Company: KW
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001408100-25-000084
Chunk: 199

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 199
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 fair values on the date of grant for the ROE and ROIA awards and time-based awards. Certain ROE and ROIA awards and time-based awards were granted with a three-year sale restriction period upon vesting.  Due to the lack of marketability of these shares with the three-year sale restriction period upon vesting, a 12.5% discount was applied to the grant price of these shares when computing stock compensation expense.  The fair value of the TSR awards are estimated using a Monte Carlo simulation. As of December 31, 2024, there was $27.5 million of unrecognized compensation cost for the Second Amended and Restated Plan related to unvested shares which will vest over the next three years.Upon vesting, the restricted stock granted to employees discussed directly above is net share-settled to cover the withholding tax.  Shares that vested during the years ended December 31, 2024, 2023 and 2022 were net-share settled such that the Company withheld shares with values equivalent to the employees’ minimum statutory obligations for the applicable income and other employment taxes, and remitted the cash to the appropriate taxing authorities.  The total shares withheld during the years ended December 31, 2024, 2023 and 2022 were 131,116 shares, 781,303 shares, and 834,911 shares respectively, and were valued based on the Company’s closing stock price on the respective vesting dates. During the years ended December 31, 2024, 2023 and 2022, total payments for the employees’ tax obligations to the taxing authorities were $1.6 million, $13.4 million, and $18.6 million respectively.  These figures are reflected as a financing activity on the accompanying consolidated statements of cash flows.  During the years ended December 31, 2024, 2023 and 2022, Kennedy Wilson recognized $23.6 million, $34.5 million, and $29.0 million, respectively, of compensation expense related to the vesting of restricted common stock and is included in compensation and related expense in the accompanying consolidated statements of income. The following table sets forth activity under the Amended and Restated Plan, the First Amended and Restated Plan, and the Second Amended and Restated Plan for the Company's fiscal years ending December 31, 2024, 2023 and 2022:SharesNonvested at December 31,