Velarion · Company Intelligence
Compensation Brief
Fiscal year 2024 · Filings through 2026-04-20

Alexander & Baldwin (ALEX)

Fiscal year 2024 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$4,336,581
Lance Parker total, FY2024
38th
CEO pay percentile vs peers
26.6:1
CEO-to-median pay ratio
96.47%
Say-on-pay support, latest vote
Companies that benchmark against ALEX
6 companies name ALEX as a compensation peer

Each company listed discloses ALEX in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named ALEX in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2024

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Lance Parker$701,247$132,273$2,282,653$0$1,109,327$2,576$108,505$4,336,581
President and Chief Executive Officer
Clayton Chun408,998156,601622,5220391,831068,1891,648,141
Executive Vice President Chief Financial Officer and Treasurer
Meredith Ching342,34890,880259,3750263,8307,54855,0951,019,076
Executive Vice President, External Affairs
Jeffrey Pauker343,6960466,88200099,718910,296
Executive Vice President & Chief Investment Officer
Derek Kanehira253,01448,687112,4630118,054033,032565,250
Senior Vice President, Human Resources
Scott Morita287,11741,90976,6740104,196034,874544,770
Vice President and Corporate Counsel

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2024 totalFY2023 totalFY2022 totalΔ FY20232024
Lance Parker$4,336,581$3,337,967$2,180,127+998,614
Clayton Chun1,648,1411,565,572813,640+82,569
Meredith Ching1,019,076949,4811,025,041+69,595
Jeffrey Pauker910,2961,299,493−389,197
Derek Kanehira565,250
Scott Morita544,770

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2024

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Lance ParkerPSU2024-02-0163,10963,109126,218$2,282,653
Meredith ChingPSU2024-02-017,1717,17114,342259,375
Scott MoritaPSU2024-02-011,2902,5803,01276,674
Derek KanehiraPSU2024-02-011,8933,7864,417112,463
Jeffrey PaukerPSU2024-02-0112,90812,90825,816466,882
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Lance Parker$0$2,282,653$0100.0%
Meredith Ching0259,3750100.0%
Scott Morita076,6740100.0%
Derek Kanehira0112,4630100.0%
Jeffrey Pauker0466,8820100.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2024

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Lance ParkerPSU34,844$618,133
Meredith ChingPSU233,5834,863,198
Lance ParkerRSU94,1171,959,516
Meredith ChingRSU13,167274,137
Scott MoritaRSU93,5611,947,940
Lance ParkerPSU1,669,63634,761,822
Lance ParkerPSU117,8512,090,677
Scott MoritaRSU5,27493,561
Derek KanehiraPSU143,8892,995,769
Derek KanehiraRSU8,111168,871
Meredith ChingPSU18,908335,428
Derek KanehiraPSU4,99188,540
Scott MoritaPSU3,07354,515
Clayton ChunPSU34,844618,133
Clayton ChunRSU29,260609,193
Clayton ChunPSU519,07210,807,079
Lance ParkerRSU29,260519,072
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company seeks to align its objectives with shareholder interests through a compensation program that attracts, motivates and retains qualified and effective executives and rewards for performance and results.

CEO STI target (% of salary)115%
CEO LTI target (% of salary)
Independent consultantWTW
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20252025-04-2256,298,5532,057,57088,46896.47%Passed
20242024-04-2358,086,7632,028,731127,70296.63%Passed
20232023-04-2559,358,8811,700,768534,88697.21%Passed
20222022-04-2660,025,8461,732,723501,57897.19%Passed
20212021-04-2758,977,8941,271,670731,51297.89%Passed
20202020-04-2858,303,0891,798,80790,71297.01%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20252025-04-2296.47%a
20242024-04-2396.63%b
20232023-04-2597.21%c

a. Approved under the standard stated in the filing — “However, abstentions and broker non-votes will have no effect on the voting results for any matter, as they are not considered to be votes cast.”.

