Document:

Exhibit 10.73

 

FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT

 

This Fourth Amendment to Employment Agreement (the “Fourth Amendment”)
is made and entered into as of September 5, 2003 by and between
Kennedy-Wilson Properties, Ltd., an Illinois corporation (“The Company”) a
wholly owned subsidiary of Kennedy-Wilson Inc. a Delaware corporation, having
an address of 9601 Wilshire Boulevard, Suite 220, Beverly Hills,
California 90210, (“Company”), and James Rosten, an individual (“Employee”).

 

RECITALS

 

WHEREAS, Company and Employee have entered into that certain Employment
Agreement dated as of January 4, 1999, and amended January 1, 2001, March 15,
2001, and January 3, 2003 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 to change the Incentive Bonus and
Promote — KW Property Fund II and KW Private Equity Partnership Bonus Pool Il.

 

AMENDMENT
TO AGREEMENT

 

NOW, THEREFORE, for good and valuable consideration the receipt and
sufficiently of which are hereby acknowledged, the parties hereby amend the
Agreement, as follows:

 

1.              Section 5 (d) (iii) Bonus
Pool II is deleted in its entirety and the following is added in lieu thereof.

 

(iii) Bonus Pool II. Net profits
generated from the operation of Fund II and Equity I multiplied by 20% is
defined as Bonus Pool II. Bonus Pool II is further defined to be the total fee
revenues Kennedy Wilson receives from Fund II and Equity I less the total
expenses incurred in generating those fees, multiplied by 20%. The Employee’s
portion of Bonus Pool II is equal to 25%, however the Employee shall be
eligible for a discretionary. bonus that could equal 30% of Bonus Pool II. The
discretionary bonus will be at the sole and absolute discretion of the Fund
Operating Committee. The Fund Operating Committee shall be comprised of William
McMorrow, Kent Mouton, Freeman Lyle, Barry Schlesinger, James Rosten, and James
Ozello.

 

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 Second Amendment as of the date first written
above.

 

 

	
  THE COMPANY:

  	
   

  	
  EMPLOYEE:

  
	
  KENNEDY-WILSON
  INTERNATIONAL

  	
   

  	
  /s/
  Jim Rosten

  
	
  a
  California corporation

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  William McMorrow

  	
   

  	
   

  
	
  Title:     Chairman/
  CEOExhibit 10.74

 

FIFTH AMENDMENT TO EMPLOYMENT
AGREEMENT

 

This
Fifth Amendment to Employment Agreement (the “Fifth Amendment”) is made and
entered into as of October 1, 2003 by and between Kennedy-Wilson
Properties, Ltd., an Illinois corporation (“The Company”) a wholly owned
subsidiary of Kennedy-Wilson Inc. a Delaware corporation, having an address of
9601 Wilshire Boulevard, Suite 220, Beverly Hills, California 90210, (“Company”),
and James Rosten, an individual (“Employee”).

 

RECITALS

 

WHEREAS. Company and Employee have entered into that certain Employment
Agreement dated as of January 4, 1999, and amended January 1, 2001, March 15,
2001, January 3, 2003, and September 5, 2003 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 to change the Salary.

 

AMENDMENT
TO AGREEMENT

 

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

 

1.              Section 5 (a) of
the Agreement is amended such that, effective October 1, 2003, the Company
shall pay Employee a salary equal to $15,384.62 per pay period ($400,000.00
annualized) payable in equal installments every two weeks (based on 26 pay
periods per year) and subject to such deductions and withholdings as Company
may from time to time be required to make pursuant to applicable law, governmental
regulation or

 

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 Fifth Amendment
as of the date first written above.

 

	
  THE COMPANY:

  	
   

  	
  EMPLOYEE:

  
	
  KENNEDY-WILSON
  INTERNATIONAL

  	
   

  	
  /s/
  Jim Rosten

  
	
  a
  California corporation

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  William McMorrow

  	
   

  	
   

  
	
  Title:     Chairman/
  CEOExhibit 10.75

 

SIXTH AMENDMENT TO EMPLOYMENT
AGREEMENT

 

This
Sixth Amendment to Employment Agreement (the “Sixth Amendment”) is made and
entered into as of January 1, 2004 by and between Kennedy-Wilson
Properties, Ltd., an Illinois corporation (“The Company”) a wholly owned
subsidiary of Kennedy-Wilson Inc. a Delaware corporation, having an address of
9601 Wilshire Boulevard, Suite 220, Beverly Hills, California 90210, (“Company”),
and James Rosten, an individual (“Employee”).

 

RECITALS

 

WHEREAS, Company and Employee have
entered into that certain Employment Agreement dated as of January 4,
1999, and amended January 1, 2001, March 15, 2001, January 3,
2003, September 5, 2003, and October 1, 2003, (“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 to change the Term of Employment.

