Document:

Registration Rights Agreement

 EXHIBIT 10.2 

EXECUTION COPY 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of August 13, 2010, is entered into by and between
Kennedy-Wilson Holdings, Inc., a Delaware corporation (the “Company”), and Fairfax Holdings Limited, a corporation organized under the laws of Canada (the “Investor”). 

RECITALS 

WHEREAS, the Investor has, pursuant to the terms of the Purchase Agreement (as defined herein), agreed to purchase 32,550 shares of the
Company’s Series B Preferred Stock, par value $0.0001 per share and liquidation preference $1,000 per share (the “Convertible Preferred Stock”); 

WHEREAS, the Convertible Preferred Stock is convertible into common stock of the Company, par value $0.0001 per share (the
“Common Stock”); 
 WHEREAS, it is a condition to the closing of the transactions contemplated by the Purchase
Agreement that the Company and the Investor enter into this Agreement in order to grant the Investor certain registration rights with respect to the Convertible Preferred Stock and the Common Stock issuable upon conversion of the Convertible
Preferred Stock; and 
 WHEREAS, the Company and the Investor desire to define the registration rights of the Investor on the
terms and subject to the conditions set forth herein. 
 NOW, THEREFORE, in consideration of the foregoing and the covenants and
agreements contained herein, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 
 Article I.
Definitions. 
 For purposes of this Agreement, the following terms have the following meanings: 

“Affiliate” has the meaning ascribed to such term in Rule 12b-2 under the Exchange Act. 

“Blackout Period” means any period during which, in accordance with Article IV, the Company is not required to
effect the filing of a Registration Statement or is entitled to postpone the preparation, filing or effectiveness or suspend the effectiveness of a Registration Statement. 

“Business Day” means any day, other than a Saturday or Sunday, on which national banking institutions in New York, New
York, are open. 
 “Common Stock” has the meaning ascribed to such term in the Recitals to this Agreement.

 “Company” has the meaning ascribed to such term in the Preamble to this Agreement. 

“Control” has the meaning ascribed to such term in Rule 405 under the Securities Act (and “Controlled” and
“Controlling” shall have correlative meanings); provided, however, that no Person will be deemed to Control another Person solely by his or her status as a director of such other Person. 

“Convertible Preferred Stock” has the meaning ascribed to such term in the Recitals to this Agreement. 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or
any successor statute, and the rules and regulations of the SEC thereunder. 
 “Filing Date” means
(a) with respect to a Registration Statement to be filed on Form S-1 (or any applicable successor form), not later than 90 days after receipt by the Company of a request for such Registration Statement and (b) with respect to a
Registration Statement to be filed on Form S-3 (or any applicable successor form), not later than 60 days after receipt by the Company of a request for such Registration Statement. 

“Free Writing Prospectus” means a free writing prospectus as defined in Rule 405 under the Securities Act. 

“Holders” means any of: (i) the Investor; (ii) any Controlled Affiliate of the Investor; and (iii) any
group (that would be deemed to be a “person” by Section 13(d)(3) of the Exchange Act with respect to securities of the Company) of which the Investor or any Person directly or indirectly Controlling or Controlled by the Investor is a
member, that is or becomes the owner of Registrable Securities. 
 “Indemnified Party” has the meaning ascribed
to such term in Section 6.3 hereof. 
 “Indemnifying Party” has the meaning ascribed to such term
in Section 6.3 hereof. 
 “Issuer Free Writing Prospectus” means an issuer free writing prospectus
as defined in Rule 433 under the Securities Act. 
 “Losses” has the meaning ascribed to such term in
Section 6.1 hereof. 
 “Other Holders” means any Person other than the Holders having rights to
participate in a registration of the Company’s securities. 
 “Permitted Free Writing Prospectus” has the
meaning ascribed to such term in Article VIII hereof. 
 “Person” means any individual, corporation,
general or limited partnership, limited liability company, joint venture, trust or other entity or association, including without limitation any governmental authority. 

“Piggyback Notice” has the meaning ascribed to such term in Section 3.1 hereof. 

“Piggyback Registration” has the meaning ascribed to such term in Section 3.1 hereof. 

“Prospectus” means the prospectus included in the applicable Registration Statement, as supplemented by any and all
prospectus supplements and as amended by any and all amendments (including post-effective amendments) and including all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

“Purchase Agreement” means that certain Convertible Series B Preferred Stock Purchase Agreement, dated as of
August 11, 2010, by and between the Company and the Investor. 
 “Registrable Securities” means
(a) any shares of Common Stock and any Convertible Preferred Stock held by any of the Holders now or at any time in the future (including but not limited to shares of Common Stock issued to any of the Holders upon conversion of the Convertible
Preferred Stock 
  

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purchased pursuant to the Purchase Agreement); and (b) any securities paid, issued or distributed in respect of any such securities defined in clause (a) by way of stock dividend, stock
split or distribution, or in connection with a combination of shares, recapitalization, reorganization, merger or consolidation, or otherwise; provided, however, that as to any Registrable Securities, such securities will irrevocably
cease to constitute Registrable Securities upon the earliest to occur of: (i) the date on which such securities are disposed of pursuant to an effective registration statement under the Securities Act; (ii) the date on which such
securities may be distributed to the public pursuant to Rule 144 (or any successor provision) under the Securities Act without compliance with volume limitations or other restrictions; (iii) the date on which such securities have been
transferred to any Person other than a Holder; and (iv) the date on which such securities cease to be outstanding. 

“Registration Default” has the meaning ascribed to such term in Article VII hereof. 

“Registration Expenses” has the meaning ascribed to such term in Section 5.4(a) hereof. 

“Registration Statement” means any registration statement of the Company under the Securities Act that covers any of the
Registrable Securities pursuant to the provisions of this Agreement, including the related Prospectus, all amendments and supplements to such registration statement (including post-effective amendments), and all exhibits and all materials
incorporated by reference or deemed to be incorporated by reference in such registration statement. 
 “Required
Period” means, with respect to a “shelf registration” requested pursuant to Section 2.1(b) hereof, two years following the first day of effectiveness of such Registration Statement, and with respect to any other
Registration Statement, 90 days following the first day of effectiveness of such Registration Statement. 

“Rule 144” means Rule 144 promulgated under the Securities Act, as such Rule may be amended from time to time,
or any similar rule or regulation hereafter adopted by the SEC. 
 “SEC” means the United States Securities and
Exchange Commission and any successor United States federal agency or governmental authority having similar powers. 

“Securities Act” means the Securities Act of 1933, as amended, or any successor statute, and the rules and regulations
of the SEC thereunder. 
 “Underwritten Registration” or “Underwritten Offering” means a
registration in which securities of the Company are sold to an underwriter for reoffering to the public. 
 Article II. Demand
Registration 
 2.1 Right to Demand Registration. 

(a) At any time and from time to time on or following November 13, 2010, any Holder or group of Holders representing at least 51%
(calculated on an as converted basis) of all Registrable Securities may request in writing that the Company effect the registration of all or part of such Holder’s or Holders’ Registrable Securities with the SEC under and in accordance
with the provisions of the Securities Act (which written request will specify (i) the then-current name and address of such Holder or Holders, (ii) the aggregate number of shares of Registrable Securities requested to be registered,
(iii) the total number of shares of Common Stock and amount of Convertible Preferred Stock then held by such Holder or Holders and (iv) the intended means of distribution). The Company will file a Registration Statement covering such
Holder’s or Holders’ Registrable Securities requested to be 
  

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registered as promptly as practicable (and, in any event, by the applicable Filing Date) after receipt of such request; provided, however, that the Company will not be required to
take any action pursuant to this Article II: 
 (A) if prior to the date of such request, the Company
has effected three registrations pursuant to this Article II; 
 (B) if within the 12-month period
preceding such request the Company has effected either (1) two registrations pursuant to this Article II or (2) one registration pursuant to this Article II and a registration statement of the Company under the
Securities Act has been declared effective within the 12-month period preceding such request and at least 10% of the then-outstanding Registrable Securities (calculated on an as converted basis) were entitled pursuant to the terms of this Agreement
to be included in such registration statement; 
 (C) if a Registration Statement is effective at the time such
request is made and such Registration Statement may be utilized for the offering and sale of the Registrable Securities requested to be registered; 

(D) in the case of an Underwritten Offering, unless the Registrable Securities requested to be registered (1) have an
aggregate then-current market value of $25 million or more or aggregate liquidation preference of $25 million or more (before deducting underwriting discounts and commission) or (2) constitute all of the then-outstanding Registrable Securities
held by the Holders; or 
 (E) during the pendency of any Blackout Period. 

(b) If a Holder or Holders request that the Company effect a registration pursuant to this Section 2.1 and the Company is at
such time eligible to use Form S-3, the Holder or Holders making such request may specify that the requested registration be a “shelf registration” for an offering on a delayed or continuous basis pursuant to Rule 415 under the Securities
Act. 
 2.2 Effective Demand Registrations. 

