Execution Version

KENNEDY-WILSON HOLDINGS, INC.,
as Parent

KENNEDY-WILSON, INC.,

as Issuer

THE SUBSIDIARY GUARANTORS PARTY HERETO

THE RELEASED ENTITY PARTY HERETO

and

WILMINGTON TRUST, NATIONAL ASSOCIATION

as Trustee
                    
SUPPLEMENTAL INDENTURE NO. 10
Dated as of December 10, 2018

to

INDENTURE

Dated as of March 25, 2014
                    

5.875% SENIOR NOTES DUE 2024

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SUPPLEMENTAL INDENTURE NO. 10 (the “Supplemental Indenture”), dated as of
December 10, 2018, among Kennedy-Wilson, Inc., as issuer (the “Issuer”), Meyers
Research, LLC, a Delaware limited liability company (the “Released Entity”), the
Guarantors (as defined in the Indenture referred to below), Kennedy-Wilson
Holdings, Inc., a Delaware corporation, as the Parent Guarantor (the “Parent
Guarantor”), and Wilmington Trust, National Association, as trustee (the
“Trustee”).
WITNESSETH THAT:
WHEREAS, the Issuer and the Trustee have executed and delivered a base
indenture, dated as of March 25, 2014 (as amended, supplemented or otherwise
modified from time to time, and, together with the First Supplemental Indenture
(as defined below), the “Indenture”) to provide for the future issuance of the
Issuer’s debt securities to be issued from time to time in one or more series;
WHEREAS, the Issuer, the Guarantors party thereto and the Trustee entered into
that certain Supplemental Indenture No. 1, dated as of March 25, 2014 (the
“First Supplemental Indenture”), relating to the Issuer’s 5.875% Senior Notes
due 2024 (the “Notes”);
WHEREAS, Section 10.09 of the First Supplemental Indenture provides that under
certain circumstances the Guaranty (as defined in the Indenture) of the Released
Entity will terminate;
WHEREAS, the Issuer, the Released Entity, the Parent Guarantor and the
Guarantors have duly authorized the execution and delivery of this Supplemental
Indenture, subject to the terms and conditions described herein;
WHEREAS, the Issuer, the Released Entity, the Parent Guarantor and the
Guarantors have requested that the Trustee execute and deliver this Supplemental
Indenture, and all requirements necessary to make this Supplemental Indenture a
valid instrument in accordance with its terms and to give effect to the terms
and conditions set forth herein and the execution and delivery of this
Supplemental Indenture have been duly authorized in all respects; and
WHEREAS, pursuant to Sections 9.01 and 10.09 of the First Supplemental
Indenture, the Trustee is authorized to execute and deliver this Supplemental
Indenture.
NOW, THEREFORE:
Each party hereto agrees as follows for the benefit of the other party and for
the equal and ratable benefit of the Holders (as defined herein) of the Notes.
Section 1.    Capitalized terms used herein without definition shall have the
respective definitions ascribed to them in the Indenture.
Section 2.    The Guaranty of the Released Entity is hereby released and
discharged.
Section 3.    THIS SUPPLEMENTAL INDENTURE, INCLUDING ANY CLAIM OR CONTROVERSY
ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL

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INDENTURE, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT
REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF OTHER THAN SECTIONS 5-1401
AND 5-1402 OF THE GENERAL OBLIGATIONS LAW).
Section 4.    This Supplemental Indenture may be signed in various counterparts
which together will constitute one and the same instrument.
Section 5.    No past, present or future director, officer, employee,
incorporator, member or stockholder or control person of the Issuer, the Parent
or any Subsidiary Guarantor, as such, will have any liability for any
obligations of the Issuer, the Parent or any Subsidiary Guarantor under the
Notes, any Guaranty, the Indenture or this Supplemental Indenture or for any
claim based on, in respect of, or by reason of such obligations or their
creation. Each Holder of the Notes by accepting a Note or any Guaranty waives
and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes or any Guaranty.
Section 6.    This Supplemental Indenture is an amendment supplemental to the
Indenture, and the Indenture and all subsequent supplements thereto, including
this Supplemental Indenture, shall be read together.
Section 7.    The Trustee shall not be responsible in any manner whatsoever for
or in respect of the validity or sufficiency of this Supplemental Indenture or
for or in respect or the recitals contained herein, all of which recitals are
made solely by the Issuer, the Parent Guarantor and the Released Entity party
hereto.
[Remainder of this Page Intentionally Left Blank; Signature Pages Follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture
to be duly executed as of the date first above written.

