | | | | | × | | | | | 60 | | | | | = | | | | | 8,826 | | | | | 1,068 | | | ||||||||||||
| Paul K. Ito | | | | 2,785 | | | | | × | | | | | 61 | | | | | = | | | | | 1,696 | | | | | 180 | | | Kurt K. Murao | | | | 8,991 | | | | | × | | | | | 60 | | | | | = | | | | | 5,431 | | | | | 657 | | | ||||||||||||
| Kurt K. Murao | | | | 4,387 | | | | | × | | | | | 61 | | | | | = | | | | | 2,671 | | | | | 283 | | | Shelee M. T. Kimura | | | | 5,242 | | | | | × | | | | | 60 | | | | | = | | | | | 3,167 | | | | | 383 | | | ||||||||||||
| Shelee M. T. Kimura | | | | 2,587 | | | | | × | | | | | 97 | | | | | = | | | | | 2,507 | | | | | 266 | | | Ann C. Teranishi | | | | 8,519 | | | | | × | | | | | 155 | | | | | = | | | | | 13,206 | | | | | 1,503 | | | ||||||||||||
| Ann C. Teranishi | | | | 2,054 | | | | | × | | | | | 28 | | | | | = | | | | | 569 | | | | | 60 | | | Paul K. Ito | | | | 6,015 | | | | | × | | | | | 60 | | | | | = | | | | | 3,631 | | | | | 439 | | | ||||||||||||
| Gregory C. Hazelton2 | | | | 7,530 | | | | | × | | | | | 61 | | | | | = | | | | | 4,584 | | | | | 486 | | |
| Years ended December 31 | | 2022 | | 2021 | | 2020 | | 2019 | | Years ended December 31 | | 2023 | | 2022 | | 2021 | | ||||||||||||||||||||||||||||
| ($ in millions, except per share amounts) | | | | | | | | | | | | | | | | | | | | | | ($ in millions, except per share amounts) | | | | | | | | | | | | | | | | | |||||||
| HEI CONSOLIDATED NET INCOME | | | | | | | | | | | | | | | | | | | | | | HEI CONSOLIDATED NET INCOME | | | | | | | | | | | | | | | | | |||||||
| GAAP (as reported) | | | $ | 241.1 | | | | $ | 246.2 | | | | $ | 197.8 | | | | $ | 217.9 | | | GAAP (as reported) | | | $ | 199.2 | | | | $ | 241.1 | | | | $ | 246.2 | | | |||||||
| Excluding special items (after-tax) for LTIP purposes: | | | | | | | | | | | | | | | | | | | | | | Excluding special items (after-tax) for LTIP purposes: | | | | | | | | | | | | | | | | | |||||||
| Allowance (reversal of allowance) for credit losses related to the pandemic1, 2 | | | | (9.6) | | | | | (16.8) | | | | | 25.2 | | | | | — | | | Allowance (reversal of allowance) for credit losses related to the pandemic1, 2 | | | | — | | | | | (9.6) | | | | | (16.8) | | | |||||||
| Executive officer settlement1, 3 | | | | — | | | | | 1.4 | | | | | — | | | | | — | | | Executive officer settlement1, 3 | | | | — | | | | | — | | | | | 1.4 | | | |||||||
| State Unemployment Tax assessment1,4 | | | | — | | | | | (0.9) | | | | | — | | | | | — | | | State Unemployment Tax assessment1, 4 | | | | — | | | | | — | | | | | (0.9) | | | |||||||
| COVID-19 related expenses1, 5 | | | | — | | | | | — | | | | | 3.7 | | | | | — | | | Branch lease termination costs (gain on sale of branches)1 | | | | — | | | | | (0.1) | | | | | — | | | |||||||
| Branch lease termination costs (gain on sale of branches)1 | | | | (0.1) | | | | | — | | | | | 0.6 | | | | | — | | | Pension defeasement1, 5 | | | | 0.1 | | | | | 0.1 | | | | | — | | | |||||||
| Gain from VISA stock sale, net1 | | | | — | | | | | — | | | | | (2.2) | | | | | — | | | Gain on sale of an investment by Pacific Current6 | | | | — | | | | | (6.2) | | | | | — | | | |||||||
| Sale of former headquarters, net of campus transition costs1 | | | | — | | | | | — | | | | | — | | | | | (5.6) | | | Non-GAAP (adjusted) net income for 2021-23 LTIP purposes | | | $ | 199.3 | | | | $ | 225.4 | | | | $ | 229.9 | | | |||||||
| Pension defeasement1, 6 | | | | (1.0) | | | | | (1.1) | | | | | (0.1) | | | | | — | | | HEI CONSOLIDATED BASIC EARNINGS PER SHARE | | | | | | | | | | | | | | | | | |||||||
| Gain on sale of an investment by Pacific Current7 | | | | (6.2) | | | | | — | | | | | — | | | | | — | | | Based on GAAP | | | $ | 1.82 | | | | $ | 2.20 | | | | $ | 2.25 | | | |||||||
| Non-GAAP (adjusted) net income for 2020-22 LTIP purposes | | | $ | 224.3 | | | | $ | 228.8 | | | | $ | 225.1 | | | | $ | 212.3 | | | Based on non-GAAP (adjusted) for 2021-23 LTIP purposes | | | | 1.82 | | | | | 2.06 | | | | | 2.10 | | | |||||||
| HEI CONSOLIDATED BASIC EARNINGS PER SHARE | | | | | | | | | | | | | | | | | | | | | | HEI CONSOLIDATED Return on Average Common Equity (%) | | | | | | | | | | | | | | | | | |||||||
| Based on GAAP | | | $ | 2.20 | | | | $ | 2.25 | | | | $ | 1.81 | | | | $ | 2.00 | | | Based on GAAP | | | | 8.8 | | | | | 10.5 | | | | | | | | |||||||
| Based on non-GAAP (adjusted) for 2020-22 LTIP purposes | | | | 2.05 | | | | | 2.09 | | | | | 2.06 | | | | | 1.95 | | | Based on non-GAAP (adjusted) for 2021-23 LTIP purposes | | | | 8.8 | | | | | 9.8 | | | | | | | | |||||||
| HEI CONSOLIDATED Return on Average Common Equity (%) | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||
| Based on GAAP | | | | 10.5 | | | | | 10.4 | | | | | 8.6 | | | | | | | | ||||||||||||||||||||||||
| Based on non-GAAP (adjusted) for 2020-22 LTIP purposes | | | | 9.8 | | | | | 9.7 | | | | | 9.7 | | | | | | | |
| Years ended December 31 | | | 2022 | | | 2021 | | ||||||
| ($ in millions) | | | | | | | | | | | | | |
| ASB NET INCOME | | | | | | | | | | | | | |
| GAAP (as reported) | | | | $ | 80.0 | | | | | $ | 101.2 | | |
| Excluding special items (after-tax) for LTIP purposes: | | | | | | | | | | | | | |
| Allowance (reversal of allowance) for credit losses related to the pandemic1 | | | | | (9.6) | | | | | | (16.8) | | |
| Executive officer settlement2 | | | | | — | | | | | | 1.4 | | |
| State Unemployment Tax assessment3 | | | | | — | | | | | | (0.9) | | |
| Branch lease termination costs (gain on sale of branches) | | | | | (0.1) | | | | | | — | | |
| Pension defeasement4 | | | | | (1.0) | | | | | | (1.1) | | |
| Non-GAAP (adjusted) net income for 2020-22 LTIP purposes | | | | $ | 69.3 | | | | | $ | 83.8 | | |
| ASB Return on Average Common Equity (%) | | | | | | | | | | | | | |
| Based on GAAP | | | | | 14.1 | | | | | | 13.8 | | |
| Based on non-GAAP (adjusted) for 2020-22 LTIP purposes | | | | | 12.2 | | | | | | 11.4 | | |
| ASB EFFICIENCY RATIO (%) | | | | | | | | | | | | | |
| Based on GAAP | | | | | 66.3 | | | | | | 65.3 | | |
| Adjustment for pre-tax ASB items above | | | | | 0.3 | | | | | | 0.3 | | |
| Based on non-GAAP (adjusted) for 2020-22 LTIP purposes | | | | | 66.6 | | | | | | 65.6 | | |
| Years ended December 31 | | | 2023 | | | 2022 | | ||||||
| ($ in millions) | | | | | | | | | | | | | |
| ASB NET INCOME | | | | | | | | | | | | | |
| GAAP (as reported) | | | | $ | 53.4 | | | | | $ | 80.0 | | |
| Excluding special items (after-tax) for LTIP purposes: | | | | | | | | | | | | | |
| Allowance (reversal of allowance) for credit losses related to the pandemic1 | | | | | — | | | | | | (9.6) | | |
| Branch lease termination costs (gain on sale of branches) | | | | | — | | | | | | (0.1) | | |
| Pension defeasement2 | | | | | 0.1 | | | | | | 0.1 | | |
| Non-GAAP (adjusted) net income for 2021-23 LTIP purposes | | | | $ | 53.4 | | | | | $ | 70.4 | | |
| ASB Return on Average Common Equity (%) | | | | | | | | | | | | | |
| Based on GAAP | | | | | 11.0 | | | | | | 14.1 | | |
| Based on non-GAAP (adjusted) for 2021-23 LTIP purposes | | | | | 11.0 | | | | | | 12.4 | | |
| Name and 2022 Principal Positions | | Year | | Salary ($)1 | | Bonus ($)2 | | Stock Awards ($)3 | | Nonequity Incentive Plan Compensation ($)4 | | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)5 | | All Other Compensation ($)6 | | Total Without Change in Pension Value ($)7 | | Total ($) | | Name and 2023 Principal Positions | | Year | | Salary ($)1 | | Bonus ($)2 | | Stock Awards ($)3 | | Nonequity Incentive Plan Compensation ($)4 | | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)5 | | All Other Compensation ($)6 | | Total Without Change in Pension Value ($)7 | | Total ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Scott W. H. Seu HEI President & CEO ASB Chair | | | | | 2022 | | | | | 875,000 | | | | | — | | | | | 1,830,874 | | | | | 869,129 | | | | | 236,512 | | | | | — | | | | | 3,575,003 | | | | | 3,811,515 | | | Scott W. H. Seu HEI President & CEO | | | | | 2023 | | | | | 958,333 | | | | | — | | | | | 2,253,154 | | | | | — | | | | | 2,174,763 | | | | | — | | | | | 3,211,487 | | | | | 5,386,250 | | | ||||||||||||||||