b. Approved under the standard stated in the filing — “However, abstentions and broker non-votes will have no effect on the voting results for any matter, as they are not considered to be votes cast.”.

c. Approved under the standard stated in the filing — “However, abstentions and broker non-votes will have no effect on the voting results for any matter, as they are not considered to be votes cast.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)26.6 : 1
CEO total compensation$4,336,581
Median employee compensation$163,333
08

Director compensation — fiscal year 2024

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Eric K. YeamanIndependent · Board Chair · Audit · Nominating and Corporate Governance (Chair)$127,500$160,001$0$0$0$287,501
Douglas M. PasqualeIndependent · Lead Independent Director · Audit (Chair) · Nominating and Corporate Governance119,000110,009002,000231,009
Diana M. LaingIndependent · Audit · Compensation (Chair) · Nominating and Corporate Governance100,000110,009000210,009
John T. LeongIndependent · Audit72,500110,009000182,509
Thomas A. Lewis, Jr.Independent · Compensation · Departed during FY70,000110,009000180,009
Shelee M. T. KimuraIndependent · Compensation70,000110,009000180,009
Lance ParkerNot independent0000
09

Board fee structure and ownership guideline

Annual cash retainer$60,000
Annual equity retainer$110,000
Per board meeting fee$750
Committee chair fees (audit / comp / nom-gov)14,000 / 10,000 / 7,500
Stock ownership guideline5x annual retainer ($300,000)
09b

Total cost of the board

ComponentFY2024
Cash retainers and fees$559,000
Equity awards (grant-date value)$710,046
All other compensation$2,000
Total cost of the board$1,271,046

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2024

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Alexander & Baldwin names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Alexander & Baldwin.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Retail UE Urban Edge Properties2025Jeffrey Olson$1,100,000$4,892,465$0$2,091,243$8,106,208
2Phillips Edison & Company, Inc.2025Jeffrey Edison991,8644,931,23001,960,7008,062,820
3InvenTrust Properties Corp.2025Daniel Busch950,0004,627,08402,012,8137,597,244
4Acadia Realty Trust2025Kenneth Bernstein850,0003,574,54402,486,8986,922,230
5Retail Opportunity Investments Corp.2023Stuart Tanz900,0004,096,63801,575,0006,626,718
6Retail JBGS JBG SMITH Properties2025W. Matthew Kelly750,0003,499,99401,260,0005,521,861
7American Assets Trust, Inc.2025Adam Wyll750,0002,228,91601,428,7504,806,038
8Alexander & Baldwin2024Lance Parker701,2472,282,65301,109,3274,336,581
9Plymouth Industrial REIT, Inc.2024Jeffrey Witherell643,7501,799,9800620,0003,108,503
10Retail SAFE Safehold Inc2025Jay Sugarman600,0001,950,000002,627,089
11Whitestone REIT2024David Holeman493,2701,100,0000400,0002,400,145
12OLP One Liberty Properties, Inc2025Patrick Callan1,061,330776,200002,009,253
13Specialty BFS Saul Centers, Inc2025B. Francis Saul125,0001,010,22501,262,364
14Retail SITC SITE Centers Corp2025David Lukes00000

