Document:

Fee Letter

 Exhibit 10.3 

August 5, 2010 
 Kennedy-Wilson,
Inc. 
 9701 Wilshire Boulevard, Suite 700 

Beverly Hills, California 90212 
 Attn: Freeman
Lyle, EVP/CFO/Secretary 
 Telephone: (310) 887-6400 

Facsimile: (310) 887-6454 
  

	 	Re:	$65,000,000 Revolving Unsecured Acquisition Facility and $10,000,000 Revolving Unsecured Working Capital Facility (collectively the “Loan”) to
Kennedy-Wilson, Inc., a Delaware corporation (“Borrower”) 

 Dear Ladies and Gentlemen: 

Reference is made to that certain Revolving Loan Agreement (the “Loan Agreement”) dated as of August 5, 2010 entered into
among, inter alia, Borrower and U.S. Bank National Association, as Agent (“Agent”), and each of the “Lenders” described therein. Capitalized terms used herein have the meanings given to them in the Loan
Agreement unless otherwise defined herein. 
 This letter (this “Fee Letter”) shall serve to memorialize the
agreement reached between Borrower and U.S. Bank National Association with respect to the payment of the upfront loan fee for the Loan in the amount of $562,500.00 due and payable by Borrower to U.S. Bank National Association at closing (the
“Fee”). U.S. Bank National Association acknowledges and agrees that Borrower previously paid to U.S. Bank National Association an amount equal to $150,000, which will be credited to the Fee. 

The Fee shall be nonrefundable. Borrower acknowledges that U.S. Bank National Association may (or may not) share the Fee with any Lender
or any other party in any manner and in such amounts as U.S. Bank National Association determines in its sole discretion. All unpaid amounts under this Fee Letter shall bear interest at the Default Rate from the date payable until paid in full.

 U.S. Bank National Association shall be entitled to all of the benefits accorded to Agent and Lenders under the Loan
Agreement in connection with the payment and collection of the Fee, including, without limitation, the ability of U.S. Bank National Association to recover all costs and attorneys’ fees. This Fee Letter shall survive until such time as all
amounts payable hereunder are paid in full. 
 Borrower agrees that it will not disclose the terms or conditions of this Fee
Letter to any other person, including, without limitation, any Lender (other than U.S. Bank National 

 
Association), but not including Borrower’s professional advisors such as attorneys and accountants, without the prior written consent of Agent, except in response to a subpoena or other
valid legal process. 
 [Signature pages follow] 

			
	Very truly yours,
	
	 U.S. BANK NATIONAL ASSOCIATION

		
	By:	 	  

	Name:	 	  

	Title:	 	  

 

 S-1 

 Agreed to this 5th day of August, 2010. 

 

					
		 	BORROWER:
		
		 	 KENNEDY-WILSON, INC.,

a Delaware corporation

			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  

 S-2California Judicial Reference Agreement

 Exhibit 10.4 

CALIFORNIA JUDICIAL REFERENCE AGREEMENT 

This California Judicial Reference Agreement (“Agreement”) is entered into by Kennedy-Wilson, Inc., a Delaware
corporation (“Borrower”), and Kennedy-Wilson Holdings, Inc., a Delaware corporation (“Guarantor”), U.S. Bank National Association, a national banking association, as agent for the “Lenders” pursuant to the
Loan Agreement described below (“Agent”), U.S. Bank National Association, a national banking association, as a Lender (“U.S. Bank”), and East-West Bank, a California banking corporation, as a Lender
(“East-West Bank”, and collectively with Agent and U.S. Bank, the “Bank”), in connection with any existing financing (other than consumer purpose financing) (“Financing”) evidenced, secured and/or
supported by one or more promissory notes, loan agreements, security agreements, mortgages/deeds of trust, guaranties and/or other documents signed by the undersigned parties, including without limitation that certain Revolving Loan Agreement dated
as of even date herewith between Borrower, Agent, U.S. Bank and East-West Bank (the “Loan Agreement”), and any documents executed in connection therewith (said promissory notes and such other agreements, together with amendments,
modifications, substitutions and replacements thereto, are hereinafter referred to as the “Loan Documents”). 

For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto (collectively, the
“Parties”) agree as follows: 
 1. Any and all disputes, claims and controversies arising out of the Loan
Documents or the transactions contemplated thereby (including, but not limited to, actions arising in contract or tort and any claims by a Party against any Bank related in any way to the Financing) (individually, a “Dispute”) that
are brought before a forum in which pre-dispute waivers of the right to trial by jury are invalid under applicable law shall be subject to the terms of this Agreement in lieu of the jury trial waivers otherwise provided in the Loan Documents.

