Document:

Exhibit 10.36

 

		 	
        3000 John Deere Road, Toano, VA 23168

        Phone: (757) 259-4280 ● Fax (757) 259-7293

        www.lumberliquidators.com

  

June 16, 2017

 

VIA EMAIL (________________) 

 

Lee Reeves

_________________

_________________

 

	 	Re:	Offer Letter (revised 6/16/2017)

 

 

Dear Lee:

 

This letter confirms our offer of employment
to you with Lumber Liquidators Holdings, Inc. or one of its subsidiaries (individually and collectively, as applicable, “Lumber
Liquidators” or the “Company”) and replaces all previous offer letters sent to you. The details of our offer
are as follows:

 

		·	Title: Chief Legal Officer and Corporate Secretary

 

		·	Location: Toano/Richmond, Virginia

 

		·	Reports to: Dennis Knowles, President and CEO

 

		·	Start Date: June 28, 2017 (unless changed upon mutual agreement between you and Dennis Knowles).

 

		·	Annual Base Salary: $385,000. Lumber Liquidators currently processes payroll on a weekly
basis.  This is subject to change.  We strongly encourage employees to receive their pay via direct deposit.

 

		·	Incentive Plan: You will be eligible to participate in the Annual Bonus Plan for Executive
Management (the “Bonus Plan”). Your 100% target payout under the Bonus Plan will be equal to 50% of your annual base
salary, with the opportunity to earn a maximum of 200% of your target payout based on Lumber Liquidators’ performance against
certain financial objectives. For 2017, any earned bonus payout will be pro-rated for your date of hire in 2017. Notwithstanding
the foregoing, the awarding (or decision not to award) a payment under the Bonus Plan and the amount thereof, is a decision left
to the sole discretion of Lumber Liquidators. Further, the Bonus Plan is subject to amendment, modification and/or termination
by Lumber Liquidators in its sole and absolute discretion. To the extent there is any conflict between this Offer Letter and the
language of the Bonus Plan, the Bonus Plan shall control.

 

    	 	1	 

     

    

 

		·	Equity: Lumber Liquidators has recommended to the Compensation Committee of its Board of Directors that you receive
an award of equity with a total cumulative value of $700,000.  The Company has recommended that 50% of such award be options
and 50% be restricted stock.  The valuation of the options will be made using the Black-Scholes-Merton method as of the date
of award and the valuation of the restricted stock will be made using the fair market value of the shares on the grant date. 
 If approved by the Compensation Committee, any award will be granted under, subject to and governed by the Lumber Liquidators
Holdings, Inc. Amended and Restated 2011 Equity Compensation Plan, and shall be evidenced by a grant agreement.  The agreement
will specify, among other things, the vesting schedule, consequences of termination of employment and other applicable terms and
conditions.  The vesting schedule of the options will be as follows: beginning on the first anniversary of the grant date,
33-1/3% of the grant will vest on anniversary of the grant date for a period of three (3) years. While it is expected that the
Compensation Committee will next award equity three (3) business days after the Company publicly announces its financial results
for Q2-2017, the timing and amount of any such award to you is subject to your actual start date of employment and to the absolute
discretion of the Compensation Committee and the Board of Directors.  You may be eligible for annual equity awards in 2018
and 2019 based on an assessment of your job performance and recommendation made by the CEO. This provision is made with the clear
understanding that an award for 2018 is unlikely barring extraordinary performance and any 2019 award will be measured against
significant performance criteria as well. All awards require approval at the absolute discretion of the Compensation Committee
and the Board of Directors. As an employee, you will be subject to the expectations and restrictions of Lumber Liquidators’
Insider Trading Policy, a copy of which is provided at the time of hire and is available upon request to Human Resources.