KENNEDY-WILSON, INC.

By:
    /s/ In Ku Lee        
Name:    In Ku Lee

Title:
Vice President

KENNEDY-WILSON HOLDINGS, INC.

By:
    /s/ In Ku Lee        
Name:    In Ku Lee

Title:
Vice President

MEYERS RESEARCH, LLC

By:
        /s/ In Ku Lee        
Name:    In Ku Lee

Title:
Vice President

WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee

By:
        /s/ In Ku Lee        
Name:    

Title:    

EACH OF THE GUARANTORS NAMED IN EXHIBIT A HERETO

By:
        /s/ In Ku Lee        
Name:    In Ku Lee

Title:
Vice President

[Signature page to Supplemental Indenture No. 10]

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[Signature page to Supplemental Indenture No. 10]

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Exhibit A
Guarantors
Kennedy-Wilson Properties, Ltd.
Kennedy-Wilson Property Services, Inc.
Kennedy-Wilson Property Services II, Inc.
Kennedy Wilson Property Services III, L.P.
Kennedy-Wilson Property Equity, Inc.
Kennedy-Wilson Property Equity II, Inc.
Kennedy-Wilson Property Special Equity, Inc.
Kennedy-Wilson Property Special Equity II, Inc.
Kennedy Wilson Property Special Equity III, LLC
K-W Properties
Kennedy Wilson Property Services III GP, LLC
KW BASGF II Manager, LLC
KWF Investors I, LLC
KWF Investors III, LLC
KWF Manager I, LLC
KWF Manager II, LLC
KWF Manager III, LLC
Kennedy Wilson Overseas Investments, Inc.
Fairways 340 Corp.
KW—Richmond, LLC
SG KW Venture I Manager LLC
KW Loan Partners I LLC
KW Summer House Manager, LLC
KW Montclair, LLC
KW Serenade Manager, LLC
K-W Santiago Inc.
KW Redmond Manager, LLC
Dillingham Ranch Aina LLC
68-540 Farrington, LLC
KW Dillingham Aina LLC
Kennedy Wilson Fund Management Group, LLC
Kennedy-Wilson International
Kennedy-Wilson Tech, Ltd.
KWP Financial I
Kennedy-Wilson Properties, LTD.
Kennedy Wilson Auction Group Inc.
KWF Manager IV, LLC
KW Ireland, LLC
Kennedy Wilson Property Equity IV, LLC
Kennedy Wilson Real Estate Sales & Marketing
KWF Investors IV, LLC

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KWF Investors V, LLC
KW Armacost, LLC
Santa Maria Land Partners Manager, LLC
KW Investment Adviser, LLC
Kennedy-Wilson Capital
KW Four Points, LLC
KW Loan Partners VII, LLC
KWF Investors VII, LLC
KWF Manager VII, LLC
KW Residential Capital, LLC
KW Boise Plaza, LLC
KW Loan Partners VIII, LLC
Kennedy Wilson Property Services IV, L.P.
Kennedy Wilson Property Services IV GP, LLC
KW EU Loan Partners II, LLC
KW 1200 Main, LLC
KW Harrington LLC
KW 5200 Lankershim Manager, LLC
KWF Manager X, LLC
KWF Manager XI, LLC
KWF Manager XII, LLC
KW Real Estate Venture XIII, LLC
KWF Manager XIII, LLC
KW EU Loan Partners III, LLC
KW EU Investors I, LLC
KW Richfield Plaza, LLC
KW Currier Square Shopping Center, LLC
KW Creekview Shopping Center, LLC
KW Securities, LLC
KW Victory Land Loan, LLC
KW Victory Plaza Loan, LLC
Country Ridge IX, LLC
KW EU Investors VIII, LLC
KW Park Santa Fe, LLC
KW Cypress, LLC
KW Tacoma Condos, LLC
KW Desert Ramrod Sponsor, LLC
KW 9350 Civic Center Drive, LLC
KW Taylor Yard 55, LLC
KW Red Cliff Shopping Center, LLC
KW Holiday Village Shopping Center, LLC
KW Hilltop Manager II, LLC
KW Bozeman Investors, LLC
KW One Baxter Way GP, LLC
KW Riverdale and 36, LLC

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KW 400 California Member, LLC
KW CIG Management Services, LLC
KW Terra West Sponsor, LLC
KW Hanover Quay, LLC
Kennedy Wilson Property Equity VI, LLC
Kennedy Wilson Property Services VI, LLC
KW LV 3 Sponsor, LLC
KW NB LLC
KW Camarillo Land, LLC