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Alexander & Baldwin152%PSU 50 · RSU 50Yes — TSR in Relation to Selected Peer GroupWTW
Acadia Realty Trust145%LTIP Units 100Yes — Relative TSR vs. Nareit Shopping Center IndexFerguson Partners Consulting (FPC)
American Assets Trust, Inc.191%PSU 100Yes — Relative Total Shareholder Return (TSR) vs. S&P 600 Real Estate Indexnot disclosed
InvenTrust Properties Corp.212%RSU 100NoFerguson Partners Consulting
OLP One Liberty Properties, Incnot disclosedRSU 100Yes — Total Stockholder Return (TSR)Ferguson Partners Consulting L.P.
Phillips Edison & Company, Inc.140%PSU 68 · RSU 32Yes — Relative TSRFPC
Plymouth Industrial REIT, Inc.77.5%RSU 50 · PSU 50Yes — 3-Year Relative TSR vs. MSCI US REIT IndexFerguson Partners Consulting L.P.
Retail JBGS JBG SMITH Properties168%not disclosedNoFerguson Partners Consulting
Retail Opportunity Investments Corp.not disclosednot disclosednot disclosedFTI Consulting Inc.
Retail SAFE Safehold Inc77%not disclosedNoPay Governance
Retail SITC SITE Centers Corpnot disclosednot disclosednot disclosedMercer (US) LLC
Retail UE Urban Edge Properties190%LTIP Units 100Yes — Absolute TSRFarient Advisors
Specialty BFS Saul Centers, Inc20%RSU 50 · PSU 50Nonot disclosed
Whitestone REIT100%PSU 70 · RSU 30NoZayla Partners