 

		·	Director and Officer Stock Ownership Guidelines: In December 2016, we implemented stock ownership guidelines (the “Ownership
Guidelines”) for our non-employee directors and our executive officers (as designated by the Board) in order to align the
financial interests of such executives and non-employee directors with those of the Company’s stockholders and to further
promote the Company’s commitment to sound corporate governance. The stock ownership requirements are as follows:

  

	Position	Value of Shares
	Chief Executive Officer (CEO)	5 times base salary
	Chief Financial Officer (CFO)	2 times base salary
	Executive Officers (other than the CEO and CFO)	1 times base salary
	Non-Employee Directors	2.5 times annual board retainer (exclusive of committee compensation)

 

The participants in the Ownership Guidelines are expected
to meet the applicable guideline no more than five (5) years after first becoming subject to them and are expected to continuously
own sufficient shares to meet the applicable guideline once attained. Stock that may be considered in determining compliance with
the Ownership Guidelines includes:

 

    	 	2	 

     

    

 

Shares owned directly by the participant or indirectly
by the participant through (i) his or her immediate family members (as defined in the Ownership Guidelines) residing in the same
household or (ii) trusts for the benefit of the participant or his or her immediate family members;

 

	i.	 	Vested shares of restricted stock held by the participant;

 

	ii.	 	Shares underlying vested stock options held by the participant that are “in the money”;
and

 

	iii.		Shares held pursuant to the Lumber Liquidators Holdings, Inc. Outside Director Deferral Plan (the
“Deferral Plan”) (i.e., deferred stock units).

 

The Compensation Committee shall be responsible for
monitoring the application of the Ownership Guidelines.

 

		·	Relocation Expense Reimbursement: This position is based in the corporate offices in Toano
and Richmond, VA. Financial support will be provided to cover reasonable relocation expenses from your home in ___________ to the
Toano/Richmond, VA area. You will be provided with up to $200,000 (relocation expenses that are not tax deductible will be grossed
up at 35%) in relocation expense reimbursement in accordance with the company’s relocation policy provided you sign and return
to us a Relocation Expense Agreement. In the event you voluntarily resign your employment from Lumber Liquidators for any reason
prior to completing two (2) full years of employment, you shall be obligated to repay this relocation payment and any related gross
up (together, the “relocation payment”) to Lumber Liquidators as follows: (i) before one (1) year, full repayment of
the relocation payment, or (ii) after one (1) year but before two (2) years, 50% repayment of the relocation payment; that such
repayment shall be due within thirty (30) days of the termination of your employment; and that you acknowledge that Lumber Liquidators
has the right to reduce any final compensation payment to you by the amount owed to Lumber Liquidators under this section. All
relocations are expected to be completed within six (6) months of your employment start date.

 

		·	Severance Benefit: If your employment with Lumber Liquidators is terminated by the Company
without “Cause” (as defined in the applicable agreement) within eighteen (18) months of your actual hire date and provided
you have executed (i) a severance benefit agreement propounded by and acceptable to the Company within 30 days of your actual hire
date, and (ii) a General Release and Waiver as provided in such agreement, the Company will pay you severance in the form of salary
continuation in the amount equivalent to your base salary in effect as of your termination date for fifty-two (52) weeks, subject
to standard payroll deductions and withholdings.

 

		·	Performance Review and Merit Increase: Your performance will be reviewed periodically with
you by your supervisor, but no less than annually. Merit increases are discretionary based on performance and business considerations.

 

		·	Benefits Eligibility: You will be eligible to participate in benefit plans offered through
Lumber Liquidators per the terms and conditions of those plans. During your orientation, you will be given more information regarding
these plans and a copy of our 2017/2018 benefits summary if you did not previously receive one. Following your first day
of employment, you will also be able to access the full 2017/2018 Benefits Guide on our Company intranet.

 

    	 	3	 

     

    

 

		·	Paid Time Off (PTO): Per the terms and conditions of the Lumber Liquidators Paid Time Off
(“PTO”) Policy, you will be eligible to accrue up to a maximum of 200 hours of PTO annually and thereafter until your
service milestones result in a higher annual accrual amount. Your 2017 accrual will be pro-rated based on your actual date of hire.

 

		·	Holidays: Lumber Liquidators observes six scheduled holidays each year. Those holidays currently
are New Year’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day. The holiday schedule
is established in advance of each year and is subject to change.

