Alexander & Baldwin Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Termination of a Material Definitive Agreement
$ALEX
Real Estate Investment Trusts
Real Estate
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 20, 2025
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Item 1.01. Entry into a Material Definitive Agreement.
On June 17, 2025, Alexander & Baldwin, Inc. (the “Company”) and certain of its subsidiaries (collectively, “A&B”) entered into a Termination Agreement (the “Agreement”) with Mahi Pono Holdings, LLC and certain of its related entities (collectively, “Mahi Pono”). The Agreement generally terminates the remaining rights and obligations under the Purchase and Sale Agreement and Escrow Instructions between A&B and Mahi Pono, dated December 17, 2018, which was described in the Company’s Form 8-K dated December 20, 2018, including A&B’s obligation to Mahi Pono of approximately $69.7 million. Under the Agreement, A&B shall transfer its 50% ownership interest in East Maui Irrigation Company, LLC and forego the receipt of payment of $2.7 million. In addition, A&B shall pay $55.3 million to Mahi Pono in installments over a period of four years with $10.0 million paid upon execution of the Agreement, $12.65 million each on the first and second anniversaries of the execution date of the Agreement, and $10.0 million each on the third and fourth anniversaries of the execution date of the Agreement.
Item 1.02. Termination of a Material Definitive Agreement.
The information set forth under Item 1.01 is incorporated herein by reference.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: June 20, 2025
ALEXANDER & BALDWIN, INC.
/s/ Clayton K.Y. Chun
Clayton K.Y. Chun
Executive Vice President,
Chief Financial Officer and Treasurer
Chief Financial Officer and Treasurer