Document:

Exhibit

Exhibit 4.16
DESCRIPTION OF REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF
THE SECURITIES EXCHANGE ACT OF 1934
The following is a brief description of the common stock (“Common Stock”) of Kennedy-Wilson Holdings, Inc. (the “Company”) registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). This description of the terms of the Company’s Common Stock does not purport to be complete and is subject to and qualified in its entirety by reference to the applicable provisions of the Delaware General Corporation Law (“DGCL”), and the full text of the Company’s amended and restated certificate of incorporation (the “Certificate of Incorporation”), and the Company’s amended and restated bylaws (“bylaws”), copies of which are incorporated by reference to this Annual Report on Form 10-K.
General
The Company’s Certificate of Incorporation authorizes the issuance of 200,000,000 shares of common stock, par value $0.0001. The principal stock exchange on which the Company’s Common Stock is listed is the New York Stock Exchange under the symbol “KW.” All outstanding shares of Common Stock are validly issued, fully paid and nonassessable. 
Common Stock
Voting Rights. Holders of Common Stock have exclusive voting rights for the election of the Company’s directors and all other matters requiring stockholder action, except with respect to amendments to the Company’s Certificate of Incorporation that alter or change the powers, preferences, rights or other terms of any outstanding preferred stock if the holders of such affected series of preferred stock are entitled to vote on such an amendment. Holders of Common Stock are entitled to one vote per share on matters to be voted on by stockholders.
Dividend Rights. Holders of Common Stock are entitled to receive such dividends, if any, as may be declared from time to time by the Company’s board of directors in its discretion out of funds legally available therefor. The payment of dividends, if ever, on the Common Stock will be subject to (i) the prior payment of dividends on any outstanding shares of preferred stock, and (ii) compliance with any applicable limitation in the Company’s debt agreements.
Right to Receive Liquidation Distributions. In the event of the liquidation or dissolution of the Company, holders of Common Stock are entitled to share ratably in all assets remaining after payment of liabilities. 
No Preemptive or Similar Rights. Holders of Common Stock have no conversion, preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable to the Common Stock. 

Series A Preferred Stock
Certain provisions of the Company’s 5.75% Series A cumulative perpetual convertible preferred stock (the “Series A Preferred Stock”) qualify the rights of holders of the Company’s Common Stock. Subject to certain limited restrictions, holders of the Series A Preferred Stock have the right to vote, on an as-converted basis, together with holders of the outstanding shares of the Company’s Common Stock as a single class, on any and all matters requiring the vote of the Company’s common stockholders under applicable law and on all other matters put before holders of the Company’s Common Stock for a vote. In addition, if full dividends on all outstanding shares of Series A Preferred Stock (and all other securities ranking on parity with the Series A Preferred Stock) for all prior completed dividend periods have not been paid (or declared and a sum sufficient for the payment thereof set aside), then, subject to certain exceptions, the Company may not (i) declare or pay, or set aside for payment, any dividend or other distribution on the Company’s Common Stock; or (ii) purchase or otherwise acquire for consideration any shares of the Company’s Common Stock. In the event that the Company voluntarily or involuntarily liquidates, dissolves or winds up, the holders of the Series A Preferred Stock will be entitled to receive liquidating distributions in an amount equal to $1,000 per share of Series A Preferred Stock, plus all accrued and unpaid dividends to, and including, the date of such liquidation, out of assets legally available for distribution to the Company’s stockholders, before any distribution of assets can be made to the holders of the Company’s Common Stock or the Company’s other securities that rank junior to the Series A Preferred Stock.
Transfer Agent
The transfer agent and registrar for the Company’s Common Stock is Continental Stock Transfer & Trust Company. Its telephone number is (212) 509-4000. 
Board of Directors
The Company’s board of directors is divided into three classes, each of which generally serve for a term of three years with only one class of directors being elected in each year. In the case of an election of directors, where a quorum is present, a majority of the votes case will be required to elect each director in an uncontested election, but a plurality of the votes cast will be sufficient to elect a director in a contested election. There is no cumulative voting with respect to the election of directors.
Exclusive Forum Provision
The Company’s bylaws provide that unless the Company consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware will, to the fullest extent permitted by the law, be the sole and exclusive forum for (1) any derivative action or proceeding brought on the Company’s behalf, (2) any action asserting a claim of breach of a fiduciary duty owed by any of the Company’s current or former directors, officers, other employees or the Company’s stockholders to the Company or the Company’s stockholders, (3) any action asserting a claim arising pursuant to any provision of the Delaware General Corporation Laws, the Company’s Certificate of Incorporation or bylaws or to which the DGCL confers jurisdiction on the Court of Chancery of the State of Delaware, or (4) any action asserting a claim governed by the internal affairs doctrine.

