Sec Form 4 Filing - HARADA CURTIS Y @ HAWAIIAN ELECTRIC INDUSTRIES INC - 2009-03-02

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

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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1. Name and Address of Reporting Person HARADA CURTIS Y 2. Issuer Name and Ticker or Trading Symbol HAWAIIAN ELECTRIC INDUSTRIES INC [ HE] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) VP Controller & Chief Accting (Last) (First) (Middle) P.O. BOX 730 3. Date of Earliest Transaction (MM/DD/YY) 03/02/2009 (Street) HONOLULU, HI96808-0730 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 03/02/2009 M 126 A 7,197 D Common Stock ( 2 ) 7,602.686 ( 3 ) I By 401k

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. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 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 Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Dividend Equivalents ( 1 ) 03/02/2009 M 126 03/02/2009 03/15/2009 Common Stock 126 ( 1 ) 0 D Dividend Equivalents ( 4 ) 03/02/2009 A 227.2727 04/07/2009 04/07/2015 Common Stock 227.2727 $ 0 227.2727 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other HARADA CURTIS Y P.O. BOX 730 HONOLULU, HI96808-0730 VP Controller & Chief Accting Signatures Curtis Y. Harada 03/04/2009 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Settlement of dividend equivalents (DEs) in compliance with Section 409A of the Internal Revenue Code, as amended. The DEs related to stock appreciation rights granted in 2004 and 2005 were accrued when and as dividends were paid on HEI Common Stock. Each dividend equivalent is the economic equivalent of one share of HEI Common Stock. $6.90 was also paid to the holder to settle a fractional divident equivalent share 0.5062, as provided in the grant agreement. ( 2 )Previously reported shares. ( 3 )Shares held pursuant to the Hawaiian Electric Industries Retirement Savings Plan 401(k) (HEIRS) as of February 20, 2009. Effective 4/1/96 the participant's investment in HEI Common Stock was converted to units in the HEI Common Stock Fund portion of HEIRS. A small portion of the fund is held in cash; the overall value is based on the combined value of the HEI Common Stock and the cash portfolio. For SEC reporting purposes only the actual stock portion of the fund is being reported. ( 4 )The dividend equivalents accrued on 50,000 stock appreciation rights granted in 2005. Each dividend equivalent is the economic equivalent of one share of HEI Common Stock.

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).

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

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