(a) The Company may satisfy its obligations under Section 2.1 hereof by amending (to the extent permitted by applicable law)
any registration statement previously filed by the Company under the Securities Act so that such amended registration statement will permit the disposition (in accordance with the intended methods of disposition specified as aforesaid) of all of the
Registrable Securities for which a demand for registration has been properly made under Section 2.1 hereof. If the Company so amends a previously filed registration statement, it will be deemed to have effected a registration for
purposes of Section 2.1 hereof; provided that the date such registration statement is amended pursuant to this Section 2.2(a) shall be the “the first day of effectiveness” of such registration statement for
purposes of determining the Required Period with respect to such registration statement. 
 (b) A registration requested
pursuant to Section 2.1 hereof will not be deemed to be effected by the Company for purposes of Section 2.1 hereof if it has not been declared effective by the SEC or become effective in accordance with the Securities Act and
kept effective as contemplated by Section 2.3 hereof. 
  

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 2.3 Continuous Effectiveness of Registration Statement. 

(a) The Company will use its reasonable efforts to keep a Registration Statement that has become effective as contemplated by this
Article II continuously effective, and not subject to any stop order, injunction or other similar order or requirement of the SEC, until the earlier of (a) the expiration of the Required Period (subject to extension pursuant to
Section 2.3(b) or Section 5.3 hereof) and (b) the date on which all Registrable Securities covered by such Registration Statement (i) have been disposed of pursuant to such Registration Statement or (ii) cease
to be Registrable Securities; provided, however, that in no event will such period expire prior to the expiration of the applicable period referred to in Section 4(3) of the Securities Act and Rule 174 promulgated thereunder.

 (b) In the event of any stop order, injunction or other similar order or requirement of the SEC relating to any Registration
Statement, the Required Period for such Registration Statement will be extended by the number of days during which such stop order, injunction or similar order or requirement is in effect. 

2.4 Underwritten Demand Registration. 

(a) In the event that a registration requested pursuant to Section 2.1 hereof is to be an Underwritten Registration, as
reasonably requested by a Holder, the Company shall in its reasonable discretion and with the consent of the Investor (which consent shall not be unreasonably withheld) select an investment banking firm of national standing to be the managing
underwriter for the Underwritten Offering relating thereto. All Holders proposing to distribute their securities through an Underwritten Offering agree to enter into an underwriting agreement with the underwriters, provided that the
underwriting agreement is in customary form and reasonably acceptable to the Holders of a majority of the Registrable Securities to be included in the Underwritten Offering. 

(b) If so requested (pursuant to a timely notice) by the managing underwriter for the Underwritten Offering relating thereto, the Company
will agree not to effect any underwritten public sale or distribution of any securities that are the same as, or similar to, the Registrable Securities to be included in the Underwritten Offering, or any securities convertible into, or exchangeable
or exercisable for, any securities of the Company that are the same as, or similar to, the Registrable Securities to be included in the Underwritten Offering, during a period specified by the managing underwriter not to exceed 30 days. 

2.5 Priority on Demand Registrations. No securities to be sold for the account of any Other Holder (including the Company) shall
be included in a registration pursuant to Section 2.1 hereof if, in the case that such registration is to be an Underwritten Registration, the managing underwriter of the Underwritten Offering relating thereto advises the Holders (or, in
the case that such registration is not to be an Underwritten Registration, the Holders requesting registration determine in good faith) that the total amount of Registrable Securities requested to be registered, together with such other securities
that the Company and any Other Holders propose to include in such offering is such as to adversely affect the success of such offering, then the Company will include in such registration all Registrable Securities requested to be included therein,
up to the full amount that, in the view of such managing underwriter or such Holders requesting registration, as the case may be, can be sold without adversely affecting the success of such offering, before including any securities of any Person
(including the Company) other than the Holder(s) making such request. 
 2.6 Revocation of Demand Registration. Holders
of at least a majority of the Registrable Securities to be included in a Registration Statement pursuant to Section 2.1 hereof may, at any time prior to the effective date of the Registration Statement relating to such registration,
revoke their request to 
  

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have Registrable Securities included therein by providing a written notice to the Company. In the event such Holders of Registrable Securities revoke such request, either (a) the Holders of
Registrable Securities who revoke such request shall reimburse the Company for all of its out-of-pocket expenses incurred in the preparation, filing and processing of the Registration Statement or (b) the requested registration that has been
revoked will be deemed to have been effected for purposes of Section 2.1 hereof. 
 Article III. Piggyback Registration

 3.1 Right to Piggyback. If at any time, and from time to time, the Company proposes to file a registration statement
under the Securities Act with respect to an offering of any class of equity securities of the Company or any securities convertible or exercisable into shares of any equity securities of the Company (other than with respect to that certain
registration statement on Form S-3, as amended, originally filed by the Company with the SEC on February 16, 2010 or a registration statement (a) on Form S-8 or any successor form thereto, (b) on Form S-4 or any successor form
thereto relating solely to the sale of securities to employees, directors, officers, consultants or advisors of the Company or its Affiliates pursuant to a stock option, stock purchase or similar benefit plan, (c) an offering of rights
solely to the Company’s existing securityholders or (d) relating solely to a transaction under Rule 145 under the Securities Act), whether or not for its own account, on a form that would permit registration of Registrable Securities for
sale to the public under the Securities Act, then the Company will give written notice (the “Piggyback Notice”) of such proposed filing to the Holders at least 10 Business Days before the anticipated filing date. Such notice will
include the number and class of securities proposed to be registered, the proposed date of filing of such registration statement, any proposed means of distribution of such securities, any proposed managing underwriter of such securities and a good
faith estimate by the Company of the proposed maximum offering price of such securities as such price is proposed to appear on the facing page of such registration statement, and will offer the Holders the opportunity to register such amount of
Registrable Securities as each Holder may request on the same terms and conditions as the registration of the Company’s or Other Holders’ securities, as the case may be (a “Piggyback Registration”). The Company will
include in each Piggyback Registration all Registrable Securities for which the Company has received written requests for inclusion within five Business Days after delivery of the Piggyback Notice, subject to Section 3.2. 

3.2 Priority on Piggyback Registrations. 

(a) If the Piggyback Registration is an Underwritten Offering, the Company will cause the managing underwriter of that proposed offering
to permit the Holders that have requested Registrable Securities to be included in the Piggyback Registration to include all such Registrable Securities on the same terms and conditions as any similar securities, if any, of the Company.
Notwithstanding the foregoing, if the managing underwriter of such Underwritten Offering advises the Company and the selling Holders that, in its view, the total amount of securities that the Company, such Holders and any Other Holders propose to
include in such offering is such as to adversely affect the success of such Underwritten Offering, then: 
 (i)
if such Piggyback Registration is a primary registration by the Company for its own account, the Company will include in such Piggyback Registration: (A) first, all securities to be offered by the Company; (B) second, (1) if
Registrable Securities constitute 10% or more of the outstanding securities of any class of equity securities of the Company or class of securities convertible or exercisable into shares of any equity securities of the Company, up to the full amount
of securities requested to be included in such Piggyback Registration by the Holders, or (2) if Registrable Securities constitute less than 10% of the outstanding securities of any class of equity securities of the Company or class of
securities convertible or exercisable into shares of 
  

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any equity securities of the Company, up to the full amount of securities requested to be included in such Piggyback Registration by the Holders and any Other Holders having registration rights
on a pari passu basis, allocated pro rata among such holders, on the basis of the amount of securities requested to be included therein by each such holder; and (C) third, up to the full amount of securities requested to be
included in such Piggyback Registration by any Other Holders in accordance with the priorities, if any, then existing among the Company and the Other Holders so that the total amount of securities to be included in such Underwritten Offering is the
full amount that, in the view of such managing underwriter, can be sold without adversely affecting the success of such Underwritten Offering; and 

(ii) if such Piggyback Registration is an underwritten secondary registration for the account of holders of securities of
the Company, the Company will include in such registration: (A) first, all securities of the Persons exercising “demand” registration rights requested to be included therein; (B) second, up to the full amount of securities
proposed to be included in the registration by the Company, (C) third, up to the full amount of securities requested to be included in such Piggyback Registration by the Holders and any Other Holders having registration rights on a pari
passu basis, allocated pro rata among such Holders and Other Holders, on the basis of the amount of securities requested to be included therein by each such Holder and Other Holder; and (D) fourth, up to the full amount of securities
requested to be included in such Piggyback Registration by the Other Holders in accordance with the priorities, if any, then existing among the Company and the Other Holders so that the total amount of securities to be included in such Underwritten
Offering is the full amount that, in the view of such managing underwriter, can be sold without adversely affecting the success of such Underwritten Offering. 

(b) If so requested (pursuant to a timely notice) by the managing underwriter in any Underwritten Offering, the Holders participating in
such Underwritten Offering will agree not to effect any public sale or distribution (or any other type of sale as the managing underwriter reasonably determines is appropriate in order to not adversely affect the Underwritten Offering) of any such
Registrable Securities, including a sale pursuant to Rule 144 (but excluding any Registrable Securities included in such Underwritten Offering), during the 10 days prior to, and during a period specified by the managing underwriter not to exceed 30
days (or such additional period as the managing underwriter reasonably determines is appropriate in order to not adversely affect the Underwritten Offering) following, the closing date of such Underwritten Offering. In the event of such a request,
the Company may impose, during such period, appropriate stop-transfer instructions with respect to the Registrable Securities subject to such restrictions. 

