Document:

Exhibit
10.82

 

THIRTEENTH AMENDMENT TO EMPLOYMENT
AGREEMENT

 

This Thirteenth Amendment
to Employment Agreement (the “Thirteenth Amendment”) is made and entered into
as of January 1, 2008 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, April 19, 2004, January 1, 2005, February 11, 2005 January 1, 2006,
August 1, 2006, and January 1, 2007 (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 and Compensation.

 

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, 2008 as follows:

 

1.                   Section 3 Term of Employment is
amended such that the term of this Agreement is extended to December 31, 2008.
Therefore, Section 3 of the Agreement is amended such that the termination date
of December 31, 2007 is deleted and the termination date of “December 31, 2008
“is inserted in lieu thereof.

 

2.                   Section 5 (a) of the Agreement is amended
such that, effective January 1, 2008, the Company shall pay Employee a salary
equal to $21,153.85 per pay period ($550,000.00 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 order.

 

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 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 10.83

 

FOURTEENTH
AMENDMENT TO EMPLOYMENT AGREEMENT

 

This Fourteenth Amendment
to Employment Agreement (the “Fourteenth Amendment”) is made and entered into
as of January 1, 2009 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, April 19, 2004, January 1, 2005, February 11, 2005 January 1, 2006,
August 1, 2006, January 1, 2007, and January 1, 2008 (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.

 

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, 2009 as follows:

 

1.                   Section 3 Term of Employment is
amended such that the term of this Agreement is extended to December 31, 2009.
Therefore, Section 3 of the Agreement is amended such that the termination date
of December 31, 2008 is deleted and the termination date of “December 31, 2009
“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 Amendment as of the
date first written above.

 

	
  THE
  COMPANY:

  	
   

  	
  EMPLOYEE:

  
	
  KENNEDY-WILSON
  INTERNATIONAL

  	
   

  	
  /s/ James Rosten

  
	
  a California
  corporation

  	
   

  	
  James Rosten

  
	
  By:

  	
   

  	
   

  
	
  /s/ William .McMorrow

  	
   

  	
   

  
	
  Title: Chairman, CEOExhibit 10.84

 

EMPLOYMENT AGREEMENT

 

This
Employment Agreement (the “Agreement”) is made and entered into as of January 1,
2006 by and between KW Multi-Family Management Group, Ltd. A Delaware
corporation (“the Company”), having an address of 9601 Wilshire Boulevard, Suite
220, Beverly Hills, California 90210 and Robert E. Hart (“Employee”), with
reference to the following facts and circumstances:

 

R
E C I T A L S:

 

A.                                   Company is
diversified real estate marketing, property management, and investment firm whose
businesses include the acquisition and management of real estate and real
estate related assets.

 

B.                                     Company desires
to employ Employee and Employee desires to be employed by Company for the
purposes and on the terms and conditions set forth in this Agreement.

 

C.                                     This Agreement
replaces and supersedes in their entirety any and all prior agreements, express
or implied, written or oral, performed or unperformed, pertaining to the
employment of Employee and the compensation to be paid to him therefor, and all
such prior agreements and understandings are hereby terminated and shall be of
no further force or effect.

 

NOW,
THEREFORE, in consideration of the mutual covenants set forth herein and for
good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Company and Employee agree as follows:

 

1.                          Employment.                          Company hereby
employs Employee and Employee hereby accepts employment to perform the duties
described in Section 2 below, on the terms, conditions and covenants set forth
in this Agreement.