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Lance ParkerDEF 14A2025-03-110001545654-25-000011Section “2024 Summary Compensation Table” · page 33. As printed: 4,336,581. Filing ↗machine: r2 · c30 · span 672575–672584
2Section 01, Clayton ChunDEF 14A2025-03-110001545654-25-000011Section “2024 Summary Compensation Table” · page 33. As printed: 1,648,141. Filing ↗machine: r6 · c30 · span 682713–682722
3Section 01, Meredith ChingDEF 14A2025-03-110001545654-25-000011Section “2024 Summary Compensation Table” · page 33. As printed: 1,019,076. Filing ↗machine: r9 · c30 · span 692433–692442
4Section 01, Jeffrey PaukerDEF 14A2025-03-110001545654-25-000011Section “2024 Summary Compensation Table” · page 33. As printed: 910,296. Filing ↗machine: r15 · c30 · span 710654–710661
5Section 01, Derek KanehiraDEF 14A2025-03-110001545654-25-000011Section “2024 Summary Compensation Table” · page 33. As printed: 565,250. Filing ↗machine: r13 · c30 · span 702792–702799
6Section 01, Scott MoritaDEF 14A2025-03-110001545654-25-000011Section “2024 Summary Compensation Table” · page 33. As printed: 544,770. Filing ↗machine: r14 · c30 · span 706624–706631
7Section 03, Lance Parker PSUDEF 14A2025-03-110001545654-25-000011Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t38 · r4 · c5 · span 734969–734975
8Section 03, Meredith Ching PSUDEF 14A2025-03-110001545654-25-000011Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t38 · r8 · c5 · span 745470–745475
9Section 03, Scott Morita PSUDEF 14A2025-03-110001545654-25-000011Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t38 · r12 · c6 · span 756261–756266
10Section 03, Derek Kanehira PSUDEF 14A2025-03-110001545654-25-000011Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t38 · r10 · c6 · span 750981–750986
11Section 03, Jeffrey Pauker PSUDEF 14A2025-03-110001545654-25-000011Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t38 · r14 · c5 · span 761546–761552
12Section 07, pay ratioDEF 14A2025-03-110001545654-25-000011Section “CEO Pay Ratio”. As printed: 26.6 : 1. Filing ↗machine: t48 · r3 · c2 · span 1015042–1015049
13Section 08, Eric K. YeamanDEF 14A2025-03-110001545654-25-000011Section “Director Compensation”. As printed: 287,501. Filing ↗machine: t21 · r8 · c10 · span 400297–400304
14Section 08, Douglas M. PasqualeDEF 14A2025-03-110001545654-25-000011Section “Director Compensation”. As printed: 231,009. Filing ↗machine: t21 · r7 · c10 · span 397672–397679
15Section 08, Diana M. LaingDEF 14A2025-03-110001545654-25-000011Section “Director Compensation”. As printed: 210,009. Filing ↗machine: t21 · r4 · c10 · span 390729–390736
16Section 08, John T. LeongDEF 14A2025-03-110001545654-25-000011Section “Director Compensation”. As printed: 182,509. Filing ↗machine: t21 · r5 · c10 · span 392956–392963
17Section 08, Thomas A. Lewis, Jr.DEF 14A2025-03-110001545654-25-000012Section “Director Compensation”. As printed: 180,009. Filing ↗machine: t21 · r6 · c10 · span 395190–395197
18Section 08, Shelee M. T. KimuraDEF 14A2025-03-110001545654-25-000011Section “Director Compensation”. As printed: 180,009. Filing ↗machine: t21 · r3 · c10 · span 388500–388507
19Section 08, Lance ParkerDEF 14A2025-03-110001545654-25-000012Section “Director Compensation”. As printed: 0. Filing ↗
20Section 06, 2025 voteForm 8-K2025-04-240001545654-25-000015Item 5.07 · say-on-pay result. As reported: 96.47% (votes for as printed: 56,298,553). Filing ↗
21Section 06, 2024 voteForm 8-K2024-04-250001545654-24-000018Item 5.07 · say-on-pay result. As reported: 96.63% (votes for as printed: 58,086,763). Filing ↗
22Section 06, 2023 voteForm 8-K2023-04-280001545654-23-000017Item 5.07 · say-on-pay result. As reported: 97.21% (votes for as printed: 59,358,881). Filing ↗
23Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
24Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
25Section 09b board cost (computed)ComputedcomputedCash 559,000 + equity 710,046 + all other 2,000 = 1,271,046, summed across the director compensation table rows.machine: formula: Σ = 1,271,046
26Retail UE Urban Edge Properties, Section 10b CEO totalDEF 14A2026-03-240001140361-26-010899CEO total compensation as printed in Retail UE Urban Edge Properties's own proxy. As printed: 8,106,208. Filing ↗machine: r2 · c21 · span 876925–876934
27Phillips Edison & Company, Inc., Section 10b CEO totalDEF 14A2026-03-230001476204-26-000016CEO total compensation as printed in Phillips Edison & Company, Inc.'s own proxy. As printed: 8,062,820. Filing ↗machine: r5 · c18 · span 575792–575801
28InvenTrust Properties Corp., Section 10b CEO totalDEF 14A2026-03-190001307748-26-000097CEO total compensation as printed in InvenTrust Properties Corp.'s own proxy. As printed: 7,597,244. Filing ↗machine: t86 · r3 · c7 · span 1486834–1486843
