SEC Form 4
FORM 4

[ ] Check this box if no longer
subject to Section 16. Form 4 or Form
5 obligations may continue.
See Instruction 1(b).

(Print or Type Responses)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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hours per response. . . . . 0.5
1. Name and Address of Reporting Person*
Mulholland, C. Bradley     

(Last)                      (First)                      (Middle)
c/o Matson Navigation Company, Inc.
P. O. Box 7452

(Street)
San Francisco, CA     94120

(City)                      (State)                      (Zip)

2. Issuer Name and Ticker or Trading Symbol

Alexander & Baldwin, Inc.   ALEX
6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

           X          Director                           10% Owner
           X          Officer                             Other
          Director, Vice Chairman of wholly-owned sub.

7. Individual or Joint/Group Filing (Check Applicable Line)

X   Form filed by One Reporting Person
      Form filed by More than One Reporting Person
3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary)
4. Statement for
    Month/Day/Year

    January 22, 2003


5. If Amendment,
    Date of Original
    (Month/Day/Year)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security
    (Instr. 3)

2. Transaction Date
    (Month/Day/Year)
2A. Deemed
      Execution
      Date, if any

      (Month/Day/Year)
3. Transaction
    Code
    and
    Voluntary
    Code
    (Instr. 8)



Code  |  V    
4. Securities Acquired (A) or Disposed (D) Of
    (Instr. 3, 4, and 5)





        Amount      |         A/D         |         Price          
5. Amount of
    Securities
    Beneficially
    Owned
    Following
    Reported
Transaction(s)

    (Instr. 3 and 4)
6. Owner-
    ship
    Form:
    Direct(D)
    or
    Indirect (I)

    (Instr. 4)
7. Nature of
     Indirect
     Beneficial
     Ownership

    (Instr. 4)
Common Stock (1)
01/23/2002

A (2) | V         
2196.00   |           A           |   $26.52    

D

Common Stock (1)
01/23/2002

A (3) | V         
1098.00   |           A           |                  

D

Common Stock (1)
01/22/2003

A (2) |     
5314.00   |           A           |   $26.00    

D

Common Stock (1)
01/22/2003

A (3) |     
2657.00   |           A           |                  
118564.00
D

Common Stock (1)
(4)

J (4) | V         
94.58   |           A           |   (4)      
2661.62
I
By TCESOP (5)
Common Stock




475.00
I
By Custodian For Child








Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

Persons who respond to the collection of information contained in this form are not required to
respond unless the form displays a currently valid OMB control number.
(over)
SEC 1474 (9-02)

Mulholland, C. Bradley - January 22, 2003
Form 4 (continued)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
    (Instr. 3)
2. Conver-
    sion or
    Exercise
    Price of
    Deri-
    vative
    Security
3. Transaction
    Date

    (Month/
    Day/
    Year)
3A. Deemed
      Execution
      Date, if
      any

      (Month/
      Day/
      Year)
4. Transaction
    Code
    and
    Voluntary (V)
    Code
    (Instr.8)



Code | V    
5. Number of Derivative
    Securities Acquired (A)
    or Disposed (D) Of

    (Instr. 3,4 and 5)
6. Date Exercisable(DE) and
    Expiration Date(ED)
    (Month/Day/Year)






  (DE)     |     (ED)  
7. Title and Amount of
    Underlying Securities
    (Instr. 3 and 4)
8. Price
    of
    Derivative
    Security
    (Instr.5)
9. Number of
    Derivative
    Securities
    Beneficially
    Owned
    Following
    Reported
    Transactions
    (Instr.4)
10.
Owner-
ship
Form of
Deriv-
ative
Security:
Direct
(D)
or
Indirect
(I)
(Instr.4)
11. Nature of
      Indirect
      Beneficial
      Ownership
      (Instr.4)
Common Stock Equivalent Units
1-for-1 02/25/2002

   A | V  
    (A) 648.55
See footnote | See footnote
Common Stock - 648.55
1,349.06
D

Stock Option
$26.52 01/23/2002

   A | V  
    (A) 33,500.00
see footnote (6) | 01/22/2012
Common Stock - 33,500.00
33,500.00
D

Stock Option
$26.00 01/22/2003

   A |     
    (A) 20,000.00
see footnote (7) | 01/21/2013
Common Stock - 20,000.00
20,000.00
D













Explanation of Responses :


** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
        See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:   File three copies of this Form, one of which must be manually signed. If space is insufficient,
            see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB number.
/s/ C. Bradley Mulholland                   01-16-2003    
** Signature of Reporting Person                         Date




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Mulholland, C. Bradley - January 22, 2003
Form 4 (continued)
FOOTNOTE Descriptions for Alexander & Baldwin, Inc. ALEX

Form 4 - January 2003

C. Bradley Mulholland
c/o Matson Navigation Company, Inc.
P. O. Box 7452
San Francisco, CA 94120

Explanation of responses:

(1)   On June 25, 1998, the Board of Directors of the Company declared a dividend, with respect to each share of common stock, of Common Stock Purchase Rights (the 'Rights') pursuant to a Rights Agreement, dated as of June 25, 1998. The Rights are currently attached to, represented by, and transferable with, certificates representing outstanding shares of common stock.
(2)   Shares issued under the Issuer's Restricted Stock Bonus Plan with cash received as a bonus under the Issuer's Performance Improvement Incentive Plan.
(3)   Bonus shares issued in respect of the shares described in footnote 2.
(4)   Exempt reinvestment of dividends on Issuer stock held in the Reporting Person's Tax Credit Employee Stock Ownership Plan account in the Issuer's Profit Sharing Retirement Plan. These shares were acquired during the fiscal year at prices ranging from $22.60 to $26.61.
(5)   Fully-vested shares held in the Reporting Person's Tax Credit Employee Stock Ownership Plan account in the Issuer's Profit Sharing Retirement Plan, based on latest annual report.
(6)   The option vests in three equal annual installments beginning on January 23, 2003.
(7)   The option vests in three equal annual installments beginning on January 22, 2004.
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