3.3 Withdrawal of Piggyback Registration. 

(a) If at any time after giving the Piggyback Notice and prior to the effective date of the Registration Statement filed in connection
with the Piggyback Registration, the Company determines for any reason not to register or to delay the Piggyback Registration, the Company may, at its election, give notice of its determination to all Holders, and in the case of a determination not
to register, will be relieved of its obligation to register any Registrable Securities in connection with the abandoned Piggyback Registration, without prejudice, provided, however, that such Registration Statement will not be counted
for purposes of Section 2.1 hereof. 
 (b) Any Holder of Registrable Securities requesting to be included in a
Piggyback Registration may withdraw its request for inclusion by giving written notice to the Company of its intention to withdraw from that registration, provided, however, that (i) the Holder’s request be made in writing
and (ii) the withdrawal will be irrevocable and, after making the withdrawal, a Holder will no longer have any right to include its Registrable Securities in that Piggyback Registration. 

 

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 (c) An election by the Company to withdraw a Piggyback Registration under this
Section 3.3 shall not be deemed to be a breach of the Company’s obligations with respect to such Piggyback Registration. 

3.4 Most-Favored-Nations for Piggyback Registration. If the Company grants any Person any rights with respect to the registration
of any shares of equity securities of the Company or any securities convertible or exercisable into shares of any equity securities of the Company that are more favorable to such Person than the rights of the Holders set forth in this Agreement,
then the Company shall grant to the Holders the same rights granted to such other Person. 
 Article IV. Blackout Period 

4.1 Demand Blackout. Notwithstanding anything contained in Article II hereof to the contrary, if (a) at any time during
which Holders may request a registration pursuant to Section 2.1 hereof, the Company files or proposes to file a registration statement with respect to an offering of equity securities of the Company or securities convertible or
exercisable into shares of any equity securities of the Company for its own account and (b) with reasonable prior notice (i) the Company (in the case of an offering that is not an Underwritten Offering) advises the Holders that the Company
has determined in good faith that a sale or distribution of Registrable Securities would adversely affect such offering or (ii) the managing underwriter, if any, advises the Company (in which case the Company will notify the Holders) that a
sale or distribution of Registrable Securities would adversely affect such offering, then the Company will not be obligated to effect the initial filing of a Registration Statement pursuant to Section 2.1 beginning the 10 days prior to
the date the Company in good faith estimates will be the date of the filing of, and ending on the date which is 90 days following the effective date of, such registration statement. 

4.2 Demand and Piggyback Blackout. Notwithstanding anything contained in Articles II or III hereof to the contrary,
if the Board of Directors of the Company determines in good faith that the registration and distribution of Registrable Securities (a) would materially impede, delay or interfere with any financing, acquisition, corporate reorganization or
other significant transaction, or any negotiations, discussions or pending proposals with respect thereto, involving the Company or any of its subsidiaries or (b) would require disclosure of material nonpublic information, the disclosure of
which would materially and adversely affect the Company, the Company will promptly give the Holders notice of such determination and will be entitled to postpone the preparation, filing or effectiveness or suspend the effectiveness of a Registration
Statement for a reasonable period of time not to exceed 90 days. 
 4.3 Blackout Period Limits. Notwithstanding anything
contained in this Article IV to the contrary, in no event shall the number of days included in all Blackout Periods during any consecutive 12-month period exceed an aggregate of 120 days and in no event shall the Company be entitled to
postpone the preparation, filing or effectiveness or suspend the effectiveness of a Registration Statement pursuant to this Article IV unless it postpones or suspends during the Blackout Period the effectiveness of any registration statements
required pursuant to the registration rights of the Other Holders. 
 Article V. Procedures and Expenses 

5.1 Registration Procedures. In connection with the Company’s registration obligations pursuant to Articles II and
III hereof, the Company will use its reasonable efforts to effect such registrations to permit the sale of Registrable Securities by a Holder in accordance with the intended method or methods of disposition thereof, and pursuant thereto the
Company will as promptly as reasonably practicable: 
 (a) prepare and file with the SEC a Registration Statement on an
appropriate form under the Securities Act available for the sale of the Registrable Securities by the selling Holders in accordance with the intended method or methods of distribution thereof; provided, however, that the Company will,
before filing, furnish to each selling Holder and the managing underwriter, if any, copies of the Registration Statement or Prospectus proposed to be filed and provide each selling Holder, the managing underwriter, if any, and their counsel with a
reasonable opportunity to comment on such Registration Statement or Prospectus; 
  

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 (b) furnish, at its expense, to the selling Holders such number of conformed copies of the
Registration Statement and each amendment thereto, of the Prospectus and each supplement thereto, and of such other documents as the selling Holders reasonably may request from time to time; 

(c) subject to Section 2.3 hereof, prepare and file with the SEC any amendments and post-effective amendments to the
Registration Statement as may be necessary and any supplements to the Prospectus as may be required or appropriate, in the view of the Company and its counsel, by the rules, regulations or instructions applicable to the registration form used by the
Company or by the Securities Act to keep the Registration Statement effective until the earlier of (i) such time as all Registrable Securities covered by the Registration Statement are sold in accordance with the intended plan of distribution
set forth in the Registration Statement or supplement to the Prospectus and (ii) the termination of the Required Period (giving effect to any extensions thereof pursuant to Section 2.3(b) or Section 5.3 hereof);

 (d) promptly following its actual knowledge thereof, notify the selling Holders and the managing underwriter, if any:

 (i) when a Registration Statement, Prospectus, Issuer Free Writing Prospectus or any supplement or amendment
has been filed and, with respect to a Registration Statement or any post-effective amendment, when the same has become effective; 

(ii) of any request by the SEC or any other governmental authority for amendments or supplements to a Registration
Statement, Prospectus or Issuer Free Writing Prospectus or for additional information; 
 (iii) of the issuance
by the SEC or any other governmental authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose; 

(iv) of the receipt by the Company of any written notification with respect to the suspension of the qualification or
exemption from qualification of any of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; 

(v) of the occurrence of any event which makes any statement made in the Registration Statement or Prospectus or any
Issuer Free Writing Prospectus untrue in any material respect or which requires the making of any changes in a Registration Statement, Prospectus, Issuer Free Writing Prospectus or other documents so that it will not include an untrue statement of a
material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; and 

 

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 (vi) of the Company’s reasonable determination that a post-effective
amendment to a Registration Statement is necessary; 
 (e) use its reasonable efforts to prevent the issuance or obtain the
withdrawal of any order suspending the effectiveness of a Registration Statement, or the lifting of any suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, at the
earliest practicable date; 
 (f) prior to any public offering of Registrable Securities, register or qualify and cooperate with
the selling Holders, the managing underwriter, if any, and their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable Securities for offer and sale under
the securities or blue sky laws of such jurisdictions within the United States as the selling Holders or the managing underwriter reasonably requests in writing and maintain each registration or qualification (or exemption therefrom) effective
during the period such Registration Statement is required to be kept effective; provided, however, that the Company will not be required to qualify generally to do business in any jurisdiction in which it is not then so qualified or
take any action which would subject it to general service of process or material taxation in any jurisdiction in which it is not then so subject; 

(g) as promptly as practicable upon the occurrence of any event contemplated by Sections 5.1(d)(v) or 5.1(d)(vi) hereof,
prepare (and furnish, at its expense, to the selling Holders a reasonable number of copies of) a supplement or post-effective amendment to each Registration Statement or a supplement to the related Prospectus (including by means of an Issuer Free
Writing Prospectus), or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, such Prospectus or Issuer Free Writing Prospectus will not include an untrue statement
of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; 

(h) in the case of an Underwritten Offering, enter into customary agreements (including an underwriting agreement) and take other actions
reasonably necessary to expedite the disposition of the Registrable Securities, and in connection therewith: 

(i) use its reasonable efforts to obtain opinions of counsel to the Company (such counsel being reasonably satisfactory to
the managing underwriter, if any) and updates thereof covering matters customarily covered in opinions of counsel requested in Underwritten Offerings, addressed to each selling Holder and the managing underwriter; 

(ii) use its reasonable efforts to obtain “comfort” letters and updates thereof from the independent certified
public accountants of the Company addressed to each selling Holder and the managing underwriter, if any, covering matters customarily covered in “comfort” letters in connection with Underwritten Offerings; and 

(iii) provide officers’ certificates and other customary closing documents reasonably requested by the managing
underwriter; 
 (i) upon reasonable notice and at reasonable times during normal business hours, make available for inspection
by a representative of each selling Holder and the managing underwriter, if any, participating in any disposition of Registrable Securities and any attorney or accountant retained by any selling Holder or any underwriter, all financial and other
records, pertinent corporate documents and properties of the Company, and cause the officers, directors and employees of the Company to supply all information reasonably requested by any such representative, underwriter, attorney or accountant in
connection with the Registration Statement; 
  

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 (j) use its reasonable efforts to comply with all applicable rules and regulations of the
SEC relating to such registration and make generally available to its security holders earning statements satisfying the provisions of Section 11(a) of the Securities Act, provided that the Company will be deemed to have complied with
this Section 5.1(j) if it has satisfied the provisions of Rule 158 under the Securities Act (or any similar rule promulgated under the Securities Act); 

(k) with respect to Registrable Securities that are shares of Common Stock, use its reasonable efforts to cause all such Registrable
Securities to be listed on the New York Stock Exchange or such other exchange that the Common Stock is then listed on; and 

(l) use its reasonable efforts to procure the cooperation of the Company’s transfer agent or The Depository Trust Company, as
applicable, in settling any offering or sale of Registrable Securities. 
 5.2 Information from Holders. 