 

2.                          Services
Provided to the Company. Subject to the policy guidelines and
directives of the Company which are provided to him by Company from time to
time during the term of this Agreement, Employee shall be employed as President
and Chief Executive Officer with responsibilities for day to day management of
all Company operations, meeting revenue and expense objectives and all related
business goals as approved by the Company’s Board of Directors, and to advance
the business and welfare of KW Multi-Family Management Group, Ltd. as
determined by the Company from time to time. Within the guidelines as set forth
by the Investment Committee, Employee shall have the authority to bind or
obligate Company to the purchase or sale of any real property, or to make any
other financial commitment, including without limitation the borrowing of any
monies on a secured or unsecured basis,

 

Employee’s
employment is on a full-time and “best efforts” basis meaning that during the
term of this Agreement, Employee shall not accept any full or part-time
employment, including without limitation as an Independent Consultant, after
working hours or otherwise,

 

 

without the prior written consent of Company, which
may be given, withheld or conditioned in Company’s sole and absolute
discretion. Employee shall devote his full energies, interests, abilities, and
productive time to the performance of his duties and responsibilities under
this Agreement. During the term of this Agreement, Employee shall not, directly
or indirectly, whether as a partner, employee, creditor, shareholder or
otherwise, promote, participate or engage in any activity or other business
competitive with Company’s businesses. Notwithstanding the foregoing, Company
acknowledges that Employee has made and will continue to make personal
investments that will require Employee’s periodic attention. Employee may
participate in such personal investments to the full extent desired by Employee
so long as such personal investment activity does not detract from Employee’s
ability to devote his full energies and productive interests to the performance
of his duties and responsibilities under this Agreement. Company shall be
responsible for payment of all dues and fees required in connection with the
maintenance of any professional licenses that may be required of Employee in
the performance or satisfaction of Employee’s duties hereunder. Company shall
indemnify, defend, protect and hold Employee harmless from the negligent acts
and omissions of Employee so long as Employee acted in good faith an in the
course of his employment.

 

3.                                       Term of
Employment. Employee shall be employed by the Company pursuant
to this Agreement for a term (the “Term”) beginning on January 1, 2006 and
continuing through to, and terminating at the close of business on December 31,
2006 (unless earlier terminated pursuant to Section 11).

 

4.                                       Commitment to
the Company.

 

(a)                During the
Term, Employee shall not be involved, individually or as an Employee,
principal, officer, general partner, director or shareholder, in any real
estate development activities without first obtaining the consent and approval
of a majority of the Company’s Board of Directors. The limitation contained in
this Section 4 shall not apply, however, to the ownership of not more than one
percent (l%) of the outstanding
shares of any class of securities of a publicly-held issuer subject to the
public reporting requirements of the Securities and Exchange Act of 1934, as
amended, or any limited partner interest in a limited partnership or similar
passive investment interest so long as the nature of such investment prevents,
pursuant to applicable law, Employee’s control of the management of the issuer
of such investment interests. For purposes of this Section 4, Employee shall be
deemed the owner of any interests held by Employee, Employee’s spouse, or any
other unemancipated minor member of the Employee’s family.

 

(b)               Employee shall, at all times
during the Term, strictly adhere to and comply with all of Company’s policies, rules
and procedures as they currently exist and as they may be changed by the
Company. Employee agrees that to the best of his ability and experience he will
at all times loyally and conscientiously perform all of the duties and
obligations required of him expressly or by implication by the terms of this
Agreement.

 

 

5.                                       Compensation.

 

(a)                Company shall
pay a basic salary to Employee at the rate of $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 order.

 

(b)               Bonus. For each
calendar year during the term of Employee’s employment, under this Agreement
the Company shall make available a “Bonus Pool” equal to twenty percent (20%)
of the net operating income for the applicable calendar year. The net operating
income shall be equal to (i) the gross revenue less (ii) costs and overhead
expenses incurred up to $2.3MM including among other things, salaries, bonuses
and benefits of all Company employees, the Company’s prorata share of any
services, leased premises, and personnel provided by Kennedy Wilson, Inc. or
its affiliates, KW Multi-Family Management Group, Ltd., marketing costs, and
write-offs and for consultants who provide services.

 

Employee
understands and acknowledges that the Bonus Pool as so calculated shall be
distributed by Employee amongst the Company’s employees in Employee’s sole and
absolute discretion. The determination of net operating income for any
applicable period and any dispute concerning the source an item of revenue or
expense shall be approved or resolved by the Chief Financial Officer of Kennedy
Wilson whose reasonable determination of same shall be conclusive.

