0001104659-12-071639 Sample Contracts

MATSON, INC. RESTRICTED STOCK UNIT AWARD AGREEMENT NON-EMPLOYEE BOARD MEMBER—NO DEFERRAL
Restricted Stock Unit Award Agreement • October 26th, 2012 • Matson, Inc. • Water transportation • Hawaii
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MATSON, INC. TIME-BASED RESTRICTED STOCK UNIT AWARD AGREEMENT
Time-Based Restricted Stock Unit Award Agreement • October 26th, 2012 • Matson, Inc. • Water transportation • Hawaii
MATSON, INC. STOCK OPTION AGREEMENT RECITALS
Stock Option Agreement • October 26th, 2012 • Matson, Inc. • Water transportation • Hawaii
MATSON, INC. RESTRICTED STOCK UNIT AWARD AGREEMENT NON-EMPLOYEE BOARD MEMBER—DEFERRAL ELECTION
Restricted Stock Unit Award Agreement • October 26th, 2012 • Matson, Inc. • Water transportation • Hawaii
MATSON, INC. ANTI-DILUTION ADJUSTMENT AMENDMENT TO RESTRICTED STOCK UNIT AWARD AGREEMENTS
Anti-Dilution Adjustment Amendment • October 26th, 2012 • Matson, Inc. • Water transportation

AMENDMENT AGREEMENT made and entered as of the close of market on June 29, 2012 by and between Matson, Inc., a Hawaii corporation (the “Corporation”), and , an individual in the employ or service of the Corporation who is currently the holder (the “Participant”) of one or more outstanding time-based or performance-based restricted stock unit awards (the “RSU Awards”) under one or more of the following equity incentive compensation plans of the Corporation ( the “Plans”) that the Corporation has assumed:

MATSON, INC. ANTI-DILUTION ADJUSTMENT AMENDMENT TO STOCK OPTION AGREEMENTS
Anti-Dilution Adjustment Amendment to Stock Option Agreements • October 26th, 2012 • Matson, Inc. • Water transportation

AMENDMENT AGREEMENT effective as of the close of market on June 29, 2012 by and between Matson, Inc., a Hawaii corporation (the “Corporation”), and , an individual in the employ or service of the Corporation who is currently the holder (the “Optionee”) of one or more outstanding stock option grants (the “Options”) to purchase shares of the Corporation’s common stock (“Common Stock”) under one or more of the following equity incentive compensation plans of the Corporation (the “Plans”) that have been assumed by the Corporation:

MATSON, INC. ANTI-DILUTION ADJUSTMENT AMENDMENT TO
2012 Performance-Based Restricted Stock Unit Award Agreement • October 26th, 2012 • Matson, Inc. • Water transportation

AMENDMENT AGREEMENT made and entered as of the close of market on the 29th day of June 2012 by and between Matson, Inc., a Hawaii corporation (the “Corporation”), and , an individual in the employ of the Corporation who is currently the holder (the “Participant”) of a 2012 fiscal year performance-based restricted stock unit award (the “2012 PBRSU Award”) under the 2007 Alexander & Baldwin, Inc. Incentive Compensation Plan (as amended and restated) that has been assumed by the Corporation (the “Plan”).

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