Document:

Exhibit 10.3

 

	
  Boise Cascade, L.L.C.

  1111 West Jefferson
  Street, Suite 300

  PO Box 50  Boise, ID 83728-5389

  T 208 384 6161

  www.bc.com

  	
  

  

 

 

CONFIDENTIAL

 

 

August 11,
2009

 

 

Mr. Wayne
M. Rancourt

[Address]

 

 

Dear
Wayne:

 

Congratulations
on your recent promotion!  This letter
amends the letter agreement between you and Boise Cascade, L.L.C. dated February 22,
2008 (the “2008 Agreement”), to conform the benefits provided in the 2008
Agreement to the benefits appropriate for your new position.  Capitalized terms used in this letter shall
have the meanings given to those terms in the 2008 Agreement.  This agreement shall be effective on August 16,
2009.

 

Section 4.A(2) is
amended to provide that the amount of the lump sum severance payment is 2 times
the sum of (a) your annual base salary at the rate in effect at the time
Notice of Termination is given, plus (b) your target annual incentive for
the year in which the Date of Termination occurs (“Target Bonus”).

 

Section 4.B
is amended to provide that the Company shall continue your benefit plans for an
18-month period following the Date of Termination and shall pay the
Company-paid premium under the Company’s Supplemental Life Plan for 24 months
following the Date of Termination.

 

The
next to last sentence of Section 4.D. is amended to replace the reference
to “the 12-month period” with “the 18-month period.”

 

All
terms and provisions of the 2008 Agreement shall continue in full force and
effect, subject to the above modifications.

 

 

Page 2

August 11, 2009

 

 

If
this letter correctly sets forth our agreement on the subject matter hereof,
kindly sign and return to the Company the enclosed copy of this letter which
will then constitute our agreement on this subject.

 

Sincerely,

 

BOISE
CASCADE, L.L.C.

 

 

	
  By

  	
  /s/
  John T. Sahlberg

  	
   

  
	
   

  	
  John
  T. Sahlberg

  	
   

  
	
   

  	
  Vice
  President, HR and Communications

  	
   

  

 

 

AGREED
TO AND ACCEPTED this 11th day of August, 2009.

 

 

/s/
Wayne M. Rancourt

Wayne
M. RancourtExhibit 10.4

August 11, 2009

Boise
Cascade, L.L.C.

Retention
Award Agreement

 

This Retention Award  Agreement (the “Agreement”) is made and
entered into on _____________ (the “Award Date”), by and between Boise Cascade,
L.L.C. (the “Company”) and _____________ (“Awardee” or “you”) pursuant to the
following terms with the intention that it become effective on August 16,
2009 (the “Effective Date”):

 

1.             Definitions. 
For purposes of this Award, the following terms shall have the meanings
stated below.

 

1.1.          “Award” means the payment provided for in
Section 2.

 

1.2.          “Disciplinary Reasons” means disciplinary
reasons as explained in Corporate Policy 10.2.

 

1.3.          “Award Period” means the period from the
Award Date through the Vesting Date.

 

2.             Award Amount. 
Your Award is one times your base salary at the time of vesting.

 

3.             Vesting and Payment. 
The Award will vest and become payable on ________________, (the “Vesting
Date”) if you remain employed by the Company through the Vesting Date.  The Award, subject to applicable withholding,
will be paid in cash as soon as practical following the Vesting Date but in any
case within 30 days following the Vesting Date.

 

4.             Termination of Employment Prior to
Vesting Date.

 

4.1.          If you voluntarily terminate employment
with the Company before the Vesting Date or if your employment with the Company
is terminated for Disciplinary Reasons before the Vesting Date, you will not be
entitled to receive any Award.

 

4.2.          If your employment with the Company is
terminated by the Company before the Vesting Date for reasons other than
Disciplinary Reasons or as a direct result of a reduction in force or the sale
or permanent closure of the division of which you are president or as a direct
result of a merger, reorganization, sale, or restructuring of all or part of
the Company or a subsidiary, the Award will vest immediately following your
termination date and will be paid in full within 90 days following your
termination date.  The Company may, as a
condition precedent to your right to receive any Award payment pursuant to this
Section, require you to sign a waiver and release in a form required by the
Company.

 

4.3.          If your employment with the Company is
terminated as a result of your death, or total and permanent disability (as
determined in the sole discretion of the Company), you will receive a pro rata
portion of the Award calculated based on the number of days you were employed
by the Company during the Award Period compared to the total number of days in
the Award Period.  The pro rata portion
of the Award will vest immediately following your termination date and will be
paid in full within 90 days following your termination date.

 

5.             At Will Employment. 
Nothing in this Agreement affects the at-will nature of your employment
with the Company.  Either you or the
Company may end your employment relationship at any time and for any reason,
without notice, although your decision to do so may adversely affect your
entitlement to all or a portion of this Award.

