On April 10, 2026, the final condition to payment occurred under settlement agreements dated November 1, 2024, that were designed to settle all tort-related claims in the litigation arising out of the 2023 Maui windstorm and wildfires (the "Settlement Agreements"). The final condition was that the judgment that Hawaiian Electric Industries, Inc. ("HEI") and Hawaiian Electric Company, Inc. ("Hawaiian Electric") obtained on December 30, 2025, on the subrogation claims brought by over 200 insurers became final and unappealable after all insurers stipulated to dismiss with prejudice their appeals of that judgment.

Accordingly, pursuant to the Settlement Agreements, HEI and Hawaiian Electric authorized payment of the first of four equal annual $479 million installments. The funds for this first $479 million payment were previously raised by HEI's September 2024 equity offering and had been held in a special purpose vehicle formed specifically to hold this first payment, pending the resolution of all conditions to payment, which have now been met. With all conditions to payment met, the releases in the Settlement Agreements and those signed by individual claimants are now effective.