 2. Any and all Disputes shall be heard by a referee and resolved by judicial reference pursuant to California Code of Civil
Procedure Sections 638 et seq. 
 3. The referee shall be a retired California state court judge. The Parties shall not seek to
appoint a referee that may be disqualified pursuant to California Code of Civil Procedure Section 641 or 641.2 without the prior written consent of all Parties. 

4. If the Parties are unable to agree upon a referee within ten (10) calendar days after one Party serves a written notice of intent
for judicial reference upon the other Party or Parties, then the referee will be selected by the court in accordance with California Code of Civil Procedure Section 640(b). 

5. The referee shall render a written statement of decision and shall conduct the proceedings in accordance with the California Code of
Civil Procedure, the Rules of Court, and California Evidence Code, except as otherwise specifically agreed by the parties and approved by the referee. The referee’s statement of decision shall set forth

  

 -1- 

 
findings of fact and conclusions of law. The decision of the referee shall be entered as a judgment in the court in accordance with the provisions of California Code of Civil Procedure Sections
644 and 645. The decision of the referee shall be appealable to the same extent and in the same manner that such decision would be appealable if rendered by a judge of the superior court. 

6. Nothing in this Agreement shall be deemed to apply to or limit the right of Agent (on behalf of any Bank) (a) to exercise self
help remedies such as (but not limited to) setoff, or (b) to foreclose judicially or nonjudicially against any real or personal property collateral, or to exercise judicial or nonjudicial power of sale rights, (c) to obtain from a court
provisional or ancillary remedies (including, but not limited to, injunctive relief, a writ of possession, prejudgment attachment, a protective order or the appointment of a receiver), or (d) to pursue rights against a Party in a third-party
proceeding in any action brought against any Bank (including actions in bankruptcy court). Agent (on behalf of any Bank) may exercise the rights set forth in the foregoing clauses (a) through (d), inclusive, before, during or
after the pendency of any judicial reference proceeding. Neither the exercise of self help remedies nor the institution or maintenance of an action for foreclosure or provisional or ancillary remedies or the opposition to any such provisional
remedies shall constitute a waiver of the right of any Party, including, but not limited to, the claimant in any such action, to require submission to judicial reference the merits of the Dispute occasioning resort to such remedies. No provision in
the Loan Documents regarding submission to jurisdiction and/or venue in any court is intended or shall be construed to be in derogation of the provisions in any Loan Document for judicial reference of any of Dispute. 

7. If a Dispute includes multiple claims, some of which are found not subject to this Agreement, the Parties shall stay the proceedings
of the Disputes or part or parts thereof not subject to this Agreement until all other Disputes or parts thereof are resolved in accordance with this Agreement. If there are Disputes by or against multiple parties, some of which are not subject to
this Agreement, the Parties shall sever the Disputes subject to this Agreement and resolve them in accordance with this Agreement. 

8. During the pendency of any Dispute which is submitted to judicial reference in accordance with this Agreement, each of the Parties to
such Dispute shall bear equal shares of the fees charged and costs incurred by the referee in performing the services described in this Agreement. The compensation of the referee shall not exceed the prevailing rate for like services. The prevailing
party shall be entitled to reasonable court costs and legal fees, including customary attorney fees, expert witness fees, paralegal fees, the fees of the referee and other reasonable costs and disbursements charged to the party by its counsel, in
such amount as is determined by the Referee. 
 9. In the event of any challenge to the legality or enforceability of this
Agreement, the prevailing Party shall be entitled to recover the costs and expenses from the non-prevailing Party, including reasonable attorneys’ fees, incurred by it in connection therewith. 

 

 -2- 

 10. THIS AGREEMENT CONSTITUTES A “REFERENCE AGREEMENT” BETWEEN OR AMONG THE
PARTIES WITHIN THE MEANING OF AND FOR PURPOSES OF CALIFORNIA CODE OF CIVIL PROCEDURE SECTION 638. 
 Dated: August 5, 2010 

“GUARANTOR” 
 KENNEDY-WILSON
HOLDINGS, INC., 
 a Delaware corporation 
  

			
		
	By:	 	 
	Name:	 	 
	Title:	 	 
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 “BORROWER” 

KENNEDY-WILSON, INC., 
 a Delaware corporation

  

			
		
	By:	 	 
	Name:	 	 
	Title:	 	 
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 “AGENT” 

U.S. BANK NATIONAL ASSOCIATION, 
 a national
banking association, as Agent 
  

			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 -3- 

 “U.S. BANK” 

U.S. BANK NATIONAL ASSOCIATION, 
 a national
banking association, as a Lender 
  

			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 “EAST-WEST BANK” 

EAST-WEST BANK, 

a California banking corporation, as a Lender 

 

			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

 -4-

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