| | | 2021 | | | | | 506,667 | | | | | — | | | | | 821,405 | | | | | 599,588 | | | | | 1,002,005 | | | | | — | | | | | 1,927,660 | | | | | 2,929,665 | | | | | | 2022 | | | | | 875,000 | | | | | — | | | | | 1,830,874 | | | | | 869,129 | | | | | 236,512 | | | | | — | | | | | 3,575,003 | | | | | 3,811,515 | | | |||||||||||||||||||||
| | | 2020 | | | | | 419,750 | | | | | — | | | | | 651,282 | | | | | 394,587 | | | | | 999,547 | | | | | — | | | | | 1,465,619 | | | | | 2,465,166 | | | | | | 2021 | | | | | 506,667 | | | | | — | | | | | 821,405 | | | | | 599,588 | | | | | 1,002,005 | | | | | — | | | | | 1,927,660 | | | | | 2,929,665 | | | |||||||||||||||||||||
| Paul K. Ito HEI Executive Vice President, CFO & Treasurer* | | | | 2022 | | | | | 313,425 | | | | | 108,750 | | | | | 244,373 | | | | | 140,054 | | | | | — | | | | | 9,150 | | | | | 815,752 | | | | | 815,752 | | | Scott T. DeGhetto* HEI Executive Vice President, CFO & Treasurer | | | | 2023 | | | | | 150,000 | | | | | 300,000 | | | | | — | | | | | — | | | | | — | | | | | 266,087 | | | | | 716,087 | | | | | 716,087 | | | ||||||||||||||||||
| Kurt K. Murao HEI Executive Vice President, General Counsel, Chief Administrative Officer and Corporate Secretary | | | | | 2022 | | | | | 428,667 | | | | | — | | | | | 467,085 | | | | | 255,475 | | | | | — | | | | | 15,281 | | | | | 1,166,508 | | | | | 1,166,508 | | | Kurt K. Murao HEI Executive Vice President, General Counsel, Chief Administrative Officer and Corporate Secretary | | | | | 2023 | | | | | 475,167 | | | | | — | | | | | 517,149 | | | | | — | | | | | 331,333 | | | | | 13,866 | | | | | 1,006,182 | | | | | 1,337,515 | | | ||||||||||||||||
| | | 2021 | | | | | 402,000 | | | | | — | | | | | 499,262 | | | | | 443,638 | | | | | 252,374 | | | | | 14,873 | | | | | 1,359,773 | | | | | 1,612,147 | | | | | | 2022 | | | | | 428,667 | | | | | — | | | | | 467,085 | | | | | 255,475 | | | | | — | | | | | 15,281 | | | | | 1,166,508 | | | | | 1,166,508 | | | |||||||||||||||||||||
| | | 2020 | | | | | 352,000 | | | | | — | | | | | 369,992 | | | | | 244,954 | | | | | 315,725 | | | | | — | | | | | 966,946 | | | | | 1,282,671 | | | | | | 2021 | | | | | 402,000 | | | | | — | | | | | 499,262 | | | | | 443,638 | | | | | 252,374 | | | | | 14,873 | | | | | 1,359,773 | | | | | 1,612,147 | | | |||||||||||||||||||||
| Shelee M. T. Kimura Hawaiian Electric President & CEO | | | | 2022 | | | | | 450,000 | | | | | — | | | | | 814,267 | | | | | 249,909 | | | | | — | | | | | — | | | | | 1,514,176 | | | | | 1,514,176 | | | Shelee M. T. Kimura Hawaiian Electric President & CEO | | | | | 2023 | | | | | 575,000 | | | | | — | | | | | 895,602 | | | | | — | | | | | 606,930 | | | | | — | | | | | 1,470,602 | | | | | 2,077,532 | | | |||||||||||||||||
| Ann C. Teranishi ASB President & CEO | | | | | 2022 | | | | | 605,000 | | | | | — | | | | | 600,723 | | | | | 764,357 | | | | | — | | | | | 56,774 | | | | | 2,026,854 | | | | | 2,026,854 | | | | | | 2022 | | | | | 450,000 | | | | | — | | | | | 814,267 | | | | | 249,909 | | | | | — | | | | | — | | | | | 1,514,176 | | | | | 1,514,176 | | | ||||||||||||||||||
| | | 2021 | | | | | 473,707 | | | | | — | | | | | 626,520 | | | | | 600,098 | | | | | — | | | | | 23,996 | | | | | 1,724,321 | | | | | 1,724,321 | | | Ann C. Teranishi ASB President & CEO | | | | | 2023 | | | | | 726,000 | | | | | — | | | | | 756,211 | | | | | — | | | | | — | | | | | 32,063 | | | | | 1,514,274 | | | | | 1,514,274 | | | |||||||||||||||||||
| Gregory C. Hazelton Former HEI Executive Vice President and CFO | | | | | 2022 | | | | | 278,733 | | | | | — | | | | | 757,904 | | | | | 193,721 | | | | | — | | | | | 15,126 | | | | | 1,245,484 | | | | | 1,245,484 | | | | | | 2022 | | | | | 605,000 | | | | | — | | | | | 600,723 | | | | | 764,357 | | | | | — | | | | | 56,774 | | | | | 2,026,854 | | | | | 2,026,854 | | | ||||||||||||||||||
| | | 2021 | | | | | 546,400 | | | | | — | | | | | 1,100,746 | | | | | 653,243 | | | | | 116,175 | | | | | 26,054 | | | | | 2,326,443 | | | | | 2,442,618 | | | | | | 2021 | | | | | 473,707 | | | | | — | | | | | 626,520 | | | | | 600,098 | | | | | — | | | | | 23,996 | | | | | 1,724,321 | | | | | 1,724,321 | | | |||||||||||||||||||||
| | | 2020 | | | | | 543,750 | | | | | — | | | | | 707,755 | | | | | 412,830 | | | | | 186,825 | | | | | 26,328 | | | | | 1,690,663 | | | | | 1,877,488 | | | Paul K. Ito** Former HEI Executive Vice President, CFO & Treasurer | | | | | 2023 | | | | | 475,000 | | | | | — | | | | | 879,303 | | | | | — | | | | | 87,000 | | | | | 10,265 | | | | | 1,364,568 | | | | | 1,451,568 | | | |||||||||||||||||||
| | | | 2022 | | | | | 313,425 | | | | | 108,750 | | | | | 244,373 | | | | | 140,054 | | | | | — | | | | | 9,150 | | | | | 815,752 | | | | | 815,752 | | |
| Name | | Contributions to Defined Contribution Plans ($)a | | Other ($)b | | Total All Other Compensation ($) | | Name | | Contributions to Defined Contribution Plans ($)a | | Other ($)b | | Total All Other Compensation ($) | | ||||||||||||||||||||||||
| Scott W. H. Seu | | | | — | | | | | — | | | | | — | | | Scott W. H. Seu | | | | — | | | | | — | | | | | — | | | ||||||
| Paul K. Ito | | | | 9,150 | | | | | — | | | | | 9,150 | | | Scott T. DeGhetto | | | | 12,692 | | | | | 253,395 | | | | | 266,087 | | | ||||||
| Kurt K. Murao | | | | — | | | | | 15,281 | | | | | 15,281 | | | Kurt K. Murao | | | | — | | | | | 13,866 | | | | | 13,866 | | | ||||||
| Shelee M. T. Kimura | | | | — | | | | | — | | | | | — | | | Shelee M. T. Kimura | | | | — | | | | | — | | | | | — | | | ||||||
| Ann C. Teranishi | | | | 12,200 | | | | | 44,574 | | | | | 56,774 | | | Ann C. Teranishi | | | | 16,500 | | | | | 15,563 | | | | | 32,063 | | | ||||||
| Gregory C. Hazelton | | | | 6,128 | | | | | 8,998 | | | | | 15,126 | | | Paul K. Ito | | | | 10,265 | | | | | — | | | | | 10,265 | | |
| Name | | Grant Date | | | Estimated Future Payouts Under Nonequity Incentive Plan Awards1 | | Estimated Future Payouts Under Equity Incentive Plan Awards2 | | | All Other Stock Awards: Number of Shares of Stock or Units (#)3 | | Grant Date Fair Value of Stock Awards ($)4 | | Name | | Grant Date | | | Estimated Future Payouts Under Nonequity Incentive Plan Awards1 | | Estimated Future Payouts Under Equity Incentive Plan Awards2 | | | All Other Stock Awards: Number of Shares of Stock or Units (#)3 | | Grant Date Fair Value of Stock Awards ($)4 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Threshold ($) | | Target ($) | | Maximum ($) | | Threshold (#) | | Target (#) | | Maximum (#) | | | Threshold ($) | | Target ($) | | Maximum ($) | | Threshold (#) | | Target (#) | | Maximum (#) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Scott W. H. Seu | | | 2/11/22 EICP | | | | 437,500 | | | | | 875,000 | | | | | 1,750,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Scott W. H. Seu | | | 2/10/23 EICP | | | | 479,167 | | | | | 958,333 | | | | | 1,916,666 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||
| 2/11/22 LTIP | | | | — | | | | | — | | | | | — | | | | | 14,834 | | | | | 29,668 | | | | | 59,336 | | | | | — | | | | | 1,305,872 | | | | 2/10/23 LTIP | | | | — | | | | | — | | | | | — | | | | | 17,852 | | | | | 35,703 | | | | | 71,406 | | | | | — | | | | | 1,611,067 | | | |||||||||||||||||||||
| 2/11/22 RSU | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 12,715 | | | | | 525,002 | | | | 2/10/23 RSU | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 15,140 | | | | | 642,087 | | | |||||||||||||||||||||
