Document:

Exhibit
10.52

 

AMENDMENT
TO

 

EMPLOYMENT
AGREEMENT

 

This Amendment to Employment Agreement (the “Amendment”) is made and
entered into as of April 1, 1997, by and between KENNEDY-WILSON, INC., A
Delaware corporation, with its principal office located in Santa Monica,
California (the “Company”), and Freeman A. Lyle, an individual (“Employee”).

 

RECITALS

 

WHEREAS, Company and Employee have entered into that certain Employment
Agreement dated as of April 1, 1996, (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 Employee’s ten-n and
compensation.

 

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 April 1, 1997 as follows:

 

1.               The Term of the Agreement is extended until March 31,
1998. Therefore, Section 2 of the Agreement is amended such that the
termination date of “March 31, 1997” is deleted and the termination date
of “March 31, 1998” is inserted in lieu thereof.

 

2.               Section 4(i) of the Agreement is
amended such that Employee’s salary effective January 1, 1997 is equal to
$150,600 per annum payable on such basis as is the normal payment pattern of
the Company, not to be less frequently than monthly.

 

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

 

	
   

  	
  “COMPANY”

  
	
   

  	
  KENNEDY-WILSON
  INTERNATIONAL

  
	
   

  	
  A
  California Corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  William J. McMorrow

  
	
   

  	
   

  	
  Chief
  Executive Officer

  
	
   

  	
   

  
	
   

  	
  “EMPLOYEE”

  
	
   

  	
  /s/ Freeman LyleExhibit
10.53

 

SECOND AMENDMENT TO

 

EMPLOYMENT AGREEMENT

 

This Second Amendment to Employment Agreement (the “Second Amendment”) is
made and entered into as of April 1, 1998, by and between KENNEDY-WILSON, INC.,
a Delaware corporation with its principal office located in Santa Monica, California
(the “Company”), and Freeman A. Lyle, Jr., an individual (“Employee”).

 

RECITALS

 

WHEREAS, Company and Employee have entered into that certain Employment
Agreement dated as of April I, 1996, (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 and Salary.

 

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
April 1, 1998 as follows:

 

1.               The term of this Agreement is extended to March
31, 1999. Therefore, Section 1 (a) of the Agreement is amended such that the termination
date of “March 1, 1998” is deleted and the termination date of “March 31, 1999 is
inserted in lieu thereof.

 

2.               Section 4(h) is deleted in its entirety and the
following is inserted in lieu thereof:

 

A
discretionary bonus to be determined by the Company in its sole and absolute discretion
which, if awarded, may be up to 100% of base salary based on Company’s determination
in its sole and absolute discretion of its achievement of profit goals.

 

Subject
to the foregoing, the Employment Agreement remains in fill 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 Amendment as of the
date above written.

 

 

	
   

  	
  “COMPANY”

  
	
   

  	
  KENNEDY-WILSON
  INTERNATIONAL

  
	
   

  	
  A
  California Corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  William J. McMorrow

  
	
   

  	
   

  	
  Chief
  Executive Officer

  
	
   

  	
   

  
	
   

  	
  “EMPLOYEE”

  
	
   

  	
  /s/ Freeman LyleExhibit
10.54

 

THIRD AMENDMENT
TO

 

EMPLOYMENT
AGREEMENT

 

This Third: Amendment to Employment Agreement (the “Third Amendment”) is
made and entered into as of August 15, 1998,
by and between KENNEDY-WILSON, INC., a Delaware corporation with its principal office
located in Beverly Hills, California (the “Company”), and Freeman A. Lyle, Jr.,
an individual (“Employee”).

 

RECITALS

 

WHEREAS, Company and Employee have entered into that certain Employment
Agreement dated as of April 1, 1996, (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 Salary.

 

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 August 15, 1998 as follows:

 

1.               Section 4(i) of the Agreement is amended such
that Employee’s salary effective August 15, 1998 is equal to $180,000 per annum
payable on such basis as is the normal payment pattern of the Company, not to be
less frequently than monthly.