(a) Each selling Holder that has requested inclusion of its Registrable Securities in any Registration Statement shall furnish to the
Company such information regarding such Holder and its plan and method of distribution of such Registrable Securities as the Company may, from time to time, reasonably request in writing. The Company may refuse to proceed with the registration of
such Holder’s Registrable Securities if such Holder unreasonably fails to furnish such information within a reasonable time after receiving such request. 

(b) Each selling Holder will promptly (i) following its actual knowledge thereof, notify the Company of the occurrence of any event
that makes any statement made in a Registration Statement, Prospectus, Issuer Free Writing Prospectus or other Free Writing Prospectus regarding such selling Holder untrue in any material respect or that requires the making of any changes in a
Registration Statement, Prospectus or Free Writing Prospectus so that, in such regard, it will not include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading and (ii) provide the Company with such information as may be required to enable the Company to prepare a supplement or post-effective amendment to any such Registration Statement or a
supplement to such Prospectus or Free Writing Prospectus. 
 (c) With respect to any Registration Statement for an Underwritten
Offering, the inclusion of a Holder’s Registrable Securities therein will be conditioned, at the managing underwriter’s request, upon the execution and delivery by such Holder of an underwriting agreement in form, scope and substance as is
customary in Underwritten Offerings. 
 5.3 Suspension of Disposition. 

(a) Each selling Holder will be deemed to have agreed that, upon receipt of any notice from the Company of the occurrence of any event of
the type described in Sections 5.1(d)(ii), 5.1(d)(iii), 5.1(d)(iv), 5.1(d)(v) or 5.1(d)(vi) hereof, such Holder will discontinue disposition of Registrable Securities covered by a Registration Statement,
Prospectus or Free Writing Prospectus and suspend use of such Prospectus or Free Writing Prospectus until such Holder’s receipt of the copies of the supplemented or amended Prospectus or Issuer Free Writing Prospectus contemplated by
Section 5.1(g) hereof or until it is advised by the Company that the use of the applicable Prospectus or Free Writing 

 

 11 

 
Prospectus may be resumed and have received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Free Writing
Prospectus. In the event the Company shall give any such notice, the period of time for which a Registration Statement must remain effective as set forth in Section 2.3 hereof will be extended by the number of days during the time period
from and including the date of the giving of such notice to and including the date when each selling Holder of Registrable Securities covered by such Registration Statement has received (i) the copies of the supplemented or amended Prospectus
or Issuer Free Writing Prospectus contemplated by Section 5.1(g) hereof or (ii) the advice referenced in this Section 5.3(a). 

(b) Each selling Holder will be deemed to have agreed that, upon receipt of any notice from the Company of the happening of an event
specified in Section 4.2 hereof, such selling Holder will discontinue disposition of Registrable Securities covered by a Registration Statement, Prospectus or Free Writing Prospectus and suspend use of such Prospectus or Free Writing
Prospectus until the earlier to occur of the Holder’s receipt of (i) copies of a supplemented or amended Prospectus or Issuer Free Writing Prospectus describing the event giving rise to the aforementioned suspension and
(ii) (A) notice from the Company that the use of the applicable Prospectus or Issuer Free Writing Prospectus may be resumed and (B) copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by
reference in such Prospectus or Issuer Free Writing Prospectus; provided, however, that in no event will the number of days during which the offer and sale of Registrable Securities is discontinued pursuant to this
Section 5.3(b) during any consecutive 12-month period, together with any other Blackout Periods in such 12-month period, exceed an aggregate of 120 days. In the event the Company gives any such notice, the period of time for which a
Registration Statement must remain effective as set forth in Section 2.3 hereof will be extended by the number of days during the time period from and including the date of giving of such notice to and including the date when each
selling Holder of Registrable Securities covered by such Registration Statement receives (i) a supplemented or amended Prospectus or Issuer Free Writing Prospectus describing the event giving rise to the aforementioned suspension or
(ii) notice from the Company that use of the applicable Prospectus or Issuer Free Writing Prospectus may resume. 
 5.4
Registration Expenses. 
 (a) All fees and expenses incurred by the Company in complying with Articles II and
III hereof and Section 5.1 hereof (“Registration Expenses”) will be borne by the Company. These fees and expenses will include without limitation (i) all registration, filing and qualification fees,
(ii) printing, duplicating and delivery expenses, (iii) fees and disbursements of counsel for the Company, (iv) fees and expenses of complying with state securities or “blue sky” laws (including the fees and expenses of any
local counsel in connection therewith), (v) fees and disbursements of all independent certified public accountants referred to in Section 5.1(h)(ii) hereof (including the expenses of any special audit and “comfort” letters
required by or incident to such performance) and (vi) fees and expenses in connection with listing the Registrable Securities on the New York Stock Exchange, if applicable. 

(b) The Company will also reimburse or pay, as the case may be, the fees and out-of-pocket expenses of one law firm retained by all
Holders, considered collectively, within 10 days of presentation of a detailed invoice approved by the Investor. 
 (c)
Notwithstanding anything contained herein to the contrary, all underwriting fees, discounts, selling commissions and stock transfer taxes applicable to the sale of Registrable Securities will be borne by the Holder owning such Registrable
Securities. 
  

 12 

 Article VI. Indemnification 

6.1 Indemnification by the Company. The Company will indemnify and hold harmless, to the fullest extent permitted by law, each
Holder owning Registrable Securities registered pursuant to this Agreement, such Holder’s Affiliates, officers, directors, managers, partners, stockholders, employers, advisors, agents and other representatives, and each Person who controls
such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) from and against all losses, claims, damages, liabilities, costs (including without limitation reasonable attorneys’ fees and
disbursements) and expenses (collectively, “Losses”) arising out of or based upon any untrue or alleged untrue statement of a material fact contained or incorporated by reference in any Registration Statement, Prospectus or
preliminary prospectus or Issuer Free Writing Prospectus, or arising out of or based upon any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading, except insofar as the same are based solely upon information furnished in writing to the Company by or on behalf of such Holder expressly for use therein. The indemnity provided in this Section 6.1
shall survive any transfer or disposal of the Registrable Securities by the Holders. 
 6.2 Indemnification by Holders.
In the event of the filing of any registration statement relating to the registration of any Registrable Securities, each Holder (severally and not jointly) will indemnify and hold harmless, to the fullest extent permitted by law, the Company, its
Affiliates, officers, directors, managers, partners, stockholders, employers, advisors, agents and other representatives, and each Person who controls the Company (within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act) from and against all Losses arising out of or based upon any untrue or alleged untrue statement of a material fact contained or incorporated by reference in any Registration Statement, Prospectus or preliminary prospectus or Issuer
Free Writing Prospectus, or arising out of or based upon any omission or alleged omission of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, to the
extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with information so furnished in writing by or on behalf of such Holder to the Company
expressly for use in such Registration Statement, Prospectus or preliminary prospectus or Issuer Free Writing Prospectus. In no event will the liability of any Holder be greater in amount than the dollar amount of the net proceeds (after any
discounts, commissions, transfer taxes, fees and expenses) received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. 

6.3 Conduct of Indemnification Proceedings. If any Person becomes entitled to indemnity hereunder (an “Indemnified
Party”), such Indemnified Party will give prompt notice to the party from which indemnity is sought (the “Indemnifying Party”) of any claim or of the commencement of any action or proceeding with respect to which the
Indemnified Party seeks indemnification or contribution pursuant hereto; provided, however, that the failure to so notify the Indemnifying Party will not relieve the Indemnifying Party from any obligation or liability except to the
extent that the Indemnifying Party has been prejudiced materially by such failure. If such an action or proceeding is brought against the Indemnified Party, the Indemnifying Party will be entitled to participate therein and, to the extent it may
elect by written notice delivered to the Indemnified Party promptly after receiving the notice referred to in the immediately preceding sentence, to assume the defense thereof with counsel reasonably satisfactory to the Indemnified Party.
Notwithstanding the foregoing, the Indemnified Party will have the right to employ its own counsel in any such case, but the fees and expenses of that counsel will be at the expense of the Indemnified Party unless (a) the employment of the
counsel has been authorized in writing by the Indemnifying Party, (b) the Indemnifying Party has not employed counsel to take charge of such action or proceeding within a reasonable time after notice of commencement thereof or (c) the
Indemnified Party reasonably concludes, based upon the opinion of counsel, that there are defenses or actions available to it 
  