| Paul K. Ito | | | 2/11/22 EICP | | | | 70,521 | | | | | 141,041 | | | | | 282,083 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Scott T. DeGhetto | | | 2/10/23 EICP | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||
| 2/11/22 LTIP | | | | — | | | | | — | | | | | — | | | | | 1,708 | | | | | 3,416 | | | | | 6,832 | | | | | — | | | | | 150,356 | | | | 2/10/23 LTIP | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||
| 2/11/22 RSU | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 2,277 | | | | | 94,017 | | | | 2/10/23 RSU | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||
| Kurt K. Murao | | | 2/11/22 EICP | | | | 128,600 | | | | | 257,200 | | | | | 514,400 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Kurt K. Murao | | | 2/10/23 EICP | | | | 142,550 | | | | | 285,100 | | | | | 570,200 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||
| 2/11/22 LTIP | | | | — | | | | | — | | | | | — | | | | | 3,115 | | | | | 6,229 | | | | | 12,458 | | | | | — | | | | | 274,178 | | | | 2/10/23 LTIP | | | | — | | | | | — | | | | | — | | | | | 3,361 | | | | | 6,722 | | | | | 13,445 | | | | | — | | | | | 303,318 | | | |||||||||||||||||||||
| 2/11/22 RSU | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 4,672 | | | | | 192,907 | | | | 2/10/23 RSU | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 5,042 | | | | | 213,831 | | | |||||||||||||||||||||
| Shelee M. T. Kimura | | | 2/11/22 EICP | | | | 168,750 | | | | | 337,500 | | | | | 675,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Shelee M. T. Kimura | | | 2/10/23 EICP | | | | 215,625 | | | | | 431,250 | | | | | 862,500 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||
| 2/11/22 LTIP | | | | — | | | | | — | | | | | — | | | | | 4,904 | | | | | 9,809 | | | | | 19,617 | | | | | — | | | | | 431,756 | | | | 2/10/23 LTIP | | | | — | | | | | — | | | | | — | | | | | 6,101 | | | | | 12,202 | | | | | 24,405 | | | | | — | | | | | 550,597 | | | |||||||||||||||||||||
| 2/11/22 RSU | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 9,264 | | | | | 382,511 | | | | 2/10/23 RSU | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 8,135 | | | | | 345,005 | | | |||||||||||||||||||||
| Ann C. Teranishi | | | 2/11/22 EICP | | | | 211,750 | | | | | 423,500 | | | | | 847,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Ann C. Teranishi | | | 2/10/23 EICP | | | | 272,250 | | | | | 544,500 | | | | | 1,089,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||
| 2/11/22 LTIP | | | | — | | | | | — | | | | | — | | | | | 4,762 | | | | | 9,524 | | | | | 19,048 | | | | | — | | | | | 419,212 | | | | 2/10/23 LTIP | | | | — | | | | | — | | | | | — | | | | | 5,564 | | | | | 11,127 | | | | | 22,254 | | | | | — | | | | | 502,090 | | | |||||||||||||||||||||
| 2/11/22 RSU | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 4,396 | | | | | 181,511 | | | | 2/10/23 RSU | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 5,992 | | | | | 254,121 | | | |||||||||||||||||||||
| Gregory C. Hazelton | | | 2/11/22 EICP | | | | 196,082 | | | | | 392,163 | | | | | 784,326 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Paul K. Ito | | | 2/10/23 EICP | | | | 166,250 | | | | | 332,500 | | | | | 665,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||
| 2/11/22 LTIP | | | | — | | | | | — | | | | | — | | | | | 5,427 | | | | | 10,855 | | | | | 21,709 | | | | | — | | | | | 477,793 | | | | 2/10/23 LTIP | | | | — | | | | | — | | | | | — | | | | | 4,480 | | | | | 8,960 | | | | | 17,920 | | | | | — | | | | | 404,311 | | | |||||||||||||||||||||
| 2/11/22 RSU | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 6,784 | | | | | 280,111 | | | | 2/10/23 RSU | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 11,200 | | | | | 474,992 | | |
| | | | Stock Awards | | | | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | Grant Year | | | Shares or Units of Stock That Have Not Vested1 | | | Equity Incentive Plan Awards | | | | | Grant Year | | | Shares or Units of Stock That Have Not Vested1 | | | Equity Incentive Plan Awards | | ||||||||||||||||||||||||||||||||||||||||||
| | | | Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)3 | | Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)2 | | | | | Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)3 | | Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)2 | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | | Number (#) | | Market Value ($)2 | | Name | | Number (#) | | Market Value ($)2 | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Scott W. H. Seu | | | | | 2019 | | | | | 638 | | | | | 26,700 | | | | | — | | | | | — | | | Scott W. H. Seu | | | | | 2020 | | | | | 1,635 | | | | | 23,201 | | | | | — | | | | | — | | | ||||||||
| | | 2020 | | | | | 3,270 | | | | | 136,850 | | | | | — | | | | | — | | | | | | 2021 | | | | | 2,982 | | | | | 42,315 | | | | | — | | | | | — | | | |||||||||||||
| | | 2021 | | | | | 5,964 | | | | | 249,593 | | | | | 14,613 | | | | | 611,554 | | | | | | 2022 | | | | | 8,477 | | | | | 120,289 | | | | | 29,668 | | | | | 420,989 | | | |||||||||||||
| | | 2022 | | | | | 12,715 | | | | | 532,123 | | | | | 29,668 | | | | | 1,241,606 | | | | | | 2023 | | | | | 15,140 | | | | | 214,837 | | | | | 35,703 | | | | | 506,626 | | | |||||||||||||
| | | Total | | | | | 22,587 | | | | | 945,266 | | | | | 44,281 | | | | | 1,853,160 | | | | | | Total | | | | | 28,234 | | | | | 400,642 | | | | | 65,371 | | | | | 927,615 | | | |||||||||||||
| Paul K. Ito | | | | | 2019 | | | | | 562 | | | | | 23,520 | | | | | — | | | | | — | | | Scott T. DeGhetto | | | | | 2020 | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
| | | 2020 | | | | | 928 | | | | | 38,837 | | | | | — | | | | | — | | | | | | 2021 | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||
| | | 2021 | | | | | 1,769 | | | | | 74,033 | | | | | 6,015 | | | | | 251,728 | | | | | | 2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||
| | | 2022 | | | | | 2,277 | | | | | 95,292 | | | | | 3,416 | | | | | 142,960 | | | | | | 2023 | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||
| | | Total | | | | | 5,536 | | | | | 231,682 | | | | | 9,431 | | | | | 394,688 | | | | | | Total | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||
| Kurt K. Murao | | | | | 2019 | | | | | 611 | | | | | 25,570 | | | | | — | | | | | — | | | Kurt K. Murao | | | | | 2020 | | | | | 822 | | | | | 11,664 | | | | | — | | | | | — | | | ||||||||
| | | 2020 | | | | | 1,645 | | | | | 68,843 | | | | | — | | | | | — | | | | | | 2021 | | | | | 1,775 | | | | | 25,187 | | | | | — | | | | | — | | | |||||||||||||
| | | 2021 | | | | | 3,549 | | | | | 148,526 | | | | | 8,991 | | | | | 376,273 | | | | | | 2022 | | | | | 3,115 | | | | | 44,202 | | | | | 6,229 | | | | | 88,390 | | | |||||||||||||
| | | 2022 | | | | | 4,672 | | | | | 195,523 | | | | | 6,229 | | | | | 260,684 | | | | | | 2023 | | | | | 5,042 | | | | | 71,546 | | | | | 6,722 | | | | | 95,385 | | | |||||||||||||
| | | Total | | | | | 10,477 | | | | | 438,462 | | | | | 15,220 | | | | | 636,957 | | | | | | Total | | | | | 10,754 | | | | | 152,599 | | | | | 12,951 | | | | | 183,775 | | | |||||||||||||
| Shelee M. T. Kimura | | | | | 2019 | | | | | 622 | | | | | 26,031 | | | | | — | | | | | — | | | Shelee M. T. Kimura | | | | | 2020 | | | | | 503 | | | | | 7,138 | | | | | — | | | | | — | | | ||||||||
| | | 2020 | | | | | 1,006 | | | | | 42,101 | | | | | — | | | | | — | | | | | | 2021 | | | | | 1,003 | | | | | 14,233 | | | | | — | | | | | — | | | |||||||||||||
| | | 2021 | | | | | 2,005 | | | | | 83,909 | | | | | 5,242 | | | | | 219,378 | | | | | | 2022 | | | | | 6,176 | | | | | 87,637 | | | | | 9,809 | | | | | 139,190 | | | |||||||||||||