 

Employee
acknowledges that Company has not provided Employee with any projections or
estimates of Bonus that might be received by Employee under the terms of this
Agreement as an inducement to Employee to accept employment with Company.

 

6.                                       Other Benefits. During the
Term of his employment and subject to applicable eligibility requirements of
position, tenure, salary, age, health and other qualifications as may be set
forth in the Company’s Employment Handbook, or pursuant to the terms of the
applicable benefit provider, Employee shall participate in such benefit plans
or programs as are available to the Company’s other employees, including
without limitation medical, dental, disability, life insurance, vacations, and
401K Plan.

 

7.                                       Business
Expenses. Employee will be required to incur ordinary and
necessary travel and other business expenses in connection with the performance
of his duties hereunder, and Employee shall be entitled to reimbursement from
Company for such expenses, in accordance with Company’s policies and
procedures.

 

8.                                       Non-Competition. For all
periods that Employee is employed pursuant to this Agreement and for a period
of twelve (12) months thereafter, unless Company has terminated Employee
without cause, or if Company has not renewed Employee’s employment in Company’s
sole and absolute discretion, Employee shall not directly or indirectly:

 

(a)                     Engage in any business in
the State of California which engages in the 

 

 

same
businesses or similar businesses engaged in by the Company during the Term,
without the consent of the Board of Directors of the Company, or which could,
or would result in using or revealing any trade secrets or confidential
information of the Company, including but not limited to activities, whether
direct or indirect, as proprietor, partner, shareholder, principal, agent, or
employee; and

 

(b)                                  In any manner
induce, attempt to induce, or assist others to induce or attempt to induce any
employee, partner, joint venturer, independent contractor, agent or customer of
the Company to terminate its, his or her association with the Company, or do
anything to interfere with the relationship between the Company and such person
or entity or other persons or entities dealing with the Company.

 

(c)                                   The parties
hereto intend that the covenants and agreements contained in this Section 8
shall be deemed to be a series of separate covenants and agreements, one for
each and every country, county, state, city and other jurisdiction in the world
with respect to which the Company’s business has been or is hereafter carried
on. If any of the foregoing is determined by any court of competent
jurisdiction to be invalid or unenforceable by reason of such agreement
extending for too great a period of time or over too great a geographical area,
or by reason of its being too extensive in any other respect, such agreement
shall be interpreted to extend only over the maximum period of time and
geographical area and to the maximum extend enforceable, all as determined by
such court in such action. Any determination that any provision hereof is
invalid or unenforceable, in whole or in part, shall have no effect on the
validity or enforceability of any remaining provision hereof.

 

(d)                                                Notwithstanding
the foregoing, nothing herein shall prevent Employee, following the termination
of his employment or the end of the Term from being associated with any person
or entity engaged in any real estate activities or matters other than real
estate activities which constitute a primary line of business of the Company at
the time of such termination, so long as such association does not result in a
violation of Section 9 or Section 10 below. Employee represents and warrants
that he is not restricted or prohibited in any way from entering into this
Agreement or performing services hereunder at any time, whether by
non-competition, covenant, or otherwise, and shall indemnify, defend and hold
the Company harmless from and against any damages, claims, costs (including
attorney’s fees) or liabilities as a result of the incorrectness of such
representation and warranty.

 

9.                                      Trade Secrets. Employee has
not disclosed to Company, and Employee has been advised that Company will not
accept at any time during the course of Employee’s employment at Company, the
disclosure of any trade secret (as that term is defined in California Civil
Code Section 3426 et. seq.) the disclosure or misappropriation of which by
Employee would constitute a breach by Employee of any obligation to any third
party, including any former employers. Employee represents and warrants he has
informed Company of the existence of any and all agreements, including
covenants not to compete, between Employee and third parties which may in any
way relate to, impact, or prevent Employee’s employment at Company. Employee
represents and warrants he has not taken any act prior to signing this
Agreement that constitutes a breach of any agreement which may in any way
relate to, impact, or prevent Employee’s employment at Company.