 13 

 
which are different from or in addition to those available to the Indemnifying Party which, if the Indemnifying Party and the Indemnified Party were to be represented by the same counsel, could
result in a conflict of interest for such counsel or materially prejudice the prosecution of defenses or actions available to the Indemnified Party. If any of the events specified in clause (a), (b) or (c) of the immediately preceding
sentence are applicable, then the reasonable fees and expenses of separate counsel for the Indemnified Party will be borne by the Indemnifying Party; provided, however, that in no event will the Indemnifying Party be liable for the
fees and expenses of more than one separate firm for all Indemnified Parties. If, in any case, the Indemnified Party employs separate counsel, the Indemnifying Party will not have the right to direct the defense of the action or proceeding on behalf
of the Indemnified Party. All fees and expenses required to be paid to the Indemnified Party pursuant to this Article VI will be paid periodically during the course of the investigation or defense, as and when reasonably itemized bills
therefor are delivered to the Indemnifying Party in respect of any particular Loss that is incurred. Notwithstanding anything contained in this Section 6.3 to the contrary, an Indemnifying Party will not be liable for the settlement of
any action or proceeding effected without its prior written consent. The Indemnifying Party will not, without the consent of the Indemnified Party (which consent will not be unreasonably withheld), consent to entry of any judgment or enter into any
settlement or otherwise seek to terminate any action or proceeding in which any Indemnified Party is or could be a party and as to which indemnification or contribution could be sought by such Indemnified Party under this Article VI,
unless such judgment, settlement or other termination provides solely for the payment of money and includes as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release, in form and substance
reasonably satisfactory to the Indemnified Party, from all liability in respect of such claim or litigation for which such Indemnified Party would be entitled to indemnification hereunder. 

6.4 Contribution, etc. 

(a) If the indemnification provided for in this Article VI is unavailable to an Indemnified Party under
Sections 6.1 or 6.2 hereof in respect of any Losses or is insufficient to hold the Indemnified Party harmless, then each applicable Indemnifying Party (severally and not jointly), in lieu of indemnifying the Indemnified Party,
will contribute to the amount paid or payable by the Indemnified Party as a result of the Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party or Indemnifying Parties, on the one hand, and the
Indemnified Party, on the other hand, in connection with the actions, statements or omissions that resulted in the Losses as well as any other relevant equitable considerations. The relative fault of the Indemnifying Party or Indemnifying Parties,
on the one hand, and the Indemnified Party, on the other hand, will be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged
omission of a material fact, has been taken or made by, or related to information supplied by, the Indemnifying Party or Indemnifying Parties or the Indemnified Party, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such action, statement or omission. 
 (b) The parties hereto agree that it would not be just
and equitable if contribution pursuant to this Section 6.4 were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately
preceding paragraph. Notwithstanding anything contained in this Section 6.4 to the contrary, an Indemnifying Party that is a selling Holder will not be required to contribute any amount in excess of the amount by which the total net
proceeds (after any discounts, commissions, transfer taxes, fees and expenses) received by such Holder upon the sale of the Registrable Securities exceeds the amount of any damages which such selling Holder has, in the aggregate, otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution
from any Person who was not guilty of such fraudulent misrepresentation. 
  

 14 

 Article VII. Default Payment 

If (a) any Registration Statement is not filed within the time periods specified herein, (b) any Registration Statement is not
declared effective by the SEC or does not otherwise become effective on or prior to its required effectiveness date, (c) the Company fails to file with the SEC a request for acceleration in accordance with Rule 461 under the Securities Act
within ten Business Days of the date on which the Company is notified (orally or in writing, whichever is earlier) by the SEC that a Registration Statement will not be reviewed or is not subject to further review, or (d) after it has been
declared effective, such Registration Statement or related prospectus ceases for any reason to be effective and available to the Holders as to all Registrable Securities to which it is required to cover for more than an aggregate of 10 Business Days
((in each case, except as specifically permitted herein) (each, a “Registration Default”)), then the Company shall make a special payment to Holders in an amount equal to 1.50% per annum of the liquidation preference of each
share of Convertible Preferred Stock (and in the case of Registrable Securities that are Common Stock following conversion of the Convertible Preferred Stock, such amount shall be equal to 1.50% per annum of the liquidation preference of the
Convertible Preferred Stock that was converted into such Common Stock), payable in cash. Special payments shall accrue from the date of the applicable Registration Default until such Registration Default has been cured, and shall be payable
quarterly in arrears on each March 31, June 30, September 30 and December 31 following such Registration Default to the record holder of the Convertible Preferred Stock or Common Stock, as applicable, on the date that
is 15 days prior to such payment date, until paid in full. Special payments payable in respect of any Registration Default shall be computed on the basis of a 365-day year and the actual number of days elapsed. Special payments shall be payable only
with respect to a single Registration Default at any given time, notwithstanding the fact that multiple Registration Defaults may have occurred and be continuing. Notwithstanding anything in this Article VII to the contrary: (i) in no
event shall a Registration Default be deemed to have occurred and be continuing during any Blackout Period permitted hereunder and (ii) the Company shall not be liable for special payments under this Agreement as to any Registrable Securities
which: (A) are not permitted by the SEC to be included in a Registration Statement or (B) may be sold by the Holders pursuant to Rule 144 without compliance with volume limitations or other restrictions as determined by counsel to the
Company pursuant to a written opinion letter to such effect, addressed and acceptable to the Company’s transfer agent and the affected Holders. 

Article VIII. Free Writing Prospectuses 

Each Holder represents that it has not prepared or had prepared on its behalf or used or referred to, and agrees that it will not prepare
or have prepared on its behalf or use or refer to, any Free Writing Prospectus, and has not distributed and will not distribute any written materials in connection with the offer or sale of Common Stock or Convertible Preferred Stock without the
prior written consent of the Company and, in connection with any Underwritten Offering, the underwriters. Any such Free Writing Prospectus consented to by the Company and the underwriters, as the case may be, is hereinafter referred to as a
“Permitted Free Writing Prospectus.” The Company represents and agrees that it has treated and will treat, as the case may be, each Permitted Free Writing Prospectus as an Issuer Free Writing Prospectus, including in respect of
timely filing with the SEC, legending and record keeping. 
 Article IX. Rule 144 

To the extent the following make available the benefits of certain rules and regulations of the SEC which may permit the sale of
unregistered securities to the public without registration or pursuant to 
  

 15 

 
a registration on Form S-3, the Company agrees to (a) make and keep public information available as those terms are understood and defined in Rule 144; (b) use its reasonable efforts to
file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act; (c) furnish to any Holder promptly upon written request a written statement by the Company as to its
compliance with the reporting requirements of Rule 144 and of the Securities Act and the Exchange Act, a copy of the most recent annual or quarterly report of the Company and such other reports and documents as any Holder reasonably may request in
availing itself of any rule or regulation of the SEC allowing such Holder to sell any Registrable Securities without registration; and (d) take such other actions as may be reasonably required by the Company’s transfer agent to consummate
any distribution of Registrable Securities in accordance with the terms and conditions of Rule 144. 
 Article X. Participation in
Underwritten Offerings 
 Notwithstanding anything contained herein to the contrary, no Person may participate in any
Underwritten Offering pursuant to a registration hereunder unless that Person (a) agrees to sell its securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and
(b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 

Article XI. Miscellaneous 

11.1 Notices. All notices and other communications in connection with this Agreement shall be in writing and will be deemed given
(and will be deemed to have been duly given upon receipt) if delivered personally, sent via facsimile (with confirmation), mailed by registered or certified mail (return receipt requested) or delivered by an express courier (with confirmation) to
the parties at the following addresses (or at such other address for a party as will be specified by like notice): 
  

	 	(a)	If to the Company: 

Kennedy-Wilson Holdings, Inc. 

9701 Wilshire Blvd., Suite 700 

Beverly Hills, California 90212 

Facsimile: 310-887-3410 

Attention: Barry Schlesinger 

with a copy to: 

Loeb & Loeb LLP 

10100 Santa Monica Blvd., Site 2200 

Los Angeles, California 90067 

Facsimile: 310-919-3807 

Attention: Lawrence Venick, Esq. 
  

	 	(b)	If to the Investor: 

 Fairfax
Financial Holdings Limited 
 95 Wellington Street West 

Suite 800 

Toronto, ON 

Canada M5J 2N7 

Facsimile: 416-360-4946 

Attention: Paul Rivett, Vice President and Chief Legal Officer 

 

 16 

 with a copy to: 

Shearman & Sterling LLP 

Commerce Court West 

Suite 4405 

Toronto, ON 

Canada M5L 1E8 

Facsimile: 416-360-2958 

Attention: Stephen Centa, Esq. 

(c) If to any Holder (other than the Investor), to such Holder’s address on file with the Company’s transfer agent. 