| | | 2022 | | | | | 9,264 | | | | | 387,698 | | | | | 9,809 | | | | | 410,507 | | | | | | 2023 | | | | | 8,135 | | | | | 115,436 | | | | | 12,202 | | | | | 173,146 | | | |||||||||||||
| | | Total | | | | | 12,897 | | | | | 539,739 | | | | | 15,051 | | | | | 629,885 | | | | | | Total | | | | | 15,817 | | | | | 224,444 | | | | | 22,011 | | | | | 312,336 | | | |||||||||||||
| Ann C. Teranishi | | | | | 2019 | | | | | 212 | | | | | 8,872 | | | | | — | | | | | — | | | Ann C. Teranishi | | | | | 2020 | | | | | 342 | | | | | 4,853 | | | | | — | | | | | — | | | ||||||||
| | | 2020 | | | | | 684 | | | | | 28,625 | | | | | — | | | | | — | | | | | | 2021 | | | | | 2,369 | | | | | 33,616 | | | | | — | | | | | — | | | |||||||||||||
| | | 2021 | | | | | 4,741 | | | | | 198,411 | | | | | 4,259 | | | | | 178,239 | | | | | | 2022 | | | | | 2,931 | | | | | 41,591 | | | | | 4,762 | | | | | 67,573 | | | |||||||||||||
| | | 2022 | | | | | 4,396 | | | | | 183,973 | | | | | 4,762 | | | | | 199,290 | | | | | | 2023 | | | | | 5,992 | | | | | 85,026 | | | | | 5,564 | | | | | 78,953 | | | |||||||||||||
| | | Total | | | | | 10,033 | | | | | 419,881 | | | | | 9,021 | | | | | 377,529 | | | | | | Total | | | | | 11,634 | | | | | 165,086 | | | | | 10,326 | | | | | 146,526 | | | |||||||||||||
| Gregory C. Hazelton | | | | | 2019 | | | | | — | | | | | — | | | | | — | | | | | — | | | Paul K. Ito | | | | | 2020 | | | | | 464 | | | | | 6,584 | | | | | — | | | | | — | | | ||||||||
| | | 2020 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 2021 | | | | | 884 | | | | | 12,544 | | | | | — | | | | | — | | | |||||||||||||
| | | 2021 | | | | | — | | | | | — | | | | | 9,568 | | | | | 400,421 | | | | | | 2022 | | | | | 1,518 | | | | | 21,540 | | | | | 3,416 | | | | | 48,473 | | | |||||||||||||
| | | 2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 2023 | | | | | 11,200 | | | | | 158,928 | | | | | 8,960 | | | | | 127,142 | | | |||||||||||||
| | | Total | | | | | — | | | | | — | | | | | 9,568 | | | | | 400,421 | | | | | | Total | | | | | 14,066 | | | | | 199,596 | | | | | 12,376 | | | | | 175,615 | | |
| | | | Stock Awards | | |||||||||
| Name | | | Number of Shares Acquired on Vesting (#) | | | Value Realized on Vesting ($) | | ||||||
| Scott W. H. Seu | | | | | | | | | | | | ||
| | | | | | | | | | |||||
| | | | | | | | | | | | |||
| | | | | | | | | | |||||
| Kurt K. Murao | | | | | | | | | | | | ||
| | | | | | | | | | |||||
| Shelee M. T. Kimura | | | | | | | | | | | | ||
| | | | | | | | | | |||||
| Ann C. Teranishi | | | | | | | | | | | | ||
| | | | | | | | | | |||||
| | | | | | | | | | | | |||
| | | | | | | | | |
| Name | | Number of Shares Acquired on Vesting | | Compounded Dividend Equivalents | | Total Shares Acquired on Vesting | | Name | | Number of Shares Acquired on Vesting | | Compounded Dividend Equivalents | | Total Shares Acquired on Vesting | | ||||||||||||||||||||||||
| Scott W. H Seu | | | | 5,629 | | | | | 334 | | | | | 5,963 | | | Scott W. H Seu | | | | 9,493 | | | | | 611 | | | | | 10,104 | | | ||||||
| Paul K. Ito | | | | 2,509 | | | | | 205 | | | | | 2,714 | | | Scott T. DeGhetto | | | | — | | | | | — | | | | | — | | | ||||||
| Kurt K. Murao | | | | 3,826 | | | | | 266 | | | | | 4,092 | | | Kurt K. Murao | | | | 4,765 | | | | | 346 | | | | | 5,111 | | | ||||||
| Shelee M. T. Kimura | | | | 2,503 | | | | | 187 | | | | | 2,690 | | | Shelee M. T. Kimura | | | | 5,215 | | | | | 312 | | | | | 5,527 | | | ||||||
| Ann C. Teranishi | | | | 3,086 | | | | | 155 | | | | | 3,241 | | | Ann C. Teranishi | | | | 4,391 | | | | | 278 | | | | | 4,669 | | | ||||||
| Gregory C. Hazelton | | | | 12,825 | | | | | 865 | | | | | 13,690 | | | Paul K. Ito | | | | 2,670 | | | | | 210 | | | | | 2,880 | | |
| Name | | Number of Shares Acquired on Vesting | | Compounded Dividend Equivalents | | Total Shares Acquired on Vesting | | Name | | Number of Shares Acquired on Vesting | | Compounded Dividend Equivalents | | Total Shares Acquired on Vesting | | ||||||||||||||||||||||||
| Scott W. H. Seu | | | | 6,758 | | | | | 716 | | | | | 7,474 | | | Scott W. H. Seu | | | | 8,826 | | | | | 1,068 | | | | | 9,894 | | | ||||||
| Paul K. Ito | | | | 1,696 | | | | | 180 | | | | | 1,876 | | | Scott T. DeGhetto | | | | — | | | | | — | | | | | — | | | ||||||
| Kurt K. Murao | | | | 2,671 | | | | | 283 | | | | | 2,954 | | | Kurt K. Murao | | | | 5,431 | | | | | 657 | | | | | 6,088 | | | ||||||
| Shelee M. T. Kimura | | | | 2,507 | | | | | 266 | | | | | 2,773 | | | Shelee M. T. Kimura | | | | 3,167 | | | | | 383 | | | | | 3,550 | | | ||||||
| Ann C. Teranishi | | | | 569 | | | | | 60 | | | | | 629 | | | Ann C. Teranishi | | | | 13,206 | | | | | 1,503 | | | | | 14,709 | | | ||||||
| Gregory C. Hazelton | | | | 4,584 | | | | | 486 | | | | | 5,070 | | | Paul K. Ito | | | | 3,631 | | | | | 439 | | | | | 4,070 | | |
| Name | | Plan Name | | Number of Years of Credited Service (#) | | Present Value of Accumulated Benefit ($)4 | | Payments During the Last Fiscal Year ($) | | Name | | Plan Name | | Number of Years of Credited Service (#) | | Present Value of Accumulated Benefit ($)4 | | Payments During the Last Fiscal Year ($) | | ||||||||||||||||||||||||||
| Scott W. H. Seu | | | HEI Retirement Plan1 | | | | 29.3 | | | | | 2,227,131 | | | | | — | | | Scott W. H. Seu | | | HEI Retirement Plan1 | | | | 30.3 | | | | | 2,662,858 | | | | | — | | | ||||||
| HEI Excess Pay Plan2 | | | | 29.3 | | | | | 2,171,060 | | | | | — | | | | HEI Excess Pay Plan2 | | | | 30.3 | | | | | 3,903,163 | | | | | — | | | |||||||||||
| HEI Executive Death Benefit3 | | | | — | | | | | 60,301 | | | | | — | | | | HEI Executive Death Benefit3 | | | | — | | | | | 67,234 | | | | | — | | | |||||||||||
| Paul K. Ito | | | HEI Retirement Plan1 | | | | 4.9 | | | | | 141,615 | | | | | — | | | Scott T. DeGhetto | | | HEI Retirement Plan1 | | | | — | | | | | — | | | | | — | | | ||||||
| HEI Excess Pay Plan2 | | | | 4.9 | | | | | 5,205 | | | | | — | | | | HEI Excess Pay Plan2 | | | | — | | | | | — | | | | | — | | | |||||||||||
| Kurt K. Murao | | | HEI Retirement Plan1 | | | | 11.8 | | | | | 752,214 | | | | | — | | | Kurt K. Murao | | | HEI Retirement Plan1 | | | | 12.8 | | | | | 950,810 | | | | | — | | | ||||||
| HEI Excess Pay Plan2 | | | | 11.8 | | | | | 258,773 | | | | | — | | | | HEI Excess Pay Plan2 | | | | 12.8 | | | | | 391,510 | | | | | — | | | |||||||||||
| Shelee M. T. Kimura | | | HEI Retirement Plan1 | | | | 18.3 | | | | | 976,416 | | | | | — | | | Shelee M. T. Kimura | | | HEI Retirement Plan1 | | | | 19.3 | | | | | 1,228,462 | | | | | — | | | ||||||
| HEI Excess Pay Plan2 | | | | 18.3 | | | | | 165,741 | | | | | — | | | | HEI Excess Pay Plan2 | | | | 19.3 | | | | | 520,625 | | | | | — | | | |||||||||||
| Ann C. Teranishi5 | | — | | | | — | | | | | — | | | | | — | | | Ann C. Teranishi5 | | — | | | | — | | | | | — | | | | | — | | | ||||||||
| Gregory C. Hazelton | | | HEI Retirement Plan1 | | | | 7.6 | | | | | 295,470 | | | | | — | | | Paul K. Ito | | | HEI Retirement Plan1 | | | | 5.9 | | | | | 198,422 | | | | | — | | | ||||||
| HEI Excess Pay Plan2 | | | | 7.6 | | | | | 262,974 | | | | | — | | | | HEI Excess Pay Plan2 | | | | 5.9 | | | | | 35,398 | | | | | — | | |
| Name | | Executive Contributions in Last FY ($)1 | | Registrant Contributions in Last FY ($) | | Aggregate Earnings/(Losses) in Last FY ($) | | Aggregate Withdrawals/ Distributions ($) | | Aggregate Balance at Last FYE ($)2 | | Name | | Executive Contributions in Last FY ($)1 | | Registrant Contributions in Last FY ($) | | Aggregate Earnings/(Losses) in Last FY ($) | | Aggregate Withdrawals/ Distributions ($) | | Aggregate Balance at Last FYE ($)2 | | ||||||||||||||||||||||||||||||||||||||||
| Scott W. H. Seu | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Scott W. H. Seu | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