29Acadia Realty Trust, Section 10b CEO totalDEF 14A2026-03-310001193125-26-134606CEO total compensation as printed in Acadia Realty Trust's own proxy. As printed: 6,922,230. Filing ↗machine: span 777495–777504
30Retail Opportunity Investments Corp., Section 10b CEO totalDEF 14A2024-03-220001407623-24-000062CEO total compensation as printed in Retail Opportunity Investments Corp.'s own proxy. As printed: 6,626,718. Filing ↗machine: r2 · c42 · span 607173–607182
31Retail JBGS JBG SMITH Properties, Section 10b CEO totalDEF 14A2026-03-180001104659-26-030932CEO total compensation as printed in Retail JBGS JBG SMITH Properties's own proxy. As printed: 5,521,861. Filing ↗machine: t286 · r3 · c17 · span 1302909–1302918
32American Assets Trust, Inc., Section 10b CEO totalDEF 14A2026-04-100001500217-26-000023CEO total compensation as printed in American Assets Trust, Inc.'s own proxy. As printed: 4,806,038. Filing ↗machine: r5 · c54 · span 545070–545079
33Alexander & Baldwin (subject), Section 10b CEO totalDEF 14A2025-03-110001545654-25-000011CEO total compensation as printed in Alexander & Baldwin's own proxy. As printed: 4,336,581. Filing ↗machine: r2 · c30 · span 672575–672584
34Plymouth Industrial REIT, Inc., Section 10b CEO totalDEF 14A2025-04-280001171520-25-000158CEO total compensation as printed in Plymouth Industrial REIT, Inc.'s own proxy. As printed: 3,108,503. Filing ↗machine: r1 · c12 · span 469279–469288
35Retail SAFE Safehold Inc, Section 10b CEO totalDEF 14A2026-03-310001104659-26-037873CEO total compensation as printed in Retail SAFE Safehold Inc's own proxy. As printed: 2,627,089. Filing ↗machine: t261 · r5 · c14 · span 822150–822159
36Whitestone REIT, Section 10b CEO totalDEF 14A2025-04-040001437749-25-011049CEO total compensation as printed in Whitestone REIT's own proxy. As printed: 2,400,145. Filing ↗machine: span 932008–932017
37OLP One Liberty Properties, Inc, Section 10b CEO totalDEF 14A2026-04-200001140361-26-015499CEO total compensation as printed in OLP One Liberty Properties, Inc's own proxy. As printed: 2,009,253. Filing ↗machine: r2 · c18 · span 461230–461239
38Specialty BFS Saul Centers, Inc, Section 10b CEO totalDEF 14A2026-03-230000907254-26-000025CEO total compensation as printed in Specialty BFS Saul Centers, Inc's own proxy. As printed: 1,262,364. Filing ↗machine: span 314877–314886
39Retail SITC SITE Centers Corp, Section 10b CEO totalDEF 14A2026-03-310001193125-26-134508CEO total compensation as printed in Retail SITC SITE Centers Corp's own proxy. As printed: 0. Filing ↗
40Section 10a, Retail Opportunity Investments Corp. reciprocityDEF 14A0001407623-24-000062Retail Opportunity Investments Corp. names Alexander & Baldwin in its own disclosed peer group (read from its most recent proxy). Filing ↗
41Section 10a, Whitestone REIT reciprocityDEF 14A0001437749-25-011049Whitestone REIT's most recent proxy was read; its disclosed peer group does not include Alexander & Baldwin. Filing ↗
42Section 10a, Acadia Realty Trust reciprocityDEF 14A0001193125-26-134606Acadia Realty Trust's most recent proxy was read; its disclosed peer group does not include Alexander & Baldwin. Filing ↗
43Section 10a, Retail JBGS JBG SMITH Properties reciprocityDEF 14A0001104659-26-030932Retail JBGS JBG SMITH Properties's most recent proxy was read; its disclosed peer group does not include Alexander & Baldwin. Filing ↗
44Section 10a, OLP One Liberty Properties, Inc reciprocityDEF 14A0001140361-26-015499OLP One Liberty Properties, Inc's most recent proxy was read; its disclosed peer group does not include Alexander & Baldwin. Filing ↗
45Section 10a, Phillips Edison & Company, Inc. reciprocityDEF 14A0001476204-26-000016Phillips Edison & Company, Inc.'s most recent proxy was read; its disclosed peer group does not include Alexander & Baldwin. Filing ↗
46Section 10a, Retail UE Urban Edge Properties reciprocityDEF 14A0001140361-26-010899Retail UE Urban Edge Properties's most recent proxy was read; its disclosed peer group does not include Alexander & Baldwin. Filing ↗
47Section 10a, Retail SITC SITE Centers Corp reciprocityDEF 14A0001193125-25-071314Retail SITC SITE Centers Corp's most recent proxy was read; its disclosed peer group does not include Alexander & Baldwin. Filing ↗
48Section 10a, American Assets Trust, Inc. reciprocityDEF 14A0001500217-26-000023American Assets Trust, Inc.'s most recent proxy was read; its disclosed peer group does not include Alexander & Baldwin. Filing ↗
49Section 10a, Plymouth Industrial REIT, Inc. reciprocityDEF 14A0001171520-25-000158Plymouth Industrial REIT, Inc.'s most recent proxy was read; its disclosed peer group does not include Alexander & Baldwin. Filing ↗