The Company does not intend for the exclusive forum provision to apply to suits brought to enforce any duty or liability created by the Securities Exchange Act of 1934, as amended, or the rules and regulations thereunder, or any other claim for which the federal courts have exclusive jurisdiction. The Company also notes that federal courts have concurrent jurisdiction over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder. The Company notes that there is uncertainty as to whether a court would enforce this provision and that investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder.Exhibit

EXECUTION VERSION
Exhibit 10.54

JOINDER AGREEMENT 
JOINDER AGREEMENT, dated as of November 13, 2019 (this “Joinder Agreement”), made by the Subsidiaries signatory hereto (each, a “New Guarantor”) in favor of Bank of America, N.A., as administrative agent (in such capacity, together with its successors and assigns, the “Administrative Agent”) for the Lenders referred to in that certain Amended and Restated Credit Agreement, dated as of October 20, 2017 (as amended, restated, amended and restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement;” the terms defined therein being used herein as therein defined), among Kennedy-Wilson, Inc., a Delaware corporation (the “Parent Borrower”), the Designated Borrowers from time to time party thereto, Kennedy-Wilson Holdings, Inc. and its subsidiaries from time to time party thereto as guarantors, the Lenders from time to time party thereto, Bank of America, N.A., as Administrative Agent, and Bank of America, N.A. and JPMorgan Chase Bank, N.A. as L/C Issuers.   
1.Each New Guarantor, hereby acknowledges that it has received and reviewed a copy of the Credit Agreement, and acknowledges and agrees to:
(a)    join the Credit Agreement as a Guarantor, as indicated with its signature below; 
(b)    be bound by all covenants, agreements and acknowledgments attributable to a Guarantor in the Credit Agreement; and 
(c)    perform all obligations and duties required of it by the Credit Agreement.
2.    Each New Guarantor represents and warrants that the representations and warranties contained in Article V of the Credit Agreement as they relate to such New Guarantor or which are contained in any other Loan Document under or in connection herewith are true and correct in all material respects on and as of the date hereof, except (i) to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, (ii) any representation or warranty that is already by its terms qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects as of such applicable date (including such earlier date set forth in the foregoing clause (i)) after giving effect to such qualification and (iii) that for purposes of this certification, the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01.
3.    The name, type of organization, jurisdiction of incorporation or organization and taxpayer identification number (or, in the case of a Foreign Subsidiary, the true and correct unique identification number that has been issued to such Foreign Subsidiary by its jurisdiction of organization, if any) of each New Guarantor is set forth in Annex I to this Joinder Agreement.
4.    This Joinder Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single agreement.
5.    Except as expressly supplemented hereby, the Credit Agreement and the Guaranty shall remain in full force and effect.
6.    THIS JOINDER AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS JOINDER AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
[Signature Page Follows]