 

Subject to the foregoing, the
Employment Agreement remains in ftill 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 above written.

 

	
   

  	
  “COMPANY”

  
	
   

  	
  KENNEDY-WILSON,
  INC.

  
	
   

  	
  A
  Delaware Corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  William J. McMorrow

  
	
   

  	
   

  	
  Chief
  Executive Officer

  
	
   

  	
   

  
	
   

  	
  “EMPLOYEE”

  
	
   

  	
  /s/ Freeman Lyle, Jr.Exhibit
10.55

 

FOURTH AMENDMENT TO

EMPLOYMENT AGREEMENT

 

This Fourth Amendment to Employment Agreement (the “Fourth Amendment”) is
made and entered into as of April 1, 1999, by and between KENNEDY-WILSON, INC.,
a Delaware corporation with its principal office located in Santa Monica, California
(the “Company”), and Freeman A. Lyle, Jr., an individual (“Employee”).

 

RECITALS

 

WHEREAS, Company and Employee have entered into that certain Employment
Agreement dated as of April 1, 1996, (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 and Salary.

 

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 April 1, 1999 as follows:

 

1.                                       The term of this
Agreement is extended to March 31, 2000. Therefore, Section 1 (a) of the Agreement
is amended such that the termination date of “March 1, 1999” is deleted and the
termination date of “March 31, 2000 is inserted in lieu thereof

 

2.                                       Section 4(i) of
the Agreement is amended such that Employee’s salary effective April 1, 1999 is
equal to $200,000 per annum payable on such basis as is the normal payment pattern
of the Company, not to be less frequently than monthly.

 

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.

 

Section
4 (iii) A one time Signing Bonus of $210,000.00 shall be paid to Employee upon execution
of this Amendment.

 

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 Fourth Amendment
as of the date first above written.

 

	
   

  	
  “COMPANY”

  
	
   

  	
  KENNEDY-WILSON,
  INC.

  
	
   

  	
  A
  Delaware Corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  William J. McMorrow

  
	
   

  	
   

  	
  Chief
  Executive Officer

  
	
   

  	
   

  
	
   

  	
  “EMPLOYEE”

  
	
   

  	
  /s/
  Freeman Lyle, Jr.Exhibit
10.56

 

FIFTH AMENDMENT
TO

 

EMPLOYMENT
AGREEMENT

 

This Fifth Amendment to Employment Agreement (the “Fifth
Amendment”) is made and entered into as of April 1, 2000, by and between KENNEDY-WILSON,
INC., a Delaware corporation with its principal office located in Beverly -Hills,
California (the “Company”), and Freeman A. Lyle, Jr., an individual (“Employee”).

 

RECITALS

 

WHEREAS, Company and Employee have entered into that certain
Employment Agreement dated as of April 1, 1996, and amended April 1, 1997, April
1, 1998, and April 1, 1999 (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 Salary and Term of Employment.

 

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 April 1, 2000 as follows:

 

1.                                       The term of this
Agreement is extended to December 31, 2000. Therefore, Section 2 of the Agreement
is amended such that the termination date of “March 1, 2000” is deleted and the
termination date of “December 31, 2000 is inserted in lieu thereof.

 

2.                                       Section 4 (i) of
the Agreement is amended such that Employee’s salary effective April 1, 2000 is
equal to $225,000.00 per annum payable on such basis as is the normal payment pattern
of the Company, not to be less frequently than monthly, 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 order.

 

3.                                       Section 4 (iii)
is added to the Agreement.

 

 

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

 

	
   

  	
  “COMPANY”

  
	
   

  	
  KENNEDY-WILSON
  INTERNATIONAL

  
	
   

  	
  A
  California Corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  William J. McMorrow

  
	
   

  	
   

  	
  Chief
  Executive Officer

  
	
   

  	
   

  
	
   

  	
  “EMPLOYEE”

  
	
   

  	
  /s/
  Freeman Lyle Jr.

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