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: Paik Son-Jai (Vice President Human Resources)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-06-29	Common Stock	A	8959.0000	—	Acquired	9926.0000	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	$19.8000	A	10356.0000	Acquired	2021-01-25	Common Stock (10356.0000)	Direct
2012-06-29	Stock Option	$16.0900	A	6603.0000	Acquired	2020-01-26	Common Stock (6603.0000)	Direct

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: The option vests in two equal annual installments beginning January 26, 2013.

F5: All shares vest beginning January 27, 2013.