Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On January 3, 2023, Hawaiian Electric Industries, Inc. (HEI or the Company) announced that Paul K. Ito, the Company's current Vice President-Taxes, Controller and Treasurer and Interim Chief Financial Officer, has been appointed as the Company's Executive Vice President and Chief Financial Officer (CFO), effective January 1, 2023. Mr. Ito originally joined HEI in February 2018 as VP-Taxes and Controller, and subsequently added the role of Assistant Treasurer, followed by Treasurer and, since July 2022, Interim Chief Financial Officer. Before joining HEI, Mr. Ito served as Chief Financial Officer and Treasurer at Alexander & Baldwin, Inc. (A&B) (ALEX (NYSE)).

As compensation for serving as CFO, Mr. Ito will receive a base salary of $475,000 and, as a current officer of the Company, will continue to participate in HEI's annual Executive Incentive Compensation Plan, Long-Term Incentive Plan and annual equity compensation program through the Company's 2010 Equity and Incentive Plan. Mr. Ito will also receive a supplemental Restricted Stock Unit grant in an amount equal to $237,500. In addition, HEI will enter into a new change-in-control agreement with Mr. Ito that is substantially similar to the change-in-control agreements HEI has entered into with certain of its executive officers, with a two-times multiple to be used in determining his benefits thereunder. Mr. Ito also will be eligible to receive other benefits generally provided to HEI executive officers.

There are no arrangements or understandings between Mr. Ito and any other person pursuant to which he was selected as an officer, no family relationships between Mr. Ito and any other executive officer or director, and no related person transactions within the meaning of Item 404(a) of Regulation S-K between Mr. Ito and HEI.

A copy of the press release announcing the HEI management change is attached hereto as Exhibit 99.

Item 7.01 Regulation FD Disclosure.

On January 3, 2023, HEI issued a news release, "HEI appoints Paul Ito as Chief Financial Officer." This news release is furnished as Exhibit 99.

Item 9.01 Financial Statements and Exhibits.



(d) Exhibits
  Exhibit 99             News release, dated January 3, 2023, "HEI appoints Paul Ito as Chief
                         Financial Officer."
104                      Cover Page Interactive Data File (embedded within the Inline XBRL
                         document)

The information furnished in connection with Item 7.01 of this current report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.




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