 

 

10.                                 Confidential
and Proprietary Information. Employee recognizes that
he will occupy a position of trust with respect to business information of a
confidential or proprietary nature which is the property of the Company and
which has been and will be imparted to him from time to time in the course of
the performance of his duties under this Agreement. All agreements, documents,
studies, analyses, comparables, data, statistics, marketing materials, leads
and lead lists developed or prepared by Employee or others in Company’s employ
during the term of this Agreement shall be and remain confidential and shall be
the sole property of Company. Employee hereby acknowledges that Company
develops and utilizes valuable procedures, confidential information and
copyrighted materials, including but not limited to names of property owners
who may wish to sell their property by auction or other means, names of
potential purchasers, leads and lead lists, studies and analyses, methods of
obtaining prospects, marketing and auction procedures and various brochures and
other printed materials, all of which constitute a valuable part of Company’s
assets built up by Company’s ingenuity, time, labor and expense over a period
of many years and all of which constitute Company trade secrets. Employee
agrees that:

 

(a)                He shall not at
any time, whether during the Term or thereafter, use, divulge or disclose
directly or indirectly any confidential or proprietary information of the
Companies to any person, except that he may use and disclose to other Company
personnel such confidential and proprietary information in the course of the
performance of his duties hereunder or when legally required to do so in
connection with any pending litigation or administrative inquiry; and

 

(b)               He shall return
promptly upon the termination of this Agreement or otherwise upon the request
of the Company any and all copies of any documentation or materials containing
any confidential or proprietary information of the Company.

 

For
purposes of this Agreement, the term “Confidential or Proprietary Information”
of the Company shall include all information which is owned by the Companies
and which is not at the time publicly available or generally known to persons
engaged in businesses similar to that of the Company, including practices,
procedures and methods and other facts relating to the business of the
Companies; practices, procedures and methods and other facts related to sales,
marketing, advertising, promotions, financial matters, clients, client lists of
the Company and similar information of a confidential and proprietary nature.
Employee agrees that his breach of this Section 10 will cause irreparable harm
to the Company. Employee

agrees
that the remedy at law for any breach by him of this Section 10 will be
inadequate and, in addition to any other remedy available to the Company, the
Company shall be entitled to injunctive relief for any actual or threatened
breach of this Section 10 without proof that any actual damages have been
caused by such breach, and without any need to post bond or similar security.

 

11.                                 Termination.

 

(a)                                  Termination. (Employment
at Will) Either Company or Employee may terminate this Agreement at any time
during the Term, with or without cause, by delivering written notice of its
election to the other. The written notice of termination for cause from 

 

 

Company to Employee shall include a reasonably
detailed description of Employee’s acts or omissions that constitute cause for
termination. The term “cause” shall mean: (i) the breach of any provision of
this Agreement resulting in material harm or damage to the Company or the
threat of material harm or damage to the Company; (ii) willful misconduct,
neglect or negligence in the performance of Employee’s duties and obligations
as set forth in this Agreement; (iii) disloyal, dishonest or illegal conduct or
moral turpitude of Employee; (iv) such material carelessness or inefficiency in
the performance of his duties that Employee, in the reasonable discretion of
Company, is deemed unfit to continue in the service of Company; and (v) the
material and persistent failure of Employee to comply with the policies or
directives of Company and/or failure to take direction from Company management.
Termination for violations of subsections 11 (a) (iv) and 11 (a) (v) shall only
occur after written notice of deficiencies or failures and a 10 day cure
period.

 

(b)                                 Employee’s
employment with Company shall cease upon the date of his death or physical or
mental disability to the extent that Employee becomes disabled for more than
sixty (60) consecutive days or ninety (90) days in the aggregate in any
12-month period to perform his duties on a full-time basis. Upon termination
for death or physical or mental disability, Employee shall be entitled to
receive the compensation described in Section 5(a)-(b) to the date of
termination.