11.2 Confidentiality. Each Holder will, and will cause its officers, directors, employees, legal counsel, accountants, financial
advisors and other representatives to, hold in confidence any material nonpublic information received by them pursuant to this Agreement, including without limitation any material nonpublic information included in any Registration Statement,
Prospectus or Issuer Free Writing Prospectus proposed to be filed with the SEC (until such Registration Statement, Prospectus or Issuer Free Writing Prospectus has been filed) or provided pursuant to Section 5.1(i) hereof. This
Section 11.2 shall not apply to any information which (a) is or becomes generally available to the public, (b) was already in the Holder’s possession from a non-confidential source prior to its disclosure by the Company,
(c) is or becomes available to the Holder on a non-confidential basis from a source other than the Company, provided that such source is not known by the Holder to be bound by confidentiality obligations or (d) is required to be disclosed
by law. 
 11.3 Assignment; Third Party Beneficiaries. Neither this Agreement nor any of the rights, interests or
obligations under this Agreement may be assigned by any of the parties (whether by operation of law or otherwise) without the prior written consent of the other party. This Agreement will be binding upon, inure to the benefit of and be enforceable
by each of the parties and their respective successors and assigns. This Agreement (including the documents and instruments referred to in this Agreement) is not intended to and does not confer upon any person other than the parties hereto any
rights or remedies under this Agreement. 
 11.4 Entire Agreement. This Agreement (including the documents and
instruments referred to in this Agreement) constitutes the entire agreement of the parties and supersedes all prior agreements and understandings, whether written or oral, between the parties with respect to the subject matter of this Agreement,
except that the parties hereto acknowledge that any confidentiality agreements heretofore executed among the parties shall continue in full force and effect. 

11.5 Waivers and Amendments. This Agreement may be amended, modified, superseded, cancelled, renewed or extended, and the terms
and conditions of this Agreement may be waived, only by a written instrument signed by the Investor and the Company or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power or
privilege pursuant to this Agreement will operate as a waiver thereof, nor will any waiver on the part of any party of any right, power or privilege pursuant to this Agreement, nor will any single or partial exercise of any right, power or privilege
pursuant to this Agreement, preclude any other or further exercise thereof or the exercise of any other right, power or privilege pursuant to this Agreement. The rights and remedies provided pursuant to this Agreement are cumulative and are not
exclusive of any rights or remedies which any party otherwise may have at law or in equity. 
  

 17 

 11.6 Counterparts. This Agreement may be executed in any number of counterparts, all
of which will be considered one and the same agreement and will become effective when counterparts have been signed by each of the parties and delivered to the other party (including via facsimile or other electronic transmission), it being
understood that each party need not sign the same counterpart. 
 11.7 Governing Law; Venue. 

(a) THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK. 

(b) To the fullest extent permitted by applicable law, each party hereto (i) agrees that any claim, action or proceeding by such
party seeking any relief whatsoever arising out of, or in connection with, this Agreement or the transactions contemplated hereby shall be brought only in the United States District Court for the Southern District of New York and in any New York
State court located in the Borough of Manhattan and not in any other State or Federal court in the United States of America or any court in any other country, (ii) agrees to submit to the exclusive jurisdiction of such courts located in the
State of New York for purposes of all legal proceedings arising out of, or in connection with, this Agreement or the transactions contemplated hereby, and (iii) irrevocably waives any objection which it may now or hereafter have to the laying
of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum. 

11.8 Headings. The headings in this Agreement are for reference purposes only and will not in any way affect the meaning or
interpretation of this Agreement. 
 11.9 Specific Performance. The parties acknowledge and agree that any breach of the
terms of this Agreement would give rise to irreparable harm for which money damages would not be an adequate remedy, and, accordingly, the parties agree that, in addition to any other remedies, each will be entitled to enforce the terms of this
Agreement by a decree of specific performance without the necessity of proving the inadequacy of money damages as a remedy and without the necessity of posting bond. 

[Signature Page Follows] 
  

 18 

 IN WITNESS WHEREOF, the parties have caused this Registration Rights Agreement to be
executed and delivered by their duly authorized representatives as of the date first written above. 
  

					
	KENNEDY-WILSON HOLDINGS, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	FAIRFAX FINANCIAL HOLDINGS LIMITED
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 [Signature Page to the Registration Rights Agreement]Shareholders Agreement

 EXHIBIT 10.3 

EXECUTION COPY 

SHAREHOLDERS AGREEMENT 

This SHAREHOLDERS AGREEMENT (as the same may hereafter be amended, supplemented, restated or otherwise
modified, this “Shareholders Agreement”) is entered into as of this
13th day of August, 2010 by and among
(a) KENNEDY-WILSON HOLDINGS, INC., a Delaware corporation (together with any successors and assigns who become such in accordance herewith, the “Company”), (b) FAIRFAX FINANCIAL HOLDINGS LIMITED, a Canadian
corporation (together with its successors and assigns, “Fairfax”), (c) William J. McMorrow (“McMorrow”) and (d) the William J. McMorrow Revocable Trust (the “Trust” and, together with
McMorrow and Fairfax, the “Shareholders”). 
 RECITALS 

A. The Company is a party to that certain Convertible Series B Preferred Stock Purchase Agreement, dated as of August 11, 2010 (the
“Securities Purchase Agreement”), by and between the Company and Fairfax pursuant to which the Company has agreed to issue and sell 32,550 shares of its Series B Preferred Stock (the “Shares”). 

B. Each of the Shareholders hold, directly or indirectly, that number of shares of Preferred Stock, Common Stock or other Securities set
forth opposite their respective names on Schedule 1 attached hereto. 
 C. To induce Fairfax to enter into the
Securities Purchase Agreement and consummate the transactions contemplated therein, the Company, the Trust and McMorrow have agreed to enter into this Shareholders Agreement with Fairfax to create and define certain rights as among and between
themselves as further specified herein. 
 NOW THEREFORE, in consideration of the foregoing and the mutual promises
herein contained, the Company, Fairfax, the Trust and McMorrow mutually agree as follows. 
 1. DEFINITIONS 

Capitalized terms used herein and not otherwise defined shall have the respective meanings ascribed to such terms in the Securities
Purchase Agreement. As used in this Shareholders Agreement, the following terms have the following meanings: 

(a) “Affiliate” means, at any time, and with respect to any Person, any other Person that at such time
directly or indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person, and, with respect to the Company, shall include any Person beneficially owning or holding, directly or
indirectly, 20% or more of any class of voting or equity interests of the Company, or any Subsidiary or any corporation of which the Company and its Subsidiaries beneficially own or hold, in the aggregate, directly or indirectly, 20% or more of any
class of voting or equity interests. As used in this definition, “Control” means the possession, directly or indirectly, of the power to direct or cause the” direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise. Unless the context otherwise clearly requires, any reference to an “Affiliate” is a reference to an Affiliate of the Company. 

 (b) “Board of Directors” means the board of directors (or
similar governing body) of the Company. 
 (c) “Business Day” means any day, other than a
Saturday or Sunday or a national or California state holiday or a day on which banking institutions in the States of California and New York are authorized or obligated by law, regulation or executive order to close. 

(d) “Common Stock” means the Common Stock of the Company, $.0001 par value. 

(e) “Convertible Securities” means any securities or other instruments that are convertible into or
exercisable or exchangeable for Common Stock, including the Shares. 
 (f) “Fairfax Group” means
Fairfax and its Affiliates. 
 (g) “Family Group” means (a) the parents, spouse and
descendants (by birth or adoption) of McMorrow, (b) any custodian of a custodianship for and on behalf of McMorrow or his parents, spouse or descendants (by birth or adoption), (c) any trustee of a trust solely for the benefit of McMorrow
or his parents, spouse or descendants (by birth or adoption) or (d) any limited partnership solely for the benefit of McMorrow or his parents, spouse or descendants (by birth or adoption). 

(h) “Fully-Diluted Basis” shall mean the number of shares of Common Stock which would be outstanding, as
of the date of computation, if all vested and outstanding Purchase Rights and Convertible Securities had been converted, exercised or exchanged; provided, however, that any Purchase Rights and Convertible Securities which are subject
to vesting but have not vested as of the date of computation will be disregarded for purposes of determining Fully-Diluted Basis. 

(i) “Permitted Transfer” means a Transfer of Securities: 

(i) between McMorrow and McMorrow’s Family Group (whether inter vivos or upon death); provided,
however, that, prior to any such Transfer, McMorrow must demonstrate to the reasonable satisfaction of the Company and Fairfax that McMorrow will retain, until his death, all rights to vote and Transfer the Securities that are proposed to be
Transferred to McMorrow’s Family Group; 
 (ii) by McMorrow if he is deceased or adjudicated incompetent to
the personal representative of McMorrow; 
 (iii) by the personal representative of McMorrow if he is deceased or
adjudicated incompetent to McMorrow’s Family Group; and 
 (iv) by the Trust to the Affiliates of McMorrow;
provided, however, that, prior to any such Transfer, McMorrow must demonstrate to the reasonable satisfaction of the Company and Fairfax that McMorrow will retain, until his death, all rights to vote and Transfer the Securities that
are proposed to be Transferred to McMorrow’s Affiliates. 
  

 2 

 Notwithstanding the foregoing, no Permitted Transfer shall be effective unless and until the
transferee of the Securities so Transferred, if such transferee is not a party to this Shareholders Agreement, agrees to be bound by the terms and conditions of this Shareholders Agreement. 

(j) “Person” means an individual, partnership, corporation, limited liability company; association,
trust, unincorporated organization, business entity or governmental authority. 
 (k) “Preferred
Stock” means shares of the Company which shall be entitled to preference or priority over any other shares of the Company in respect of either the payment of dividends or the distribution of assets upon liquidation. 