| Paul K. Ito | | | | 124,379 | | | | | — | | | | | (78,909) | | | | | — | | | | | 261,736 | | | Scott T. DeGhetto | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
| Kurt K. Murao | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Kurt K. Murao | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
| Shelee M. T. Kimura | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Shelee M. T. Kimura | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
| Ann C. Teranishi | | | | — | | | | | — | | | | | 11 | | | | | — | | | | | 937 | | | Ann C. Teranishi | | | | — | | | | | — | | | | | 42 | | | | | — | | | | | 979 | | | ||||||||||
| Gregory C. Hazelton | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | Paul K. Ito | | | | — | | | | | — | | | | | 62,493 | | | | | — | | | | | 324,229 | | |
| Name/ Benefit Plan or Program | | Retirement on 12/31/22 ($)1 | | Termination due to death or disability on 12/31/22 ($)2 | | Voluntary termination, termination for and without cause on 12/31/22 ($)3 | | Termination after change in control on 12/31/22 ($)4 | | Name/ Benefit Plan or Program | | Retirement on 12/31/23 ($)1 | | Termination due to death or disability on 12/31/23 ($)2 | | Voluntary termination, termination for and without cause on 12/31/23 ($)3 | | Termination after change in control on 12/31/23 ($)4 | | ||||||||||||||||||||||||||||||||
| Scott W. H. Seu | | | | | | | | | | | | | | | | | | | | | | Scott W. H. Seu | | | | | | | | | | | | | | | | | | | | | | ||||||||
| Executive Incentive Compensation Plan5 | | | | — | | | | | — | | | | | — | | | | | — | | | Executive Incentive Compensation Plan5 | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
| Long-Term Incentive Plan6 | | | | 863,784 | | | | | 863,784 | | | | | — | | | | | — | | | Long-Term Incentive Plan6 | | | | 481,198 | | | | | 481,198 | | | | | — | | | | | — | | | ||||||||
| Restricted Stock Units7 | | | | 387,801 | | | | | 387,801 | | | | | — | | | | | — | | | Restricted Stock Units7 | | | | 196,801 | | | | | 196,801 | | | | | — | | | | | — | | | ||||||||
| Change-in-Control Agreement4 | | | | — | | | | | — | | | | | — | | | | | 2,167,325 | | | Change-in-Control Agreement4 | | | | — | | | | | — | | | | | — | | | | | 2,714,591 | | | ||||||||
| TOTAL | | | | 1,251,585 | | | | | 1,251,585 | | | | | — | | | | | 2,167,325 | | | TOTAL | | | | 677,999 | | | | | 677,999 | | | | | — | | | | | 2,714,591 | | | ||||||||
| Paul K. Ito | | | | | | | | | | | | | | | | | | | | | | Scott T. DeGhetto | | | | | | | | | | | | | | | | | | | | | | ||||||||
| Executive Incentive Compensation Plan5 | | | | — | | | | | — | | | | | — | | | | | — | | | Executive Incentive Compensation Plan5 | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
| Long-Term Incentive Plan6 | | | | — | | | | | 228,669 | | | | | — | | | | | 416,917 | | | Long-Term Incentive Plan6 | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
| Restricted Stock Units7 | | | | — | | | | | 110,656 | | | | | — | | | | | 247,417 | | | Restricted Stock Units7 | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
| Change-in-Control Agreement4 | | | | — | | | | | — | | | | | — | | | | | — | | | Change-in-Control Agreement4 | | | | — | | | | | — | | | | | — | | | | | 1,328,920 | | | ||||||||
| TOTAL | | | | — | | | | | 339,325 | | | | | — | | | | | 664,334 | | | TOTAL | | | | — | | | | | — | | | | | — | | | | | 1,328,920 | | | ||||||||
| Kurt K. Murao | | | | | | | | | | | | | | | | | | | | | | Kurt K. Murao | | | | | | | | | | | | | | | | | | | | | | ||||||||
| Executive Incentive Compensation Plan5 | | | | — | | | | | — | | | | | — | | | | | — | | | Executive Incentive Compensation Plan5 | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
| Long-Term Incentive Plan6 | | | | — | | | | | 358,027 | | | | | — | | | | | — | | | Long-Term Incentive Plan6 | | | | 97,201 | | | | | 97,201 | | | | | — | | | | | — | | | ||||||||
| Restricted Stock Units7 | | | | — | | | | | 196,200 | | | | | — | | | | | — | | | Restricted Stock Units7 | | | | 83,198 | | | | | 83,198 | | | | | — | | | | | — | | | ||||||||
| Change-in-Control Agreement4 | | | | — | | | | | — | | | | | — | | | | | 2,225,134 | | | Change-in-Control Agreement4 | | | | — | | | | | — | | | | | — | | | | | 2,297,792 | | | ||||||||
| TOTAL | | | | — | | | | | 554,227 | | | | | — | | | | | 2,225,134 | | | TOTAL | | | | 180,399 | | | | | 180,399 | | | | | — | | | | | 2,297,792 | | | ||||||||
| Shelee M. T. Kimura | | | | | | | | | | | | | | | | | | | | | | Shelee M. T. Kimura | | | | | | | | | | | | | | | | | | | | | | ||||||||
| Executive Incentive Compensation Plan5 | | | | — | | | | | — | | | | | — | | | | | — | | | Executive Incentive Compensation Plan5 | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
| Long-Term Incentive Plan6 | | | | — | | | | | 297,805 | | | | | — | | | | | — | | | Long-Term Incentive Plan6 | | | | 161,070 | | | | | 161,070 | | | | | — | | | | | — | | | ||||||||
| Restricted Stock Units7 | | | | — | | | | | 212,288 | | | | | — | | | | | — | | | Restricted Stock Units7 | | | | 102,740 | | | | | 102,740 | | | | | — | | | | | — | | | ||||||||
| Change-in-Control Agreement4 | | | | — | | | | | — | | | | | — | | | | | 1,818,886 | | | Change-in-Control Agreement4 | | | | — | | | | | — | | | | | — | | | | | 1,718,625 | | | ||||||||
| TOTAL | | | | — | | | | | 510,093 | | | | | — | | | | | 1,818,886 | | | TOTAL | | | | 263,810 | | | | | 263,810 | | | | | — | | | | | 1,718,625 | | | ||||||||
| Ann C. Teranishi | | | | | | | | | | | | | | | | | | | | | | Ann C. Teranishi | | | | | | | | | | | | | | | | | | | | | | ||||||||
| Executive Incentive Compensation Plan5 | | | | — | | | | | — | | | | | — | | | | | — | | | Executive Incentive Compensation Plan5 | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
| Long-Term Incentive Plan6 | | | | — | | | | | 375,310 | | | | | — | | | | | — | | | Long-Term Incentive Plan6 | | | | — | | | | | 152,841 | | | | | — | | | | | — | | | ||||||||
| Restricted Stock Units7 | | | | — | | | | | 167,304 | | | | | — | | | | | — | | | Restricted Stock Units7 | | | | — | | | | | 86,129 | | | | | — | | | | | — | | | ||||||||
| Change-in-Control Agreement4 | | | | — | | | | | — | | | | | — | | | | | 1,996,500 | | | Change-in-Control Agreement4 | | | | — | | | | | — | | | | | — | | | | | 2,437,719 | | | ||||||||
| TOTAL | | | | — | | | | | 542,614 | | | | | — | | | | | 1,996,500 | | | TOTAL | | | | — | | | | | 238,970 | | | | | — | | | | | 2,437,719 | | | ||||||||
| Paul K. Ito | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
| Executive Incentive Compensation Plan5 | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| Long-Term Incentive Plan6 | | | | — | | | | | 79,436 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| Restricted Stock Units7 | | | | — | | | | | 81,561 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
| Change-in-Control Agreement4 | | | | — | | | | | — | | | | | — | | | | | 1,476,314 | | | ||||||||||||||||||||||||||||||
| TOTAL | | | | — | | | | | 160,997 | | | | | — | | | | | 1,476,314 | | |
| | | President & CEO | | Median Employee | | | | President & CEO | | Median Employee | | ||||||||||||||||
| Salary | | | $ | 875,000 | | | | $ | 115,383 | | | Salary | | | $ | 958,333 | | | | $ | 103,333 | | | ||||
| Overtime Pay | | | | — | | | | | — | | | Overtime Pay | | | | — | | | | | — | | | ||||
| Stock Awards | | | | 1,830,874 | | | | | — | | | Stock Awards | | | | 2,253,154 | | | | | — | | | ||||
| Nonequity Incentive Plan Compensation | | | | 869,129 | | | | | — | | | Nonequity Incentive Plan Compensation | | | | — | | | | | — | | | ||||
| All Other Compensation | | | | — | | | | | 3,457 | | | Change in Pension Value1 | | | | 2,174,763 | | | | | 18,172 | | | ||||
| Change in Pension Value1 | | | | 236,512 | | | | | — | | | All Other Compensation | | | | — | | | | | 3,096 | | | ||||