IN WITNESS WHEREOF, each of the undersigned has caused this Joinder Agreement to be duly executed and delivered by its proper and duly authorized officer as of the day and year first above written.
KW 2013EE LLC
KW EU PRS INVESTOR, LLC
KW ROSEWOOD PREMIERE, LLC
KW RIVER POINTE PREMIER, LLC
KW KAWANA SPRINGS, LLC
KW QUEBEC PARTICIPANT, LLC
KW QUEBEC ASSET MANAGER, LLC
KW REAL ESTATE II EQUITY, LLC
KW REAL ESTATE II CARRY, LLC
KW REAL ESTATE II GP, LLC
KW SUNSET CP PARTICIPANT, LLC
KW SUNSET CP ASSET MANAGER, LLC
KW CP WEST HILLS PARTICIPANT, LLC
KW CP WEST HILLS ASSET MANAGER, LLC
KW LINDER ROAD, LLC
KW SEATTLE OFFICE PORTFOLIO GP, LLC
KW CDO INVESTOR, LLC
KW HAMILTON LANDING – LAND, LLC
KW RANCHO MIRAGE LOAN, LLC
KW SUNSET NORTH, LLC
KW HEIGHTS INVESTOR, LLC
KW BURLINGAME POINT LOAN, LLC, 
each as a New Guarantor 

		
	By:
	/s/ Kent Mouton    

Name:  Kent Mouton
Title:    President

ACKNOWLEDGED AND AGREED TO: 
BANK OF AMERICA, N.A., 
as Administrative Agent

By:    /s/ Tiffany Lin    
Name:  Tiffany Lin
Title:   Assistant Vice President 

KENNEDY-WILSON, INC., 
as the Parent Borrower

By:    /s/ Kent Mouton    
Name:  Kent Mouton
Title:    Vice President

ANNEX I 
TO JOINDER AGREEMENT
	
				
	Name of 
Guarantor
	Type of Organization
	Jurisdiction of Incorporation/Organization
	Taxpayer ID/ 
Identification Number

	KW 2013EE LLC
	Limited liability company
	Delaware
	46-3926730

	KW EU PRS Investor, LLC
	Limited liability company
	Delaware
	46-3926759

	KW Rosewood Premiere, LLC
	Limited liability company
	Delaware
	46-3926828

	KW River Pointe Premier, LLC
	Limited liability company
	Delaware
	46-3926914

	KW Kawana Springs, LLC
	Limited liability company
	Delaware
	46-3926967

	KW Quebec Participant, LLC
	Limited liability company
	Delaware
	46-3927000

	KW Quebec Asset Manager, LLC
	Limited liability company
	Delaware
	46-3927085

	KW Real Estate II Equity, LLC
	Limited liability company
	Delaware
	46-3927126

	KW Real Estate II Carry, LLC
	Limited liability company
	Delaware
	46-3927168

	KW Real Estate II GP, LLC
	Limited liability company
	Delaware
	46-3927224

	KW Sunset CP Participant, LLC
	Limited liability company
	Delaware
	46-3927274

	KW Sunset CP Asset Manager, LLC
	Limited liability company
	Delaware
	46-3927324

	KW CP West Hills Participant, LLC
	Limited liability company
	Delaware
	46-3927382

	KW CP West Hills Asset Manager, LLC
	Limited liability company
	Delaware
	46-3927427

	KW Linder Road, LLC
	Limited liability company
	Delaware
	46-3927471

	KW Seattle Office Portfolio GP, LLC
	Limited liability company
	Delaware
	46-3927557

	KW CDO Investor, LLC
	Limited liability company
	Delaware
	46-3927600

	KW Hamilton Landing – Land, LLC
	Limited liability company
	Delaware
	46-3938712

	KW Rancho Mirage Loan, LLC
	Limited liability company
	Delaware
	46-3938770

	KW Sunset North, LLC
	Limited liability company
	Delaware
	46-3938810

	KW Heights Investor, LLC
	Limited liability company
	Delaware
	81-4189146

	KW Burlingame Point Loan, LLC
	Limited liability company
	Delaware
	81-4189356

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