 

(c)                                  If the term of the Agreement
is terminated by Company without cause, then Company shall continue to pay
Employee the salary described in Section 5(a) and 5 (b) above during and for
the remainder of the Term of the Agreement, together with such other
compensation as Employee may be entitled to under the provisions of Sections 6,
Benefits (or if such benefits cannot be provided pursuant to the terms of the
applicable plans, comparable benefits due hereunder and remaining to be paid
during the Term in the ordinary course, provided that the payment of fringe or
comparable benefits shall be subject to the availability of such benefits
following Employee’s termination of employment at no additional cost above what
was previously paid by the Company).

 

(d)           If Employee terminates this
Agreement, Employee shall only be entitled to receive the compensation
described in Section 5(a) and 5 (b) to the date of termination.

 

(e)                                  If the Term of
Employee’s employment is terminated for cause, then Employee shall be entitled
to receive only the compensation described in Section 5 (a) and 5 (b) above
earned to the date of termination.

 

(f)                                    This Agreement
may be terminated by Employee at any time, provided such termination shall have
the effect set forth as follows:

 

Termination
of this Agreement pursuant to this Section 11 shall not relieve Employee of his
obligations to comply with Section 10 hereof, which provision shall survive the
termination of this Agreement. If and only if, Employee resigns due to the
Company’s material breach of this Agreement which is not corrected within ten (10)
days after the Employee’s written notice of the breach to the Company, then
Employee shall be relieved of his obligations under Section 10 hereof.

 

 

12.                                 Alternative
Dispute Resolution. The parties to this Agreement specifically desire
an early resolution of any dispute between them, which arises out of this
Agreement. It is therefore, agreed that any controversy arising out of this
Agreement, whether dealing with breach, interpretation or otherwise, shall be
heard by a reference (“Referee”) pursuant to the provisions of Section 638 of
the Code of Civil Procedure and in accordance with the provisions described
below; provided, however, that if injunctive relief is sought, the complaining
party may seek such relief from the Los Angeles Superior Court without the use
of a Referee.

 

(a)                                  Enforcement of
Agreement. This reference provision may be enforced by the
filing of a complaint or petition or motion seeking specific enforcement.
Service of such motion on the opposing party shall constitute the “Claim Date”
for purposes of this provision.

 

(b)                                 Selection of
Referee. The Referee shall be a retired Judge of the Court selected by mutual
agreement of the parties. If the parties cannot agree then a Referee shall be
appointed by the Los Angeles Superior Court in accordance with Section 640 of
the Code of Civil Procedure. Each party shall be entitled to only one disqualification
pursuant to Section 170.6 of the Code of Civil Procedure. The parties hereby
waive their right to a trial by jury and agree that their dispute shall be
tried by the Referee so selected.

 

(c)                                  Decisional
Rules. The trial shall be conducted and the issues determined in compliance
with all judicial rules and all statutory and decisional law of the Sate of
California as if the matter were formally litigated in Superior Court. The
Referee shall conduct and decide all pre-trial and post-trial procedures as if
the matter were formally litigated in the Superior Court. All rules of evidence
as set forth in the California Evidence Code; other statutory and decisional
law of California and all-relevant Los Angeles County Superior Court Rules and
California Rules of Court shall be applicable to any proceeding before the
Referee.

 

(d)                                 Discovery. The parties
to this Agreement expressly waive their right to engage in any discovery with
the exception of depositions and requests for the inspection, production and
copying of documents. Interrogatories, requests for admissions and depositions
upon written interrogatories shall not be permitted. The Referee shall be
authorized to issue subpoenas requiring attendance at hearings and/or trial.
All discovery permitted by this Agreement shall be completed no later than
fifteen (15) days before the first hearing date established by the Referee. The
Referee may extend such period in the event of a party’s refusal to provide
requested discovery for any reason whatsoever, including legal objections
raised to such discovery or unavailability of a witness due to absence or
illness. No party shall be entitled to “priority” in conducting discovery.
Depositions may be taken by either party upon seven (7) days written notice.
Request for production or inspection of documents shall be responded to within
ten (10) days after service. All disputes relating to discovery shall be
submitted to the Referee whose decision shall be final and binding upon the
parties.