 

-1-

 

6.             Miscellaneous. 
This Agreement (a) shall be construed in accordance with the
internal laws (but not the laws of conflicts) of the State of Idaho, (b) may
be executed in multiple counterparts (including by facsimile or electronic transmission),
all of which taken together shall constitute one and the same original, (c) may
not be, nor may any of the rights or obligations of the parties hereto be,
assigned by any party except with the prior written consent of the other party
hereto, provided that the Company may assign its obligations to a successor
that agrees to perform such obligations, (d) represents the complete
understanding and agreement between the parties hereto with respect to the
subject matter hereof, and (e) may not be amended without the written
consent of both you and the Company.

 

You must sign this Agreement and return it on or
before _________________ in order for the Award to be effective.  If this Agreement is not received by _________________
the Award will be forfeited.    Return
your executed Agreement to:  John
Sahlberg

 

 

	
  Boise
  Cascade, L.L.C.

  	
  Awardee

  
	
   

  	
   

  
	
  By

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
  Printed
  Name: 

  	
   

  
						

 

-2-Exhibit 10.1

 

STOCK PURCHASE AGREEMENT

 

STOCK PURCHASE AGREEMENT
(this “Agreement”) made as of this       day of
November, 2009 between Prospect Acquisition Corp., a Delaware corporation (“Buyer”
or “Prospect”), and the signatory on the execution page hereof (“Seller”).

 

WHEREAS, Buyer was organized
for the purpose of acquiring, through a merger, capital stock exchange, asset
acquisition or other similar business combination, an operating business (“Business
Combination”); and

 

WHEREAS, Buyer consummated
an initial public offering in November, 2007 (“IPO”) in connection with
which it raised gross proceeds of approximately $250 million, a significant
portion of which was placed in a trust account pending the consummation of a
Business Combination, or the dissolution and liquidation of Buyer in the event
it is unable to consummate a Business Combination on or prior to November 14,
2009; and

 

WHEREAS, Buyer has entered
into that certain Agreement and Plan of Merger dated September 8, 2009, as
amended by Amendment No. 1 and Amendment No. 2 to the Agreement and
Plan of Merger dated October 22, 2009 and October 26, 2009,
respectively (the “Merger Agreement”), by and among Prospect, KW Merger
Sub Corp., a newly-formed Delaware corporation and wholly-owned subsidiary of
Prospect (“Merger Sub”) and Kennedy-Wilson, Inc. (“Kennedy-Wilson”),
which provides for the merger (the “Merger”) of Merger Sub with and into
Kennedy-Wilson as a result of which Kennedy-Wilson will become a wholly-owned
subsidiary of Prospect and outstanding shares of Kennedy-Wilson’s capital stock
will be exchanged for common stock of Prospect; and

 

WHEREAS, the approval of the
Merger is contingent upon, among other things, the affirmative vote of holders
of a majority of the outstanding common shares of Prospect issued in Prospect’s
IPO and present and eligible to vote at the special meeting called to approve
the Merger; and

 

WHEREAS, pursuant to certain
provisions in Buyer’s certificate of incorporation, a holder of shares of Buyer’s
common stock issued in the IPO may, if it votes against the Merger, demand that
Buyer convert such common shares into cash (“Conversion Rights”); and

 

WHEREAS the Merger cannot be
consummated if holders of 30% or more of Prospect common stock issued in the
IPO exercise their Conversion Rights; and

 

WHEREAS, Seller has agreed
to sell to Buyer and Buyer has agreed to purchase from Seller the common shares
set forth on the execution page of this Agreement (“Shares”) for
the purchase price per share set forth therein (“Purchase Price Per Share”)
and for the aggregate purchase price set forth therein (“Aggregate Purchase
Price”).

 

NOW, THEREFORE, in
consideration of the mutual covenants hereinafter set forth and other good and
valuable consideration, the sufficiency of which is hereby acknowledged, the
parties hereby agree as follows:

 

 

1.                                       Purchase. Subject to Section 6,
Seller hereby sells to Buyer and Buyer hereby purchases from Seller at the
Closing (as defined in Section 3(c)) the Shares at the Purchase Price Per
Share, for the Aggregate Purchase Price.

 

2.                                       Agreement not
to Convert; Appointment of Proxy and Attorney-in-Fact.  In further consideration of the Aggregate
Purchase Price, Seller hereby agrees it has not and will not exercise its
Conversion Rights or, if it has already exercised its Conversion Rights, it
hereby withdraws and revokes such exercise and will execute all necessary
documents and take all actions required in furtherance of such revocation.
Seller acknowledges that the record date to vote on the proposals set forth in
the proxy statement/prospectus (the “Proxy Statement”) filed by Buyer
with the U.S. Securities Exchange Commission (the “SEC”) has passed.
Accordingly, solely with respect to the vote for the Merger and the other
proposals set forth in the Proxy Statement, Seller hereby irrevocably appoints
David A. Minella and James J. Cahill and each of them each with full power of
substitution, as Seller’s proxy and attorney-in-fact, to the full extent of
Seller’s rights with respect to the Shares (and any and all other shares or
securities or rights issued or issuable in respect thereof) to vote in such
manner as each such person or his substitute shall in his sole discretion deem
proper, and to otherwise act (including without limitation acting by written consent)
with respect to all the Shares at any meeting of stockholders (whether annual
or special and whether or not an adjourned meeting) of Buyer held on or prior
to November 14, 2009. This proxy is coupled with an interest and is
irrevocable. Execution by Seller of this Agreement shall revoke, without
further action, all prior proxies granted by Seller at any time with respect to
the Shares (and such other shares or other securities) and no subsequent
proxies will be given by Seller (and if given will be deemed not to be
effective).

