<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2024-02-16</periodOfReport>

    <issuer>
        <issuerCik>0000354707</issuerCik>
        <issuerName>HAWAIIAN ELECTRIC INDUSTRIES INC</issuerName>
        <issuerTradingSymbol>HE</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001861850</rptOwnerCik>
            <rptOwnerName>Teranishi Ann</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>P.O. BOX 730</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>HONOLULU</rptOwnerCity>
            <rptOwnerState>HI</rptOwnerState>
            <rptOwnerZipCode>96813</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Pres &amp; CEO, Amer Savings Bank</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2024-02-16</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>F</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>6581</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>13.10</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>39477.52</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>45.96</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Eric H. Kunisaki &amp; Ann C. Teranishi Trust</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Closing stock price on February 16, 2024.</footnote>
        <footnote id="F2">Includes accrued dividend equivalents (as denominated in shares of HE common stock) from February 11, 2022 (first RSU grant in 2022) to date.  Dividend equivalents accrue in HE common stock with respect to outstanding RSUs when and as dividends are paid.  Accrued dividend equivalents are denominated in HE common stock and paid upon vesting in shares of HE common stock.</footnote>
        <footnote id="F3">Includes shares acquired under the Hawaiian Electric Industries, Inc. Dividend Reinvestment and Stock Purchase Plan.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Sean K. Clark, Attorney-in-Fact for Ann Teranishi</signatureName>
        <signatureDate>2024-02-16</signatureDate>
    </ownerSignature>
</ownershipDocument>