| TOTAL | | | $ | 3,811,515 | | | | $ | 118,840 | | | TOTAL | | | $ | 5,386,250 | | | | $ | 124,601 | | | ||||
| CEO Pay to Median Employee Pay Ratio | | | | 32:1 | | | | | | | | CEO Pay to Median Employee Pay Ratio | | | | 43:1 | | | | | | | |
| Year | | Summary Compensation Table Total for PEO1 | | Compensation Actually Paid2 to PEO | | Average Summary Compensation Table Total for Non-PEO Named Executive Officers3 | | Average Compensation Actually Paid2 to Non-PEO Named Executive Officers | | | Value of Initial Fixed td00 Investment Based On: | | | Net Income (in thousands) | | HEI Consolidated Adjusted Net Income5 (in thousands) | | Year | | Summary Compensation Table Total for PEO1 | | Compensation Actually Paid2 to PEO | | Average Summary Compensation Table Total for Non-PEO Named Executive Officers3 | | Average Compensation Actually Paid2 to Non-PEO Named Executive Officers | | | Value of Initial Fixed td00 Investment Based On: | | | Net Income (in thousands) | | HEI Consolidated Adjusted Net Income5 (in thousands) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Shareholder Return | | Peer Group4 Total Shareholder Return | | | Total Shareholder Return | | Peer Group4 Total Shareholder Return | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (a) | | (b) | | (c) | | (d) | | (e) | | (f) | | (g) | | (h) | | (i) | | (a) | | (b) | | (c) | | (d) | | (e) | | (f) | | (g) | | (h) | | (i) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 | | | $ | 3,811,515 | | | | $ | 4,046,729 | | | | $ | 1,353,755 | | | | $ | 1,241,936 | | | | $ | 99 | | | | $ | 117 | | | | $ | 241,138 | | | | $ | 230,562 | | | 2023 | | | $ | 5,386,250 | | | | $ | (87,730) | | | | $ | 1,419,395 | | | | $ | 242,136 | | | | $ | 35 | | | | $ | 107 | | | | $ | 199,238 | | | | $ | 199,238 | | | ||||||||||||||||
| 2021 | | | $ | 5,933,523 | | | | $ | 7,901,297 | | | | $ | 3,002,679 | | | | $ | 2,673,496 | | | | $ | 95 | | | | $ | 116 | | | | $ | 246,166 | | | | $ | 229,909 | | | 2022 | | | | 3,811,515 | | | | | 4,046,729 | | | | | 1,353,755 | | | | | 1,241,936 | | | | | 99 | | | | | 117 | | | | | 241,138 | | | | | 230,562 | | | ||||||||||||||||
| 2020 | | | $ | 5,108,212 | | | | $ | 315,826 | | | | $ | 1,904,441 | | | | $ | 794,294 | | | | $ | 78 | | | | $ | 99 | | | | $ | 197,824 | | | | $ | 225,181 | | | 2021 | | | | 5,933,523 | | | | | 7,901,297 | | | | | 3,002,679 | | | | | 2,673,496 | | | | | 95 | | | | | 116 | | | | | 246,166 | | | | | 229,909 | | | ||||||||||||||||
| 2020 | | | | 5,108,212 | | | | | 315,826 | | | | | 1,904,441 | | | | | 794,294 | | | | | 78 | | | | | 99 | | | | | 197,824 | | | | | 225,181 | | |
| | | | PEO | | Average Non-PEO Named Executive Officers | | | | | PEO | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | 2021 | | 2022 | | 2020 | | 2021 | | 2022 | | | | 2020 | | 2021 | | 2022 | | 2023 | | ||||||||||||||||||||||||||||||||||||||||
| Summary Compensation Table Total | | | $ | 5,108,212 | | | | $ | 5,933,523 | | | | $ | 3,811,515 | | | | $ | 1,904,441 | | | | $ | 3,002,679 | | | | $ | 1,353,755 | | | Summary Compensation Table Total | | | $ | 5,108,212 | | | | $ | 5,933,523 | | | | $ | 3,811,515 | | | | $ | 5,386,250 | | | ||||||||||
| Pension adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pension adjustments: | | | | | | | | | | | | | | | | | | | | | | ||||||||||
| SCT reversal1 | | | | (576,610) | | | | | — | | | | | (236,512) | | | | | (375,524) | | | | | (274,111) | | | | | — | | | SCT reversal1 | | | | (576,610) | | | | | — | | | | | (236,512) | | | | | (2,174,763) | | | ||||||||||
| Service cost2 | | | | 73,183 | | | | | 79,155 | | | | | 309,997 | | | | | 75,657 | | | | | 81,404 | | | | | 99,567 | | | Service cost2 | | | | 73,183 | | | | | 79,155 | | | | | 309,997 | | | | | 207,082 | | | ||||||||||
| Stock adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Stock adjustments: | | | | | | | | | | | | | | | | | | | | | | ||||||||||
| SCT reversal3 | | | | (2,378,882) | | | | | (3,204,098) | | | | | (1,830,874) | | | | | (611,973) | | | | | (817,776) | | | | | (576,870) | | | SCT reversal3 | | | | (2,378,882) | | | | | (3,204,098) | | | | | (1,830,874) | | | | | (2,253,154) | | | ||||||||||
| New awards outstanding4 | | | | 1,758,452 | | | | | 4,141,353 | | | | | 1,919,877 | | | | | 409,890 | | | | | 755,592 | | | | | 445,932 | | | New awards outstanding4 | | | | 1,758,452 | | | | | 4,141,353 | | | | | 1,919,877 | | | | | 685,662 | | | ||||||||||
| Change in value of prior year awards5 | | | | (1,510,281) | | | | | 457,298 | | | | | 62,282 | | | | | (297,021) | | | | | 62,236 | | | | | 52,989 | | | Change in value of prior year awards5 | | | | (1,510,281) | | | | | 457,298 | | | | | 62,282 | | | | | (1,366,677) | | | ||||||||||
| New awards vested during the year6 | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 7,681 | | | New awards vested during the year6 | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
| Vested prior year awards7 | | | | (2,158,248) | | | | | 494,066 | | | | | 10,444 | | | | | (311,176) | | | | | 16,297 | | | | | (59,380) | | | Vested prior year awards7 | | | | (2,158,248) | | | | | 494,066 | | | | | 10,444 | | | | | (572,130) | | | ||||||||||
| Forfeitures8 | | | | — | | | | | — | | | | | — | | | | | — | | | | | (152,825) | | | | | (81,738) | | | Forfeitures8 | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
| Compensation Actually Paid | | | | $ | 315,826 | | | | $ | 7,901,297 | | | | $ | 4,046,729 | | | | $ | 794,294 | | | | $ | 2,673,496 | | | | $ | 1,241,936 | | | Compensation Actually Paid | | | | $ | 315,826 | | | | $ | 7,901,297 | | | | $ | 4,046,729 | | | | $ | (87,730) | | | |
| | | | Average Non-PEO Named Executive Officers | | |||||||||||||||||||||
| | | | 2020 | | | 2021 | | | 2022 | | | 2023 | | ||||||||||||
| Summary Compensation Table Total | | | | $ | 1,904,441 | | | | | $ | 3,002,679 | | | | | $ | 1,353,755 | | | | | $ | 1,419,395 | | |
| Pension adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| SCT reversal1 | | | | | (375,524) | | | | | | (274,111) | | | | | | — | | | | | | (205,053) | | |
| Service cost2 | | | | | 75,657 | | | | | | 81,404 | | | | | | 99,567 | | | | | | 52,432 | | |
| Stock adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | |
| SCT reversal3 | | | | | (611,973) | | | | | | (817,776) | | | | | | (576,870) | | | | | | (609,653) | | |
| New awards outstanding4 | | | | | 409,890 | | | | | | 755,592 | | | | | | 445,932 | | | | | | 190,966 | | |
| Change in value of prior year awards5 | | | | | (297,021) | | | | | | 62,236 | | | | | | 52,989 | | | | | | (318,561) | | |
| New awards vested during the year6 | | | | | — | | | | | | — | | | | | | 7,681 | | | | | | — | | |
| Vested prior year awards7 | | | | | (311,176) | | | | | | 16,297 | | | | | | (59,380) | | | | | | (287,390) | | |
| Forfeitures8 | | | | | — | | | | | | (152,825) | | | | | | (81,738) | | | | | | — | | |
| Compensation Actually Paid | | | | $ | 794,294 | | | | | $ | 2,673,496 | | | | | $ | 1,241,936 | | | | | $ | 242,136 | | |
| HEI PEO1 | | | HEI NON-PEO NEOs2 | | | Utility NEO3 | | | ASB NEO4 | |
| HEI consolidated adjusted net income | | | HEI consolidated adjusted net income | | | HEI consolidated adjusted net income | | | HEI consolidated adjusted net income | |
| HEI 3-year average return on average common equity | | | HEI 3-year average return on average common equity | | | Utility consolidated net income | | | ASB adjusted net income | |
| HEI 3-year | | | HEI 3-year | | | Utility operating metrics | | | ASB 3-year average return on equity | |
| Utility | | | Utility | | | Utility | | | ASB Return on Assets | |
| HEI relative TSR | | | HEI relative TSR | | | HEI relative TSR | | | HEI relative TSR | |
| | | | | |