(l) “Purchase Rights” means options, warrants or other rights to purchase or subscribe for Common Stock
or Convertible Securities. 
 (m) “Purchaser Securities” means the Shares and the shares of
Common Stock issuable upon the conversion of the Shares in accordance with the terms of the Shares. 
 (n)
“Securities” or “Security” means Common Stock, Preferred Stock, Convertible Securities, Purchase Rights and any other shares of capital stock or equity interests of the Company, whether or not issued or outstanding
on the date of this Shareholders Agreement. 
 (o) “Securities Act” means the Securities Act of
1933, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 

(p) “Subsidiary” or “Subsidiaries” means, as to any Person, any other Person in which
such first Person or one or more of its Subsidiaries or such first Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a
majority of the directors (or Persons performing similar functions) of such second Person, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such first Person or one or more of its
Subsidiaries or such first Person and one or more of its Subsidiaries (unless such partnership or joint venture can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries). Unless
the context otherwise clearly requires, any reference to a “Subsidiary” is a reference to a Subsidiary of the Company. 

(q) “Transfer” means any direct or indirect transfer, donation, sale, assignment, pledge, encumbrance,
hypothecation, gift, creation of a security interest in or lien on, or other disposition, irrespective of whether any of the foregoing are effected with or without consideration, voluntarily or involuntarily, directly or indirectly, by operation of
law or otherwise, inter vivos or upon death. 
  

 3 

 (r) “Voting Stock” means capital stock (or other equity
interests) of any class or classes of the Company, the holders of which are ordinarily, in the absence of contingencies, entitled to vote in the election of corporate directors (or individuals performing similar functions) of the Company or which
permit the holders thereof to control the management of the Company. 
 2. REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

The Company represents and warrants to each of McMorrow, the Trust and Fairfax as follows: 

(a) The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of
Delaware. 
 (b) The Company has full corporate power and corporate authority to make, execute, deliver and
perform this Shareholders Agreement and to carry out all of the transactions provided for herein without the need for the consent of any other Person. 

(c) This Shareholders Agreement constitutes the legal, valid and binding obligation of the Company, enforceable against
the Company in accordance with the terms hereof, except as such enforcement may be limited by bankruptcy, insolvency and other similar laws affecting the enforcement of creditors’ rights generally. 

(d) Schedule 1 hereto sets forth a true, accurate and complete list of the shares of capital stock (on a
Fully-Diluted Basis) held by each of the Shareholders as of the date hereof and the percentage of the total capital stock of the Company held by such Shareholder (determined on a Fully-Diluted Basis). 

3. REPRESENTATIONS, WARRANTIES AND COVENANTS OF MCMORROW AND THE TRUST 

Each of McMorrow and the Trust represents and warrants to, and covenants and agrees with, the Company and Fairfax that: 

(a) Such Shareholder has full legal right, power and authority to enter into this Shareholders Agreement and to perform
such Shareholder’s obligations hereunder without the need for the consent of any other Person. 
 (b) This
Shareholders Agreement has been duly authorized, executed and delivered by, and constitutes the legal, valid and binding obligation of, such Shareholder, enforceable against such Shareholder in accordance with the terms hereof, except as such
enforcement may be limited by bankruptcy, insolvency and other similar laws affecting the enforcement of creditors’ rights generally. 

(c) Such Shareholder is the record and beneficial owner of the Securities set forth opposite such Shareholder’s name
on Schedule 1, free and clear from any purchase, sale or other right or restriction of any third party, other than as provided in this Shareholders Agreement. 

 

 4 

 (d) Except as set forth in this Shareholders Agreement; such Shareholder
(i) has not granted or entered into, and will not grant or enter into, any proxy, and (ii) has not entered into or agreed to be bound by, and will not enter into or agree to be bound by, (A) any voting trust or other voting
arrangement with respect to the Securities, or (B) any stockholders agreements or arrangements of any kind with any Person with respect to the Securities on terms which conflict with or violate any provision of this Shareholders Agreement,
including but not limited to, agreements or arrangements with respect to the acquisition, disposition, Transfer or voting of Securities inconsistent with this Shareholders Agreement. 

(e) The execution, delivery and performance of this Shareholders Agreement by such Shareholder does not and will not
conflict with, violate or cause a breach of any document, agreement, contract or instrument to which such Shareholder is a party or any judgment, order or decree to which such Shareholder is subject. 

4. REPRESENTATIONS, WARRANTIES AND COVENANTS OF FAIRFAX 

Fairfax represents and warrants to, and covenants and agrees with, the Company, the Trust and McMorrow that: 

(a) Fairfax has full legal right, power and authority to enter into this Shareholders Agreement and to perform its
obligations hereunder without the need for the consent of any other Person. 
 (b) This Shareholders Agreement
has been duly authorized, executed and delivered by, and constitutes the legal, valid and binding obligation of, Fairfax, enforceable against Fairfax in accordance with the terms hereof, except as such enforcement may be limited by bankruptcy,
insolvency and other similar laws affecting the enforcement of creditors’ rights generally. 
 (c) Fairfax
is the beneficial owner of the Securities set forth opposite its name on Schedule 1, free and clear from any purchase, sale or other right or restriction of any third party, other than as provided in this Shareholders Agreement. 

(d) The execution, delivery and performance of this Shareholders Agreement by Fairfax does not and will not conflict with,
violate or cause a breach of any document, agreement, contract or instrument to which Fairfax a party or any judgment, order or decree to which Fairfax is subject. 

5. STOCK DIVIDENDS, SPLITS, RECLASSIFICATIONS, MERGERS, ETC. 

Each Shareholder acknowledges and agrees that Securities issued by the Company pursuant to a stock dividend, stock split, reclassification
or like action, or pursuant to the exercise of a right granted by the Company to all holders of Securities to purchase Securities on a proportionate basis, will be treated for all purposes in the same manner as, and be subject to the same options
and have the same rights and limitations on Transfer as, the Securities which were split or reclassified or with respect to which a stock dividend was paid or rights to purchase stock on a proportionate basis were granted. In the event of a merger
of or exchange involving the 
  

 5 

 
Company where this Shareholders Agreement does not terminate, partnership units, membership units, shares of common stock or similar equity interests (and/or securities convertible into such
units, shares or similar equity interests) which are issued in exchange for Securities will thereafter be deemed to be Securities subject to the terms of this Shareholders Agreement. 

6. BOARD REPRESENTATION 
 6.1.
Boards of Directors. 
 Each of the Company, the Trust and McMorrow agrees to vote all shares of Voting Stock held by the
Company, the Trust and McMorrow, respectively, in favor of the person designated by Fairfax to be elected to the Company’s Board of Directors pursuant to Section 7.1 of the Securities Purchase Agreement. 

6.2. Remedies. 

The Company, the Trust and McMorrow agree that the remedies of Fairfax at law in respect of any breach by the Trust, McMorrow or the
Company of their respective obligations pursuant to this Section 6 would be inadequate and that, upon any finding by any court of competent jurisdiction that the Trust, McMorrow or the Company has breached any such obligation, Fairfax shall be
entitled to, and the Company, the Trust and McMorrow agree that they will not contest, upon any such finding of any such breach, the award of specific performance and injunctive relief in favor of Fairfax and compelling the Company, the Trust and
McMorrow to comply with such obligations. 
 7. TAG-ALONG RIGHTS IN RESPECT OF SALE OF STOCK 

7.1. Right to Transfer Proportionate Number of Shares. 

If the Trust or McMorrow proposes, at any time or from time to time, to Transfer any Securities to any Person (including the Company) (the
“Proposed Buyer”) in a transaction or in a series of related transactions which would result in the Trust and McMorrow beneficially owning less than an aggregate of 20% of the Common Stock of the Company (determined on a
Fully-Diluted Basis; provided, however, that any warrants to purchase Common Stock that are outstanding as of the date of computation will be disregarded for purposes of determining Fully-Diluted Basis under this Section 7.1)
after giving effect to such Transfer (any such transaction or series of transactions, a “Tag-Along Sale”), then, as part of such transaction or series of transactions, the Fairfax Group shall have the right (but not the obligation)
to Transfer a Proportionate Amount of Common Stock then held by the Fairfax Group (including any shares of Common Stock issuable upon conversion of Convertible Securities to the extent that such Convertible Securities have not then been converted)
at the same price and on the same terms and conditions, and to the same purchaser or purchasers (in the case of a private sale) or to the public (in the case of a public sale), in accordance with this Section 7. 

 

 6 

 For purposes of this Section 7, the “Proportionate Amount” which
Fairfax shall be entitled to sell with respect to any Tag-Along Sale shall be equal to the product (calculated as of the date of such proposed Tag-Along Sale) of: 

(a) the total number of shares represented by or underlying the Securities proposed to be sold in such Tag-Along Sale by
McMorrow and/or the Trust, multiplied by 
 (b) the quotient of: 

(i) the aggregate number of shares of Common Stock owned by the Fairfax Group immediately prior to such Tag-Along Sale, on
a Fully-Diluted Basis (including any shares of Common Stock issuable upon conversion of Convertible Securities), divided by 

(ii) the aggregate number of shares of Common Stock owned by McMorrow, the Trust and the Fairfax Group immediately prior
to such Tag-Along Sale, on a Fully-Diluted Basis (including any shares of Common Stock issuable upon conversion of Convertible Securities). 