 

(e)                                  Hearings and
Trial. Except as set forth in this Agreement, the Referee shall determine
the manner in which the proceeding is conducted including the time and place of
all hearings, the order or presentation of evidence, and all other questions
that arise with respect to the course of the proceeding. All proceedings and
hearings conducted before the Referee, 

 

 

except for trial, shall be conducted without a court
reporter unless one is requested by a party. The party making the request shall
have the obligation to arrange and pay for the court reporter. The costs of the
court reporter at the trial shall be borne equally by the parties. The trial
shall be conducted without a jury on consecutive dates, as opposed to being
conducted piecemeal on various dates separated by postponements or
adjournments. The trial shall be conducted in a courtroom or in surroundings
with formality as close to a courtroom as possible. The Referee shall set the
matter for hearing within sixty (60) days after the Claim Date and try all
issues of law or fact and report a statement of decision upon them, if
possible, within ninety (90) days of the Claim Date.

 

(f)                                    Decision of
Referee. The Referee shall be empowered to enter equitable as well as legal
relief, to provide all temporary and/or provisional remedies and to enter
equitable orders that will be binding upon the parties. The Referee shall issue
a single judgment at the close of the proceeding that shall dispose of all of
the claims of the parties that are the subject of the reference. Any decision rendered
by the Referee shall be final, binding and conclusive and judgment shall be
entered pursuant to Section 644 of the Code of Civil Procedure in any court in
the State of California having jurisdiction.

 

(g)                                 Attorneys’ Fees. The
prevailing party shall be entitled to costs and reasonable attorney’s fees,
including without limitation costs and fees incurred upon any appeal, as
awarded by the court.

 

(h)                                 Appeal. The judgment
entered upon the decision of the Referee shall be subject to all post-trial
procedures and to appeal in the same manner as an appeal from any order or
judgment in a civil action.

 

13.                                 Miscellaneous.

 

(a)                                  Assignment. This
Agreement is for the unique personal services of Employee and may not be
assigned by Employee without the express written consent of Company and its
affiliates. Except as so provided, this Agreement shall be binding upon and
inure to the benefit of the respective heirs, personal representatives,
successors and assigns of the parties hereto,

 

(b)                                 Real Estate
License. Employee hereby agrees to maintain his real estate license in the
State of California and in any other jurisdiction in which he is presently
licensed. During any period that Employee does not have such a license in good
standing, he will not be required to perform acts within a given jurisdiction
for which a license is required in such jurisdiction, and Employee hereby
agrees not to take any such actions for which a license is required until he
has obtained the requisite license for such jurisdiction.

 

(c)                                  Severability. Each
provision, sub-provision or term of this Agreement is intended to be severable
and shall continue in full force and effect although other provisions herein
may be determined invalid or void for any reason.

 

 

(d)                                 Entire
Agreement; Amendments. This Agreement contains the entire
agreement of the parties with respect to the subject matter covered hereby and
may be amended, waived or terminated only by an instrument in writing signed by
the parties hereto. This Agreement shall be interpreted according to its fair
meaning and not for or against the party which drafted same.

 

(e)                                  Counterparts. This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original and all of which together shall constitute one instrument.

 

(f)                                    Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of the
State of California.

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
as of the day and year first above written.

 

	
   

  	
   

  	
  THE COMPANY:

  
	
   

  	
   

  	
  KENNEDY-WILSON
  INTERNATIONAL

  
	
   

  	
   

  	
  a
  California corporation

  
	
   

  	
   

  	
  Name:

  	
  William
  McMorrow

  
	
   

  	
   

  	
  Title:

  	
  Chairman/
  CEO

  
	
   

  	
   

  	
  /s/
  William J. McMorrow

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  	
  /s/ Robert E. Hart

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