| Plan Category | | | (a) Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights1 | | | (b) Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights2 ($) | | | (c) Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities to be issued as reflected in column (1))2 | | |||||||||
| Equity compensation plans approved by the Company’s shareholders | | | | | 536,151 | | | | | $ | — | | | | | | 2,288,689 | | |
| Equity compensation plans not approved by the Company’s shareholders | | | | | — | | | | | | — | | | | | | — | | |
| TOTAL | | | | | 536,151 | | | | | $ | — | | | | | | 2,288,689 | | |
| EIP | | | | | |||
| | | 132,369 | | | | Restricted stock units plus estimated compounded dividend equivalents (if applicable)* | |
| | | 403,782 | | | | Shares to be issued in February 2024, 2025 and 2026 under the 2021-23, 2022-24 and 2023-25 LTIPs, respectively, plus compounded dividend equivalents** | |
| | | 536,151 | | | | | |
| Name of Individual or Group | | Sole Voting or Investment Power | | Shared Voting or Investment Power1 | | Other Beneficial Ownership2 | | Restricted Stock Units3 | | Total | | Percent of Class | | Name of Individual or Group | | Sole Voting or Investment Power | | Shared Voting or Investment Power1 | | Other Beneficial Ownership2 | | Restricted Stock Units3 | | Total | | Percent of Class | | ||||||||||||||||||||||||||||||||||||||||||||||||
| BlackRock, Inc.4 | | | | 10,211,814 | | | | | | | | | | | | | | | | | | | | 10,211,814 | | | | | 9.33 | | | BlackRock, Inc.4 | | | | 6,232,689 | | | | | | | | | | | | | | | | | | | | 6,232,689 | | | | | 5.66 | | | ||||||||||||
| The Vanguard Group, Inc.5 | | | | 12,419,665 | | | | | 197,699 | | | | | | | | | | | | | | | 12,617,364 | | | | | 11.53 | | | The Vanguard Group, Inc.5 | | | | 10,703,784 | | | | | 194,645 | | | | | | | | | | | | | | | 10,898,429 | | | | | 9.89 | | | ||||||||||||
| Nonemployee directors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nonemployee directors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
| Celeste A. Connors | | | | 10,367 | | | | | | | | | | | | | | | | | | | | 10,367 | | | | | * | | | Celeste A. Connors | | | | 13,681 | | | | | | | | | | | | | | | | | | | | 13,681 | | | | | * | | | ||||||||||||
| Richard J. Dahl | | | | 19,641 | | | | | | | | | | | | | | | | | | | | 19,641 | | | | | * | | | Thomas B. Fargo | | | | | | | | | 39,715 | | | | | | | | | | | | | | | 39,715 | | | | | * | | | ||||||||||||
| Thomas B. Fargo | | | | | | | | | 30,621 | | | | | | | | | | | | | | | 30,621 | | | | | * | | | Elisia K. Flores | | | | 12,999 | | | | | | | | | | | | | | | | | | | | 12,999 | | | | | * | | | ||||||||||||
| Elisia K. Flores | | | | 9,525 | | | | | | | | | | | | | | | | | | | | 9,525 | | | | | * | | | Peggy Y. Fowler | | | | | | | | | 52,129 | | | | | | | | | | | | | | | 52,129 | | | | | * | | | ||||||||||||
| Peggy Y. Fowler | | | | | | | | | 48,875 | | | | | | | | | | | | | | | 48,875 | | | | | * | | | Micah A. Kāne | | | | 20,518 | | | | | | | | | | | | | | | | | | | | 20,518 | | | | | * | | | ||||||||||||
| Micah A. Kāne | | | | 17,408 | | | | | | | | | | | | | | | | | | | | 17,408 | | | | | * | | | William James Scilacci, Jr. | | | | 14,726 | | | | | | | | | | | | | | | | | | | | 14,726 | | | | | * | | | ||||||||||||
| Michael J. Kennedy | | | | 8,989 | | | | | | | | | | | | | | | | | | | | 8,989 | | | | | * | | | Employee director and Named Executive Officer | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
| Yoko Otani | | | | 974 | | | | | | | | | | | | | | | | | | | | 974 | | | | | * | | | Scott W. H. Seu | | | | 35,533 | | | | | | | | | | 458 | | | | | 16,768 | | | | | 52,759 | | | | | * | | | ||||||||||||
| Keith P. Russell | | | | 33,447 | | | | | | | | | | | | | | | | | | | | 33,447 | | | | | * | | | All other Named Executive Officers | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
| William James Scilacci, Jr. | | | | 10,695 | | | | | | | | | | | | | | | | | | | | 10,695 | | | | | * | | | Scott T. DeGhetto | | | | — | | | | | | | | | | | | | | | — | | | | | — | | | | | * | | | ||||||||||||
| Employee director and Named Executive Officer | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Paul K. Ito** | | | | 14,423 | | | | | | | | | | | | | | | 6,266 | | | | | 20,689 | | | | | * | | | ||||||||||||
| Scott W. H. Seu | | | | 15,468 | | | | | | | | | | 436 | | | | | 12,536 | | | | | 28,440 | | | | | * | | | Kurt K. Murao | | | | 32,018 | | | | | | | | | | | | | | | 6,969 | | | | | 38,987 | | | | | * | | | ||||||||||||
| All other Named Executive Officers | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Ann. C. Teranishi | | | | 25,432 | | | | | 46 | | | | | | | | | | 5,574 | | | | | 31,052 | | | | | * | | | ||||||||||||
| Gregory C. Hazelton | | | | 12,440 | | | | | | | | | | | | | | | — | | | | | 12,440 | | | | | * | | | Shelee M.T. Kimura | | | | 19,460 | | | | | 1,358 | | | | | | | | | | 8,925 | | | | | 29,743 | | | | | * | | | ||||||||||||
| Paul K. Ito | | | | 6,929 | | | | | | | | | | | | | | | 2,880 | | | | | 9,809 | | | | | * | | | All directors and executive officers as a group (11 persons)** | | | | 174,367 | | | | | 93,248 | | | | | 458 | | | | | 38,236 | | | | | 306,309 | | | | | * | | | ||||||||||||
| Kurt K. Murao | | | | 20,077 | | | | | | | | | | | | | | | 6,138 | | | | | 26,215 | | | | | * | | | ||||||||||||||||||||||||||||||||||||||||||||
| Ann. C. Teranishi | | | | 7,674 | | | | | 43 | | | | | | | | | | 3,563 | | | | | 11,280 | | | | | * | | | ||||||||||||||||||||||||||||||||||||||||||||
| Shelee M.T. Kimura | | | | 11,532 | | | | | 1,295 | | | | | | | | | | 5,527 | | | | | 18,354 | | | | | * | | | ||||||||||||||||||||||||||||||||||||||||||||
| All directors and executive officers as a group (16 persons) | | | | 185,166 | | | | | 80,834 | | | | | 436 | | | | | 30,644 | | | | | 297,080 | | | |
| | | | 2021 | | 2022 | | | | | 2022 | | 2023 | | ||||||||||||||||||||||||||||||||||||||
| | | Fees | | % | | Fees | | % | | | | Fees | | % | | Fees | | % | | ||||||||||||||||||||||||||||||||
| Audit fees (principally consisted of fees associated with the audits of HEI, Hawaiian Electric, and ASB consolidated financial statements and internal control over financial reporting (Sarbanes-Oxley Act of 2002, Section 404) and quarterly reviews | | | $ | 2,981,900 | | | | | 93 | | | | $ | 3,153,000 | | | | | 97 | | | Audit fees (principally consisted of fees associated with the audits of HEI, Hawaiian Electric and ASB consolidated financial statements and internal control over financial reporting (Sarbanes-Oxley Act of 2002, Section 404), quarterly reviews and additional work performed related to Maui Windstorm and Wildfire | | | $ | 3,153,000 | | | | | 97 | | | | $ | 3,916,000 | | | | | 97 | | | ||||||||
| Audit-related fees (primarily consisted of fees associated with agreed upon procedures) | | | | 177,000 | | | | | 5 | | | | | 97,000 | | | | | 3 | | | Audit-related fees (primarily consisted of fees associated with agreed upon procedures) | | | | 97,000 | | | | | 3 | | | | | 111,000 | | | | | 3 | | | ||||||||
| Tax fees (consisted of tax return review) | | | | 55,500 | | | | | 2 | | | | | — | | | | | — | | | Tax fees (consisted of tax consulting) | | | | — | | | | | — | | | | | 20,000 | | | | | — | | | ||||||||
| All other fees | | | | — | | | | | — | | | | | — | | | | | — | | | All other fees | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||
| | | | $ | 3,214,400 | | | | | 100 | | | | $ | 3,250,000 | | | | | 100 | | | | | | | $ | 3,250,000 | | | | | 100 | | | | $ | 4,047,000 | | | | | 100 | | | |||||||
| |
| | | | Your Audit & Risk Committee and Board recommend that you vote FOR the ratification of the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for | | |
| | | | | | | | |||
| TIME AND DATE | | | | LOCATION | | | | RECORD DATE | |