Notwithstanding anything herein to the contrary, the number of shares of Common Stock permitted to be sold by McMorrow and/or the Trust
hereunder is equal to (x) the number of shares of Common Stock specified in clause (a) above minus (y) the aggregate number of shares of Common Stock to be sold in such transaction by the Fairfax Group pursuant to this
Section 7. 
 7.2. Notice of Proposed Tag-Along Sale. 

If McMorrow or the Trust intends to Transfer any Securities in a Tag-Along Sale, then McMorrow shall provide written notice to Fairfax of
such intention not less than thirty (30) days prior to the closing of such proposed Tag-Along Sale. Such written notice (the “Notice of Sale”) shall state (i) the date upon which such proposed Tag-Along Sale is scheduled
to close, (ii) the name and address of the Proposed Buyer, (iii) the proposed amount of consideration and the terms and conditions offered by such Proposed Buyer (and, if the proposed consideration is not all cash, the Tag-Along Notice
shall describe the terms of the proposed consideration), and (iv) that the Proposed Buyer has been informed of the rights and obligations provided for in this Section 7 and has agreed to purchase Securities in accordance with the terms of
this Shareholders Agreement. A complete and accurate copy of the Proposed Buyer’s offer to purchase the Securities from McMorrow and/or the Trust shall be attached to any such Notice of Sale. 

7.3. Election by Fairfax. 

Upon receipt of a Notice of Sale, Fairfax shall have twenty (20) days to deliver written notice of its election to participate in
such Tag-Along Sale and the number of shares of Common Stock (including any shares of Common Stock issuable upon conversion of Convertible Securities) which the Fairfax Group are electing to Transfer, which number shall not exceed Fairfax’s
Proportionate Amount. If Fairfax delivers such notice within said twenty (20) day period, then it shall sell the shares of Common Stock specified therein upon the same terms and conditions as are applicable to the sale by McMorrow and/or the
Trust and, to the extent 
  

 7 

 
necessary for such sale, shall convert the Convertible Securities held by the Fairfax Group into Common Stock prior to the consummation thereof. If such notice is not received from Fairfax within
the twenty (20) day period specified above, McMorrow and/or the Trust, as applicable, shall have the right to Transfer the Securities to the Proposed Buyer without any participation by the Fairfax Group, but only (i) on the terms and
conditions stated in the Notice of Sale and (ii) if the sale of such Common Stock is consummated not later than sixty (60) days after the end of such twenty (20) day period. 

7.4. Expense of Tag-Along Sale. 

All expenses and costs incurred by any Shareholder in connection with any Tag-Along Sale, including, without limitation, the fees and
expenses of any legal counsel retained by such Shareholder in connection with such Tag-Along Sale, shall be borne by such Shareholder individually. 

7.5. Transactions Exempt from Tag-Along Rights. 

Notwithstanding anything to the contrary contained in this Section 7; neither (a) a Transfer which constitutes a Permitted
Transfer, nor (b) a sale pursuant to an effective registration statement under the Securities Act, shall be deemed a sale subject to the rights and restrictions contained in this Section 7. 

8. MISCELLANEOUS 
 8.1. Notices.

 All communications hereunder shall be in writing, shall be delivered by nationwide overnight courier, or facsimile
transmission (confirmed by delivery by nationwide overnight courier sent on the day of the sending of such facsimile transmission), and 
  

	 	(a)	if to the Company, at: 

Kennedy-Wilson Holdings, Inc. 

9701 Wilshire Boulevard, Suite 700 

Beverly Hills, California 90212 

Attention: Chairman and Chief Executive Officer 

with a copy to: 

Kent Y. Mouton, Esq. 

Kulik, Gottesman, Mouton & Siegel, LLP 

15303 Ventura Boulevard, Suite 1400 

Sherman Oaks, California 91403 

Facsimile: (310) 557-0224 
  

 8 

 or such other address as the Company shall designate to Fairfax and McMorrow in writing;
and 
  

	 	(b)	if to Fairfax, at: 

 Fairfax
Financial Holdings Limited 
 95 Wellington Street West 

Suite 800 

Toronto, ON 

Canada M5J 2N7 

with a copy to: 

Stephen Centa, Esq. 

Shearman & Sterling LLP 

Commerce Court West 

Suite 4405 

Toronto, ON 

Canada M5L 1E8 

Facsimile: (416) 360-2958 

or such other address as Fairfax shall designate to the Company and McMorrow in writing; and 

 

	 	(c)	If to McMorrow or the Trust, at 

William J. McMorrow 

c/o Kennedy-Wilson Holdings, Inc. 

9701 Wilshire Boulevard, Suite 700 

Beverly Hills, California 90212 

with a copy to: 

Lawrence Venick, Esq. 

Loeb & Loeb LLP 

10100 Santa Monica Blvd., Suite 2200 

Los Angeles, California 90067 

Facsimile: (310) 919-3807 

or such other address as McMorrow shall designate to Fairfax in writing. 

Any communication addressed and delivered as herein provided shall be deemed to be received when actually delivered to the address of the
addressee (whether or not delivery is accepted) or received by the facsimile machine of the recipient. Any communication not so addressed and delivered shall be ineffective. 

 

 9 

 The Company, upon the written request of any holder of Securities, will promptly supply such
holder with a list of the names and addresses of each party hereto at such time. 
 8.2. Counterparts. 

This Shareholders Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed
to be an original, and all such counterparts, shall together constitute but one and the same instrument. 
 8.3. Amendments.

 Any amendment to this Shareholders Agreement shall be in writing and shall require the written consent of (i) the
Company, (ii) Fairfax and (iii) if materially adverse to the interests of McMorrow or the Trust, McMorrow or the Trust, respectively. 

8.4. Termination. 

From and after the date that a Shareholder ceases to own, directly or indirectly, any Securities (including any shares of Common Stock
issuable upon conversion of Convertible Securities), such Shareholder will no longer be deemed to be a Shareholder for purposes of this Shareholders Agreement and all rights and obligations such Shareholder may have under this Shareholders Agreement
will terminate. 
 8.5. Descriptive Headings. 

Descriptive headings of the several sections of this Shareholders Agreement are inserted for convenience only and shall not control or
affect the meaning or construction of any of the provisions hereof. 
 8.6. Severability. 

The fact that any given provision of this Shareholders Agreement is found to be unenforceable, void or voidable under the laws of any
jurisdiction shall not affect the validity of the remaining provisions of this Shareholders Agreement in such jurisdiction, and shall not affect the enforceability of the entire Shareholders Agreement under the laws of any other jurisdiction.

 8.7. Governing Law. 

This Shareholders Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the
law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State. 

8.8. Successors and Assigns. 

Except as expressly set forth in Section 6 hereof, all covenants and other agreements contained in this Shareholders Agreement by or
on behalf of any of the parties hereto bind and inure to the benefit of their respective successors and assigns whether so expressed or not. 
  

 10 

 8.9. Waiver of Jury Trial. 

The parties hereto hereby waive trial by jury in any action brought on or with respect to this Shareholders Agreement, the Shares or any
other document executed in connection herewith or therewith. 
 8.10. Construction, etc. 

Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant
contained herein, so that compliance with anyone covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person, or which
such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. For the avoidance of doubt, all Schedules and Exhibits attached to this Shareholders Agreement shall be
deemed to be a part hereof. 
 [Remainder of page intentionally left blank. Next page is signature page.] 

 

 11 

 IN WITNESS WHEREOF, the parties hereto have caused this Shareholders Agreement to be
duly executed and delivered, all as of the date and year first above written. 
  

			
	KENNEDY-WILSON HOLDINGS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Shareholder’s Agreement - Kennedy-Wilson] 

			
	FAIRFAX FINANCIAL HOLDINGS LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Shareholder’s Agreement - Kennedy-Wilson]

			
	  

	WILLIAM J. MCMORROW
	
	WILLIAM J. MCMORROW REVOCABLE TRUST
	
	  

	By:	 	WILLIAM J. MCMORROW, TRUSTEE

[Signature Page to Shareholder’s Agreement - Kennedy-Wilson] 

 SCHEDULE 1 

SCHEDULE OF HOLDERS 
  

			
	 Name and Address
	  	 Securities Held

		
	 William J. McMorrow
 c/o
Kennedy-Wilson Holdings, Inc.
 9701 Wilshire Boulevard

Suite 700
 Beverly Hills, California
90212
	  	898,714 shares of Common
Stock1
		
	 William J. McMorrow Revocable Trust

c/o Kennedy-Wilson Holdings, Inc.
 9701 Wilshire
Boulevard
 Suite 700
 Beverly Hills,
California 90212
	  	12,760,369 shares of Common Stock
		
	 Fairfax Financial Holdings Limited

95 Wellington Street West
 Suite 800

Toronto, ON
 Canada M5J 2N7
	  	100,000 shares of Series A Preferred Stock

  

 

	1
	 Includes shares of Common Stock held by John & Sons Retirement Trust, which William McMorrow serves as trustee of.

 Schedule 1-1

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