Were there any discretionary bonuses paid to HECO named executive officers in 2008?
Yes. In March 2008, Mr. May received in addition to his base salary of $615,900, a discretionary bonus of $100,000 for the utility s success in meeting project milestones that set the groundwork for improved financial performance in operational areas such as regulatory affairs, demand side management, and distributed and central unit generation. On October 20, 2008, HECO and the State of Hawaii announced an ambitious agreement to proactively reduce the State of Hawaii s dependency on fossil fuel by moving towards a future of increasing renewable energy. This proactive agreement positions the State of Hawaii at the forefront of clean energy leadership and provides HECO with the potential to appropriately change its business model. As a result of their leadership and significant contribution to this ground-breaking agreement and the strategic shift of the utility s business and focus on renewable resources, Mr. Alm received a discretionary bonus of $100,000 and Ms. Sekimura received a di
