EXHIBIT 10.5.7

 

ELEVENTH AMENDMENT TO EMPLOYMENT AGREEMENT

 

This Eleventh Amendment to Employment Agreement (the “Eleventh Amendment”) is
made and entered into as of October 1, 2003, by and between KENNEDY-WILSON,
INC., a Delaware corporation (the “Company”), and WILLIAM J. McMORROW, an
individual (“Employee”).

 

RECITALS

 

WHEREAS, Company and Employee have entered into that certain “Employment
Agreement” dated as of August 14, 1992, as amended January 1, 1993, January 1,
1994, March 31, 1995, January 1, 1996, May 19, 1997, August 20, 1998, August 9,
1999, January 3, 2000, October 1, 2000, and April 22, 2002 (collectively, the
“Agreement”) providing for the employment of Employee by Company pursuant to the
terms of such Agreement; and

 

WHEREAS, Company and Employee have agreed that the terms of the Employment
Agreement should be modified as set forth below.

 

AMENDMENT TO AGREEMENT

 

NOW, THEREFORE, for good and valuable consideration the receipt and sufficiency
of which are hereby acknowledged, the parties hereby amend the Agreement,
effective as of October 1, 2003:

 

  1. Section 4 (i) of the Employment Agreement is amended such that the annual
salary of $400,000 is deleted and the annual salary of $800,000 is inserted in
lieu thereof:

 

Subject to the foregoing, the Employment Agreement remains in full force and
effect, and Company and Employee hereby ratify and affirm the Employment
Agreement in each and every respect.

 

IN WITNESS WHEREOF, the undersigned have executed this Eleventh Amendment as of
the date first above written.

 

COMPANY

KENNEDY-WILSON, Inc.

a Delaware corporation

   

/s/    James C. Ozello        

  /s/    Kent Y. Mouton        

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James C. Ozello, Acting Secretary

Compensation/Stock Option Committee

 

Kent Y. Mouton

Chairman, Compensation/Stock

Option Committee