Hawaiian Electric Industries Enters Material Agreement

TL;DR

HE just signed a big deal, filing shows financial obligations.

AI Summary

Hawaiian Electric Industries, Inc. (HE) entered into a material definitive agreement on November 1, 2024, related to a direct financial obligation. The filing also includes financial statements and exhibits, with Hawaiian Electric Co. Inc. listed as a related entity.

Why It Matters

This filing indicates a significant financial commitment or obligation for Hawaiian Electric Industries, which could impact its financial standing and future operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements and direct financial obligations can introduce financial risks and obligations that require careful management.

Key Players & Entities

• HAWAIIAN ELECTRIC INDUSTRIES INC (company) — Filer
• HAWAIIAN ELECTRIC CO INC (company) — Related Entity
• 2024-11-01 (date) — Date of Agreement

FAQ

Key Financial Figures

• $1.99 b — are obligated to contribute a total of $1.99 billion, which includes $75 million previ
• $75 million — total of $1.99 billion, which includes $75 million previously contributed for the One Ohan
• $478.75 m — ts in four equal annual installments of $478.75 million, with the first installment expec
• $500 million — Settlement Agreements also provide that $500 million of the total settlement payments will b

Filing Documents

• he-20241101.htm (8-K) — 38KB
• heiexhibit101class11-4x24.htm (EX-10.1) — 506KB
• heiex102individual11-4x24.htm (EX-10.2) — 669KB
• 0000354707-24-000064.txt ( ) — 1539KB
• he-20241101.xsd (EX-101.SCH) — 2KB
• he-20241101_def.xml (EX-101.DEF) — 16KB
• he-20241101_lab.xml (EX-101.LAB) — 28KB
• he-20241101_pre.xml (EX-101.PRE) — 16KB
• he-20241101_htm.xml (XML) — 4KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. Effective November 1, 2024, Hawaiian Electric Industries, Inc. ("HEI") and Hawaiian Electric Company, Inc. ("Hawaiian Electric") entered into two definitive settlement agreements (collectively, the "Settlement Agreements") to settle the tort litigation (expressly excluding securities and derivative actions) arising out of the 2023 Maui windstorm and wildfires, including the fires in Lahaina, Kula, and Olinda (the "Maui Windstorm and Wildfires"), on a global basis without any admission of liability. The Settlement Agreements were entered into in furtherance of the Settlement Term Sheet attached as Exhibit 99.2 to the Form 8-K filed with the SEC on August 5, 2024. Under the Settlement Agreements, subject to certain conditions (including those described below), HEI and Hawaiian Electric (collectively, the "Companies"), along with other defendants (the State of Hawaii, the County of Maui, Kamehameha Schools, West Maui Land Co., Hawaiian Telcom and Spectrum/Charter Communications (collectively, the "Defendants")) have agreed to settle the claims of those who filed lawsuits in state and federal courts, or who may have claims but have not yet filed lawsuits, in connection with the Maui Windstorm and Wildfires. One Settlement Agreement is between Defendants, class counsel, and class plaintiffs (the "Class Settlement Agreement"), and the other is between Defendants and over 30 lawyers representing numerous individual plaintiffs who have brought their own lawsuits (the "Individual Settlement Agreement"). The Settlement Agreements do not resolve claims with insurers who have asserted or could assert subrogation claims in separate lawsuits and such insurers are not parties to the Settlement Agreements, but resolving such claims in the manner set forth in the Settlement Agreements is a condition that must be satisfied before any payment is due from Defendants. Both Settlement Agreements remain subject to court approval and

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit 10.1 * In re Maui Wildfires Class Settlement Agreement effective November 1, 2024 Exhibit 10.2 * In re Maui Wildfires Individual Settlement Agreement effective November 1, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) * Schedules have been omitted from this filing pursuant to Instruction 4 to Item 1.01 of Form 8-K and Item 601(a) (5) of Regulation S-K. 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. The signature of the undersigned companies shall be deemed to relate only to matters having reference to such companies and any subsidiaries thereof. HAWAIIAN ELECTRIC INDUSTRIES, INC. HAWAIIAN ELECTRIC COMPANY, INC. (Registrant) (Registrant) /s/ Scott T. DeGhetto /s/ Paul K. Ito Scott T. DeGhetto Paul K. Ito Executive Vice President, Senior Vice President, Chief Financial Officer and Treasurer Chief Financial Officer and Treasurer Date: November 5, 2024 Date: November 5, 2024 3

View Full Filing

View this 8-K filing on SEC EDGAR