| | | | The entirely via live audio webcast. You will be able to attend, submit questions and vote during the 2024 Annual Meeting by visiting www.virtualshareholdermeeting.com/HE2024at American Savings Bank Campus, 300 N. Beretania St., 7th Floor, K HI 96817 | | | | March | |
| March | | | Kurt K. Murao Executive Vice President, General Counsel, Chief Administrative Officer and Corporate Secretary | |
| Years ended December 31 | | | 2022 | | | 2021 | | | 2020 | | | 2019 | | ||||||||||||
| HEI CONSOLIDATED NET INCOME | | | | | | | | | | | | | | | | | | | | | | | | | |
| GAAP (as reported) | | | | $ | 241.1 | | | | | $ | 246.2 | | | | | $ | 197.8 | | | | | $ | 217.9 | | |
| Excluding special items (after-tax) for EICP and LTIP purposes: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reversal of allowance for credit losses related to the pandemic2 | | | | | (3.9) | | | | | | | | | | | | | | | | | | | | |
| Branch lease termination costs (gain on sale of branches) | | | | | (0.5) | | | | | | | | | | | | | | | | | | | | |
| Gain on sale of an investment by Pacific Current3 | | | | | (6.2) | | | | | | | | | | | | | | | | | | | | |
| Non-GAAP (adjusted) net income for 2022 EICP purposes | | | | | 230.6 | | | | | | | | | | | | | | | | | | | | |
| Excluding special items (after-tax) for LTIP purposes only: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Allowance (reversal of allowance) for credit losses related to the pandemic2 | | | | | (5.7) | | | | | | (16.8) | | | | | | 25.2 | | | | | | — | | |
| Executive officer settlement4 | | | | | — | | | | | | 1.4 | | | | | | — | | | | | | — | | |
| State Unemployment Tax assessment5 | | | | | — | | | | | | (0.9) | | | | | | — | | | | | | — | | |
| COVID-19 related expenses6 | | | | | — | | | | | | — | | | | | | 3.7 | | | | | | — | | |
| Branch lease termination costs (gain on sale of branches) | | | | | 0.4 | | | | | | — | | | | | | 0.6 | | | | | | — | | |
| Gain from VISA stock sale, net | | | | | — | | | | | | — | | | | | | (2.2) | | | | | | — | | |
| Sale of former headquarters, net of campus transition costs | | | | | — | | | | | | — | | | | | | — | | | | | | (5.6) | | |
| Pension defeasement7 | | | | | (1.0) | | | | | | (1.1) | | | | | | (0.1) | | | | | | — | | |
| Non-GAAP (adjusted) net income for 2020-22 LTIP purposes | | | | $ | 224.3 | | | | | $ | 228.8 | | | | | $ | 225.1 | | | | | $ | 212.3 | | |
| HEI CONSOLIDATED BASIC EARNINGS PER SHARE | | | | | | | | | | | | | | | | | | | | | | | | | |
| Based on GAAP | | | | $ | 2.20 | | | | | $ | 2.25 | | | | | $ | 1.81 | | | | | $ | 2.00 | | |
| Based on non-GAAP (adjusted) for 2020-22 LTIP purposes | | | | | 2.05 | | | | | | 2.09 | | | | | | 2.06 | | | | | | 1.95 | | |
| HEI CONSOLIDATED RETURN ON AVERAGE COMMON EQUITY (%) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Based on GAAP | | | | | 10.5 | | | | | | 10.4 | | | | | | 8.6 | | | | | | | | |
| Based on non-GAAP (adjusted) for 2020-22 LTIP purposes8 | | | | | 9.8 | | | | | | 9.7 | | | | | | 9.7 | | | | | | | | |
| ASB NET INCOME | | | | | | | | | | | | | | | | | | | | | | | | | |
| GAAP (as reported) | | | | $ | 80.0 | | | | | $ | 101.2 | | | | | | | | | | | | | | |
| Excluding special items (after-tax) for EICP and LTIP purposes: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Reversal of allowance for credit losses related to the pandemic2 | | | | | (3.9) | | | | | | | | | | | | | | | | | | | | |
| Branch lease termination costs (gain on sale of branches) | | | | | (0.5) | | | | | | | | | | | | | | | | | | | | |
| Non-GAAP (adjusted) net income for 2022 EICP purposes | | | | | 75.6 | | | | | | | | | | | | | | | | | | | | |
| Excluding special items (after-tax) for LTIP purposes only: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Allowance (reversal of allowance) for credit losses related to the pandemic2 | | | | | (5.7) | | | | | | (16.8) | | | | | | | | | | | | | | |
| Executive officer settlement4 | | | | | — | | | | | | 1.4 | | | | | | | | | | | | | | |
| State Unemployment Tax assessment5 | | | | | — | | | | | | (0.9) | | | | | | | | | | | | | | |
| Branch lease termination costs (gain on sale of branches) | | | | | 0.4 | | | | | | — | | | | | | | | | | | | | | |
| Pension defeasement7 | | | | | (1.0) | | | | | | (1.1) | | | | | | | | | | | | | | |
| Non-GAAP (adjusted) net income for 2020-22 LTIP purposes | | | | $ | 69.3 | | | | | $ | 83.8 | | | | | | | | | | | | | | |
| Years ended December 31 | | 2022 | | 2021 | | 2020 | | 2019 | | Years ended December 31 | | 2023 | | 2022 | | 2021 | | ||||||||||||||||||||||
| ASB RETURN ON AVERAGE COMMON EQUITY (%) | | | | | | | | | | | | | | | | HEI CONSOLIDATED NET INCOME | | | | | | | | | | | | | | | | | |||||||
| Based on GAAP | | | | 14.1 | | | | | 13.8 | | | | | | | GAAP (as reported) | | | $ | 199.2 | | | | $ | 241.1 | | | | $ | 246.2 | | | |||||||
| Based on non-GAAP (adjusted) for 2020-22 LTIP purposes8 | | | | 12.2 | | | | | 11.4 | | | | | | | Excluding special items (after-tax) for LTIP purposes: | | | | | | | | | | | | | | | | | |||||||
| ASB EFFICIENCY RATIO (%) | | | | | | | | | | | | | | | | Allowance (reversal of allowance) for credit losses related to the pandemic2 | | | | — | | | | | (9.6) | | | | | (16.8) | | | |||||||
| Based on GAAP | | | | 66.3 | | | | | 65.3 | | | | | | | Executive officer settlement3 | | | | — | | | | | — | | | | | 1.4 | | | |||||||
| Adjustment for pre-tax ASB items above | | | | 0.3 | | | | | 0.3 | | | | | | | | State Unemployment Tax assessment4 | | | | — | | | | | — | | | | | (0.9) | | | ||||||
| Based on non-GAAP (adjusted) for 2020-22 LTIP purposes9 | | | | 66.6 | | | | | 65.6 | | | | | | | Branch lease termination costs (gain on sale of branches) | | | | — | | | | | (0.1) | | | | | — | | | |||||||
| Pension defeasement5 | | | | 0.1 | | | | | 0.1 | | | | | — | | | |||||||||||||||||||||||
| Gain on sale of an investment by Pacific Current6 | | | | — | | | | | (6.2) | | | | | — | | | |||||||||||||||||||||||
| Non-GAAP (adjusted) net income for 2021-23 LTIP purposes | | | $ | 199.3 | | | | $ | 225.4 | | | | $ | 229.9 | | | |||||||||||||||||||||||
| HEI CONSOLIDATED BASIC EARNINGS PER SHARE | | | | | | | | | | | | | | | | | |||||||||||||||||||||||
| Based on GAAP | | | $ | 1.82 | | | | $ | 2.20 | | | | $ | 2.25 | | | |||||||||||||||||||||||
| Based on non-GAAP (adjusted) for 2021-23 LTIP purposes | | | | 1.82 | | | | | 2.06 | | | | | 2.10 | | | |||||||||||||||||||||||
| HEI CONSOLIDATED Return on Average Common Equity (%) | | | | | | | | | | | | | | | | | |||||||||||||||||||||||
| Based on GAAP | | | | 8.8 | | | | | 10.5 | | | | | | | | |||||||||||||||||||||||
| Based on non-GAAP (adjusted) for 2021-23 LTIP purposes7 | | | | 8.8 | | | | | 9.8 | | | | | | | | |||||||||||||||||||||||
| ASB NET INCOME | | | | | | | | | | | | | | | | | |||||||||||||||||||||||
| GAAP (as reported) | | | $ | 53.4 | | | | $ | 80.0 | | | | | | | | |||||||||||||||||||||||
| Excluding special items (after-tax) for LTIP purposes: | | | | | | | | | | | | | | | | | |||||||||||||||||||||||
| Allowance (reversal of allowance) for credit losses related to the pandemic2 | | | | — | | | | | (9.6) | | | | | | | | |||||||||||||||||||||||
| Branch lease termination costs (gain on sale of branches) | | | | — | | | | | (0.1) | | | | | | | | |||||||||||||||||||||||
| Pension defeasement5 | | | | 0.1 | | | | | 0.1 | | | | | | | | | ||||||||||||||||||||||
| Non-GAAP (adjusted) net income for 2021-23 LTIP purposes | | | $ | 53.4 | | | | $ | 70.4 | | | | | | | | |||||||||||||||||||||||
| ASB Return on Average Common Equity (%) | | | | | | | | | | | | | | | | | |||||||||||||||||||||||
| Based on GAAP | | | | 11.0 | | | | | 14.1 | | | | | | | | |||||||||||||||||||||||
| Based on non-GAAP (adjusted) for 2021-23 LTIP purposes7 | | | | 11.0 | | | | | 12.4 | | | | | | | |