 

AMENDMENT TO AGREEMENT

 

NOW, THEREFORE, for good and valuable consideration
the receipt and sufficiently of which are hereby acknowledged, the parties
hereby amend the Agreement, effective as of January 1, 2004 as follows:

 

1.               Section 3 Term
of Employment is amended such that the term of this Agreement is extended
to December 31, 2004. Therefore, Section 3 of the Agreement is
amended such that the termination date of December 31, 2003 is deleted and
the termination date of “December 31, 2004” 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 Sixth Amendment as of the date first written above.

 

 

	
  THE COMPANY:

  	
   

  	
  EMPLOYEE:

  
	
  KENNEDY-WILSON
  INTERNATIONAL

  	
   

  	
  /s/
  Jim Rosten

  
	
  a
  California corporation

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  William McMorrow

  	
   

  	
   

  
	
  Title:      Chairman/
  CEOExhibit 10.76

 

SEVENTH AMENDMENT TO
EMPLOYMENT AGREEMENT

 

This
Seventh Amendment to Employment Agreement (the “Seventh Amendment”) is made and
entered into as of April 19, 2004 by and between Kennedy-Wilson
Properties, Ltd., an Illinois corporation (“The Company”) a wholly owned
subsidiary of Kennedy-Wilson Inc. a Delaware corporation, having an address of
9601 Wilshire Boulevard, Suite 220, Beverly Hills, California 90210, (“Company”),
and James Rosten, an individual (“Employee”).

 

RECITALS

 

WHEREAS, Company and Employee have
entered into that certain Employment Agreement dated as of January 4,
1999, and amended January 1, 2001, March 15, 2001, January 3,
2003, September 5, 2003, October 1, 2003, and January 1, 2004 (“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 to change
the Bonus.

 

AMENDMENT TO AGREEMENT

 

NOW, THEREFORE, for good and valuable
consideration the receipt and sufficiently of which are hereby acknowledged,
the parties hereby amend the Agreement, effective as of April 19, 2004 as
follows:

 

1.             Section 5 (b) Bonus
is amended such that Section 5 (b) is deleted in its entirety and the
following is added in lieu thereof:

 

Section 5 (b) Bonus In addition to
the base salary provided for above, at the discretion of the Company, Employee
may receive with respect to each fiscal year (or portion thereof) during the
term of this Agreement, a discretionary bonus in an amount determined in the
sole and absolute discretion of William J. McMorrow, Chairman, CEO, as approved
by the Compensation and Stock Option Committees of the Board of Directors.”

 

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 Seventh Amendment as of the date first written above.

 

	
  THE COMPANY:

  	
   

  	
  EMPLOYEE:

  
	
  KENNEDY-WILSON
  INTERNATIONAL

  	
   

  	
  /s/
  Jim Rosten

  
	
  a
  California corporation

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  William McMorrow

  	
   

  	
   

  
	
  Title:     Chairman/
  CEOExhibit 10.77

 

EIGHTH AMENDMENT TO
EMPLOYMENT AGREEMENT

 

This
Seventh Amendment to Employment Agreement (the “Eighth Amendment”) is made and
entered into as of January 1, 2005 by and between Kennedy-Wilson
Properties, Ltd., an Illinois corporation (“The Company”) a wholly owned
subsidiary of Kennedy-Wilson Inc. a Delaware corporation, having an address of
9601 Wilshire Boulevard, Suite 220, Beverly Hills, California 90210, (“Company”),
and James Rosten, an individual (“Employee”).

 

RECITALS

 

WHEREAS, Company and Employee have
entered into that certain Employment Agreement dated as of January 4,
1999, and amended January 1, 2001, March 15, 2001, January 3,
2003, September 5, 2003, October 1,2003, January 1, 2004, and April 19,
2004 (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 to change
the Term of Employment.

 

AMENDMENT TO AGREEMENT

 

NOW, THEREFORE, for good and valuable
consideration the receipt and sufficiently of which are hereby acknowledged,
the parties hereby amend the Agreement, effective as of January 1, 2005 as
follows:

 

1.               Section 3 Term
of Employment is amended such that the term of this Agreement is extended
to December 31, 2005. Therefore, Section 3 of the Agreement is
amended such that the termination date of December 31, 2004 is deleted and
the termination date of “December 31, 2005” 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 Seventh Amendment as of the date first written above.

 

 

	
  THE COMPANY:

  	
   

  	
  EMPLOYEE:

  
	
  KENNEDY-WILSON
  INTERNATIONAL

  	
   

  	
  /s/
  Jim Rosten

  
	
  a
  California corporation

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  William McMorrow

  	
   

  	
   

  
	
  Title:     Chairman/
  CEO

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