Summary of ALEXANDER & BALDWIN, INC.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) Material Compensatory Plan, Contract or Arrangement.

1. Performance Share Unit Awards.

On January 28, 2013, the Compensation Committee of the Board of Directors of Alexander & Baldwin, Inc. (the "Company") authorized performance share unit awards under the Alexander & Baldwin, Inc. 2012 Incentive Compensation Plan. A copy of the form of Performance Share Unit Award Agreement and Notice of Award of Performance Share Units is attached as Exhibits 10.1 and 10.2, respectively, and is incorporated herein by reference.

2. Restatement of One-Year Performance Improvement Incentive Plan.

On January 29, 2013, the Board of Directors adopted the amended and restated Alexander & Baldwin, Inc. One-Year Performance Improvement Incentive Plan (the "PIIP"), pursuant to which the Company's executive officers and other senior executives may become entitled to cash bonus payments based on attainment of specified Company and/or business unit performance goals and individual performance for each year. A copy of the PIIP is attached as Exhibit 10.3, and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number                      Description


10.1                Form of Performance Share Unit Award Agreement.


10.2                Form of Notice of Award of Performance Share Units.

10.3 Alexander & Baldwin, Inc. One-Year Performance Improvement Incentive Plan.