Document:

Exhibit 10.78

 

NINTH AMENDMENT TO EMPLOYMENT AGREEMENT

 

This Ninth Amendment to
Employment Agreement (the “Ninth Amendment”) is made and entered into as of
February 11, 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, April 19, 2004, and January 1, 2005 (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 Incentive 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
January 1, 2005 as follows:

 

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

 

Incentive
Bonus.
Section 5 (d) (iii) Bonus Pool II Employee shall be entitled to
an annual bonus for each calendar year of the term of this Agreement commencing
with the calendar year ending December 31, 2005 according to the following
formula. Employee shall receive a percentage of a portion of the Net (defined
as the “Bonus Pool”) of each of the fund related businesses he is involved in.
The total “Bonus Pool” for all participants shall be an amount equal to the sum
of 20% of the total revenues less total expenses, less a twelve (12) percent
cost of capital (funds invested by KW in the Business, prorated as to time the
funds are actually invested during the Bonus Pool calculation time frame) and
less an annual KW overhead charge of $75,000 (only charged against one Business
Unit and until Fund I’s term expires, Fund I will be that unit). For Fund II
and subsequent funds Employee is involved in, Employee shall receive a portion of
the 20% Bonus Pool as decided by the Bonus Pool Committee which is comprised of
William McMorrow, Jim Ozello and Barry Schlesinger. The Incentive Bonus shall
be paid to the Employee within ninety (90) days of the close of the calendar
year or five days after the date the annual KW audit is received, whichever is
earlier. Since each Business Unit Bonus Pool has different participants, each
Business Unit’s Bonus Pool will be calculated on a per Business Unit basis.

 

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:

 

 

	
  THE COMPANY:

  	
   

  	
  EMPLOYEE:

  
	
  KENNEDY-WILSON
  INTERNATIONAL

  	
   

  	
  /s/
  Jim Rosten

  
	
  a
  California corporation

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  William McMorrow

  	
   

  	
   

  
	
  Title:    
  Chairman/ CEOExhibit 10.79

 

TENTH AMENDMENT TO
EMPLOYMENT AGREEMENT

 

This Tenth Amendment to
Employment Agreement (the “Tenth Amendment”) is made and entered into as of
January 1, 2006 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, and February 11, 2005 (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, 2006 as follows:

 

1.               Section 3 Term of Employment
is amended such that the term of this Agreement is extended to
December 31, 2006. Therefore, Section 3 of the Agreement is amended
such that the termination date of December 31, 2005 is deleted and the
termination date of “December 31, 2006” 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:

 

	
  THE
  COMPANY:

  	
   

  	
  EMPLOYEE:

  
	
  KENNEDY-WILSON
  INTERNATIONAL

  	
   

  	
  /s/ Jim Rosten

  
	
  a California
  corporation

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ William McMorrow

  	
   

  	
   

  
	
  Title:     Chairman/ CEOExhibit 10.80

 

ELEVENTH
AMENDMENT TO EMPLOYMENT AGREEMENT

 

This Eleventh Amendment
to Employment Agreement (the “Eleventh Amendment”) is made and entered into as
of August 1, 2006 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, and January 1, 2006
(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 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
August 1, 2006 as follows:

 

1.             Section 5 (a) of the Agreement
is amended such that, effective August 1, 2006, the Company shall pay
Employee a salary equal to $19,230.77 per pay period ($500,000.00 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:

 

 

	
  THE
  COMPANY:

  	
   

  	
  EMPLOYEE:

  
	
  KENNEDY-WILSON INTERNATIONAL

  	
   

  	
  /s/ Jim Rosten

  
	
  a California
  corporation

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ William McMorrow

  	
   

  	
   

  
	
  Title:     Chairman/ CEOExhibit
10.81

 

TWELFTH AMENDMENT TO EMPLOYMENT AGREEMENT

 

This Twelfth Amendment to
Employment Agreement (the “Twelfth Amendment”) is made and entered into as of
January 1, 2007 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, and
August 1, 2006 (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, 2007 as follows:

 

1.                   Section 3 Term of Employment is
amended such that the term of this Agreement is extended to December 31, 2007.
Therefore, Section 3 of the Agreement is amended such that the termination date
of December 31, 2006 is deleted and the termination date of “December 31, 2007
“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/ Jim Rosten

  
	
  a California
  corporation

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ William McMorrow

  	
   

  	
   

  
	
  Title:

  	
  Chairman/ CEO

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