Alexander & Baldwin, Inc. — Director's Dealing 2012

Jul 3, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Alexander & Baldwin, Inc. (ALEX)
CIK: 0001545654
Period of Report: 2012-06-29

Reporting Person: CHING MEREDITH J (Sr. Vice Pres. Gov't Rel.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-06-29	Common Stock	A	8959.0000	—	Acquired	33119.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-06-29	Stock Option	$22.5400	A	11610.0000	Acquired	2022-01-24	Common Stock (11610.0000)	Direct
2012-06-29	Stock Option	$12.6700	A	12317.0000	Acquired	2013-01-21	Common Stock (12317.0000)	Direct
2012-06-29	Stock Option	$23.4800	A	7962.0000	Acquired	2017-01-23	Common Stock (7962.0000)	Direct
2012-06-29	Stock Option	$25.5900	A	6569.0000	Acquired	2016-01-24	Common Stock (6569.0000)	Direct
2012-06-29	Stock Option	$21.6600	A	5747.0000	Acquired	2015-01-25	Common Stock (5747.0000)	Direct
2012-06-29	Stock Option	$19.8000	A	15533.0000	Acquired	2021-01-25	Common Stock (15533.0000)	Direct
2012-06-29	Stock Option	$16.0900	A	19811.0000	Acquired	2020-01-26	Common Stock (19811.0000)	Direct
2012-06-29	Stock Option	$11.3700	A	16365.0000	Acquired	2019-01-27	Common Stock (16365.0000)	Direct
2012-06-29	Stock Option	$16.3300	A	15396.0000	Acquired	2014-02-24	Common Stock (15396.0000)	Direct
2012-06-29	Stock Option	$22.1100	A	13021.0000	Acquired	2018-06-29	Common Stock (13021.0000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	33119.0000	Direct
Common Stock	210.5800	Indirect

Footnotes

F1: The acquisition involved five separate restricted stock unit awards that were made to the Reporting Person under the Issuer's 2012 Incentive Compensation Plan in connection with the distribution of the Issuer's outstanding common stock by Alexander & Baldwin Holdings, Inc. (now known as Matson, Inc.) to the stockholders of Alexander & Baldwin Holdings, Inc. in a pro-rata spin-off transaction. The reported awards were issued in replacement of five separate restricted stock unit awards covering an aggregate 4,365 shares of the common stock of Alexander & Baldwin Holdings, Inc. Each such replacement award was structured so as to preserve, at the time of replacement, the intrinsic value of the cancelled award to which it relates and retains the same vesting schedule that was in effect for that cancelled award.

F2: The award was made under the Issuer's 2012 Incentive Compensation Plan in connection with the distribution of the Issuer's outstanding common stock by Alexander & Baldwin Holdings, Inc. (now known as Matson, Inc.) to the stockholders of Alexander & Baldwin Holdings, Inc. in a pro-rata spin-off transaction. The reported award was issued in replacement of a cancelled stock option grant covering shares of the common stock of Alexander & Baldwin Holdings, Inc. and was structured so as to preserve, at the time of replacement, the intrinsic value of the cancelled stock option grant to which it relates.

F3: The option vests in three equal annual installments beginning January 25, 2013.

F4: All shares are immediately exercisable.

F5: 5,177 shares are immediately exercisable, with the balance of the shares to become exercisable in two successive equal annual installments beginning January 26, 2013.

F6: 13,207 shares are immediately exercisable, with the balance of the shares to become exercisable on January 27, 2013.