HAWAIIAN ELECTRIC INDUSTRIES INC

On November 7, 2024, the Company’s Board of Directors approved the extension of Scott DeGhetto’s term as the Company’s Executive Vice President, Chief Financial Officer and Treasurer through April 1, 2026, and, if he remains with the Company until April 1, 2026, his appointment as a consultant through March 1, 2027. In connection therewith, the Board also approved the compensatory arrangement recommended by the Compensation and Human Capital Management Committee pursuant to which, for the period of January 1, 2025, through April 1, 2026, Mr. DeGhetto will be paid an annualized base salary of $800,000, plus an additional $500,000 for special projects to be assigned to him by the Company’s Compensation and Human Capital Management Committee and HEI Board during 2025. Mr. DeGhetto will also be eligible to receive an annual bonus through the Company’s Executive Incentive Compensation Plan for the 2025 performance period at the rate of 150% of base salary based on target performance, 100% at threshold and 200% at maximum. In addition, in 2025, Mr. DeGhetto will be granted $450,000 in restricted stock units through the Company’s Equity and Incentive Plan to vest in two equal installments in each of February of 2026 and 2027. For consulting services for the period from April 2, 2026, to March 1, 2027, Mr. DeGhetto will be paid $800,000.

Paul Ito will remain Senior Vice President and Chief Financial Officer of the Company’s wholly owned subsidiary Hawaiian Electric Company, Inc. (Hawaiian Electric).

The Company originally reported the appointment of Mr. DeGhetto as the Company’s Executive Vice President, Chief Financial Officer and Treasurer, and the appointment of Mr. Ito as Senior Vice President and Chief Financial Officer of Hawaiian Electric, on a Form 8-K filed with the SEC on September 18, 2023.