 

This offer of employment is contingent
on (1) satisfactory results of a drug screening test, (2) executive background verification, (3) your executing the Confidentiality,
Non-Solicitation and Non-Competition Agreement, and (4) your ability to show that you are eligible to work in the United States. 

 

On your first day of employment, you will
be required to provide your social security card for payroll purposes, and proof of identity and employment eligibility in order
to complete an Employment Eligibility Verification (I-9) form. A list of acceptable documents is enclosed. Please note that, if
you do not have one document from List A, you must bring one document from List B and one document from List C.

 

Please ensure that you bring the proper
documentation with you on your first day of employment. Your subsequent failure to provide the necessary documentation as required
by federal law may result in the termination of your employment. Please note that your name for payroll purposes must match exactly
with your social security records. To expedite the orientation process, please complete the attached forms and bring these with
you your first day.

 

Please acknowledge your acceptance of this
offer by signing and returning a copy of this letter and the Incorporated Documents, all in their entirety, no later than June
19, 2017 to me via email to _______________. By signing this offer, you are, among other things, representing to Lumber Liquidators
that there are no legal or equitable agreements or restrictions that would prevent, limit, impair or otherwise compromise your
ability to comply with the terms of this offer and perform on behalf of Lumber Liquidators.

 

Please note that your employment with Lumber
Liquidators is at-will and neither this document nor any other oral or written representations may be considered a contract of
employment for any specific length of time. You retain the option, as does Lumber Liquidators, of ending your employment with Lumber
Liquidators at any time, with or without notice and with or without cause.

 

    	 	4	 

     

    

  

If you have questions regarding any of
the above, please feel free to contact me by telephone at ____________ (office) or _____________ (mobile), or by email.

 

We look forward to you joining the Lumber
Liquidators team and working with you to further our success.

 

Sincerely,

 

/s/ Jay L. Keith

 

Jay L. Keith

Vice President, Human Resources

 

ACKNOWLEDGEMENT and AGREEMENT: As indicated
by my signature below on this letter, I acknowledge its receipt and my understanding and acceptance of its contents. I agree that
should I terminate employment with Lumber Liquidators or if my employment is terminated for cause, any monies owed for reimbursement
of expenses or other sums under this offer letter will be deducted from my final paychecks.

 

 

 

	Signature:  	/s/ Lee Reeves	 	Date:	6/17/17
	 	Lee Reeves	 	 	 

 

	cc:  	Dennis Knowles, President and CEO

  

Attachments:Confidentiality,
Non-Solicitation and Non-Competition Agreement, Annual Bonus Plan for Executive Management, Severance Benefit Agreement, Executive
Officer Relocation Policy

 

