Lau to receive $10 million upon HEI’s purchase

Hawaiian Electric Industries Inc. CEO Connie Lau will get an estimated $10.66 million in compensation if the company is sold to Florida-based NextEra Energy Inc. later this year as planned, according to a federal filing Thursday.

Lau would be paid an estimated $6.85 million in cash, $3.03 million in stock, $591,000 toward a pension and $193,000 in benefits, according to NextEra’s filing with the U.S. Securities and Exchange Commission.

The benefits paid to Lau "upon a qualifying termination of employment" would include health benefits for three years (valued at $40,572), financial, tax planning and "outplacement" assistance ($122,250), and club membership payments for three years ($30,000).

In addition to the compensation related to the sale of HEI, Lau owned about 450,000 shares of HEI stock as of June. Those shares were worth roughly $15 million at Thursday’s closing price of $33.55 per share.

The filing said James Ajello, HEI’s chief financial officer, will get an estimated $3.70 million in compensation related to the sale, and Chet Richardson, the company’s general counsel, will receive $2.8 million.