Company: KW
Filing Date: 2025-01-31
Form Type: 8-K
Source: 0001408100-25-000039
Chunk: 1

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-01-31
Form: 8-K
Item: Item 5.02
Chunk 1
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 the executive will be cancelled and forfeited by the executive without any consideration therefor.

Payment. Vested carried interest awards will be paid to the applicable executive in cash within 60 days following the date on which the carried interest related to such carried interest award is paid to the Company or its subsidiaries. Notwithstanding the foregoing, payments made in respect of any group or multi-property fund or investment vehicle (as designated by the Company) will be pro-rated at fifty percent (each such payment, a “pro-rated payment”).

Cash Bonus Cutback Mechanism. The Company’s 2025 cash bonus program for its executive officers will incorporate a cutback mechanism that will provide that, in a year in which an executive receives a payment in respect of a carried interest award (each, a “carried interest payment”), the “maximum” cash bonus opportunity for that year for such executive will be reduced by 50% of the amount of the carried interest payment paid to the applicable executive during that year, but in no event shall the “maximum” cash bonus opportunity be reduced below the original “threshold” bonus opportunity that would otherwise apply to such executive. In addition, the “threshold” and “target” cash bonus opportunities for that year for such executive will concurrently be adjusted to 33% and 67%, respectively, of the reduced “maximum” cash bonus opportunity for that year. The cutback mechanism will also provide that in the event an executive receives a total cash payment (carried interest payment and cash bonus) in excess of his or her unadjusted “maximum” cash bonus opportunity in a year, the “maximum” cash bonus opportunity for the following two years will be reduced by an aggregate of 50% of the excess total cash payment over the unadjusted “maximum” cash bonus opportunity (i. e., a reduction of 25% per year), but in no event shall the adjusted “maximum” cash bonus opportunity for either such year be less than the unadjusted “threshold” cash bonus opportunity for such year.

The maximum percentage of carried interest for each of the Company’s applicable funds and investment vehicles allocated to each executive are as follows: William J. McMorrow: 7.5%; Matt Windisch: 5.0%; Justin Enbody: 2.0%; and In Ku Lee: 2.0%.

The foregoing summary is qualified in its entirety by reference to the full text of the form of carried interest agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated by reference herein