    	 	5Exhibit

EXECUTION VERSION

Exhibit 4.10
KENNEDY-WILSON HOLDINGS, INC.,
as Parent

KENNEDY-WILSON, INC.,

as Issuer 

THE SUBSIDIARY GUARANTORS PARTY HERETO

THE RELEASED ENTITIES PARTY HERETO 

and

WILMINGTON TRUST, NATIONAL ASSOCIATION

as Trustee
                    
SUPPLEMENTAL INDENTURE NO. 8
Dated as of February 16, 2018

to

INDENTURE

Dated as of March 25, 2014 
                    

5.875% SENIOR NOTES DUE 2024

SUPPLEMENTAL INDENTURE NO. 8 (the “Supplemental Indenture”), dated as of February 16, 2018, among Kennedy-Wilson, Inc., as issuer (the “Issuer”), KW Hanover Quay, LLC, a Delaware limited liability company, Kennedy Wilson Property Equity VI, LLC, a Delaware limited liability company, Kennedy Wilson Property Services VI, LLC, a Delaware limited liability company, KW LV 3 Sponsor, LLC, a Delaware limited liability company, KW NB LLC, a Delaware limited liability company and KW Camarillo Land, LLC, a Delaware limited liability company (each, a “New Guarantor” and, collectively, the “New Guarantors”), KW Harbor II, LLC, a Delaware limited liability company, KW Hillcrest Shopping Center, LLC, a Delaware limited liability company and KW Albuquerque Far North, LLC, a Delaware limited liability company (each, a “Released Entity” and collectively, the “Released Entities”), 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, as a condition to the Trustee entering into the Indenture and the purchase of the Notes by the Holders, the Issuer agreed pursuant to the Indenture to cause certain of its domestic Restricted Subsidiaries to provide Guaranties after the Issue Date (as defined in the Indenture);
WHEREAS, the Issuer desires, and this Supplemental Indenture is being executed and delivered pursuant to Sections 4.09 and 9.01(iv) of the First Supplemental Indenture, to cause the New Guarantors to provide a Guaranty and become Subsidiary Guarantors;
WHEREAS, Section 10.09 of the First Supplemental Indenture provides that under certain circumstances the Guaranties (as defined in the Indenture) of the Released Entities will terminate;
WHEREAS, the Issuer, the New Guarantors, the Released Entities, 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 New Guarantors, the Released Entities, 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.    Each New Guarantor, by its execution of this Supplemental Indenture, agrees to be a Guarantor under the Indenture and to be bound by the terms of the Indenture applicable to Guarantors, including, but not limited to, Article X of the First Supplemental Indenture.
Section 3.    Notwithstanding anything herein to the contrary, this Supplemental Indenture shall be subject, without limitation, to the last paragraph of Section 10.09 of the First Supplemental Indenture with the same force and effect as if such paragraph were reproduced herein.
Section 4.    The Guaranties of the Released Entities are hereby released and discharged.
Section 5.    THIS SUPPLEMENTAL INDENTURE AND THE GUARANTEES OF THE NEW GUARANTORS, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE OR SUCH GUARANTEES, 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 6.    This Supplemental Indenture may be signed in various counterparts which together will constitute one and the same instrument.
Section 7.    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 8.    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 9.    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, the New Guarantors and the Released Entities party hereto.
[Remainder of this Page Intentionally Left Blank; Signature Pages Follow]

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:
	              
Name:    In Ku Lee 

		
	Title:
	Vice President 

KENNEDY-WILSON HOLDINGS, INC.

		
	By:
	              
Name:    In Ku Lee 

		
	Title:
	Vice President 

KW HANOVER QUAY, LLC

		
	By:
	                 
Name:    In Ku Lee 

		
	Title:
	Vice President 

KENNEDY WILSON PROPERTY EQUITY VI, LLC

		
	By:
	                 
Name:    In Ku Lee 

		
	Title:
	Vice President 

KENNEDY WILSON PROPERTY SERVICES VI, LLC

		
	By:
	                 
Name:    In Ku Lee 

		
	Title:
	Vice President 

KW LV 3 SPONSOR, LLC

		
	By:
	                 
Name:    In Ku Lee 

		
	Title:
	Vice President 

KW NB, LLC

		
	By:
	                 
Name:    In Ku Lee 

		
	Title:
	Vice President 

KW CAMARILLO LAND, LLC

		
	By:
	                 
Name:    In Ku Lee 

		
	Title:
	Vice President 

KW HARBOR II, LLC

		
	By:
	                 
Name:    In Ku Lee 

		
	Title:
	Vice President 

KW HILLCREST SHOPPING CENTER, LLC

		
	By:
	                 
Name:    In Ku Lee 

		
	Title:
	Vice President 

KW ALBUQUERQUE FAR NORTH, LLC

		
	By:
	                 
Name:    In Ku Lee 

		
	Title:
	Vice President 

EACH OF THE GUARANTORS NAMED IN EXHIBIT A HERETO
		
	By:
	                 
Name:    In Ku Lee 

Title:    Vice President 

WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee

		
	By:
	                 
Name:    

Title:    

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
KWF Investors V, LLC 
Meyers Research, 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 
KW 400 California Member, LLC 
KW CIG Management Services, LLC
KW Terra West Sponsor, LLC

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