 

3.                                       Closing Matters.

 

(a)                                  Within one
business day of the date of this Agreement, (i) Seller shall provide Buyer
with a true and correct copy of the voting instruction form with respect to the
Shares held by Seller indicating the financial institution through which such
shares are held and the control number provided by Broadridge Financial
Solutions (or other similar service provider) regarding the voting of the
Shares or written confirmation of such information as would appear on the
voting instruction form; and (ii) Buyer shall send the notice attached as
Annex 1 hereto to Prospect’s transfer agent.

 

(b)                                 Prior to the
Closing, Seller shall deliver or cause to be delivered to Buyer appropriate
instructions for book entry transfers of ownership of the Shares from Seller to
Buyer.

 

(c)                                  The closing of
the purchase and sale of the Shares (“Closing”) will occur on the date
on which Buyer’s trust account is liquidated after the Merger is consummated
(the “Closing Date”). At the Closing, Buyer shall pay Seller the
Aggregate Purchase Price by wire transfer from Prospect’s trust account of
immediately available funds to an account specified by Seller and Seller shall
deliver the Shares to Buyer electronically using the Depository Trust Company’s
DWAC (Deposit/Withdrawal at Custodian) System to an account specified by Buyer.
It shall be a condition to the obligation of Buyer on the one hand and Seller
on the other hand, to consummate the transfer of the Shares contemplated
hereunder that the other party’s representations and warranties are true and
correct on the Closing Date with the same effect as though made on such date,
unless waived in writing by the party to whom such representations and
warranties are made.

 

 

4.                                       Representations
and Warranties of the Seller. Seller hereby represents
and warrants to Buyer on the date hereof and on the Closing that:

 

(a)                                  Sophisticated
Seller. Seller is sophisticated in financial matters and is able to evaluate
the risks and benefits attendant to the sale of Shares to Buyer.

 

(b)                                 Independent
Investigation. Seller, in making the decision to sell the Shares
to Buyer, has not relied upon any oral or written representations or assurances
from Buyer or any of its officers, directors or employees or any other representatives
or agents of Buyer except for the representations of the Buyer contained in
this Agreement. Seller has had access to all of the filings made by Prospect
with the SEC, pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and the Securities Act of 1933, as amended, in each case to the
extent available publicly via the SEC’s Electronic Data Gathering, Analysis and
Retrieval system.

 

(c)                                  Authority. This
Agreement has been validly authorized, executed and delivered by Seller and,
assuming the due authorization, execution and delivery thereof by Buyer, is a
valid and binding agreement enforceable in accordance with its terms, subject
to the general principles of equity and to bankruptcy or other laws affecting
the enforcement of creditors’ rights generally. The execution, delivery and
performance of this Agreement by Seller does not and will not conflict with,
violate or cause a breach of, constitute a default under, or result in a
violation of (i) any agreement, contract or instrument to which Seller is
a party which would prevent Seller from performing its obligations hereunder or
(ii) any law, statute, rule or regulation to which Seller is subject.

 

(d)                                 No Legal Advice
from Buyer. Seller acknowledges that it has had the opportunity
to review this Agreement and the transactions contemplated by this Agreement
with Seller’s own legal counsel and investment and tax advisors.  Except for the representations of the Buyer
contained in this Agreement, Seller is not relying on any statements or
representations of Buyer or any of its representatives or agents for legal, tax
or investment advice with respect to this Agreement or the transactions
contemplated by the Agreement.

 

(e)                                  Ownership of
Shares. Seller is the legal and beneficial owner of the Shares and will
transfer to Buyer on the Closing Date good and marketable title to the Shares
free and clear of any liens, claims, security interests, options, charges or
any other encumbrance whatsoever. The Seller beneficially owned all of the
Shares as of the close of the trading day on October 26, 2009 and has the
sole right to exercise conversion rights with respect to all of the Shares.

 

(f)                                    Number of
Shares. The Shares being transferred pursuant to this Agreement represent all
the common stock owned by Seller as of the date hereof.

 

(g)                                 Seller Taxes . Seller
understands that Seller (and not the Buyer) shall be responsible for any and
all tax liabilities of Seller that may arise as a result of the transactions
contemplated by this Agreement.

 

(h)                                 Aggregate
Purchase Price Negotiated. Seller represents that both the amount of
Shares and the Aggregate Purchase Price were negotiated figures by the parties
and 

 

 

that the terms and
conditions by the parties of this Agreement may differ from arrangements
entered into with other holders of Buyer’s common stock.

 

5.                                       Representations
and Warranties of Buyer . Buyer hereby represents to the Seller
that:

 

(a)                                  Sophisticated
Buyer. Buyer is sophisticated in financial matters and is able to evaluate
the risks and benefits attendant to the purchase of Shares from Seller.

 

(b)                                 Independent
Investigation. Except for the representations of Seller contained
in this Agreement, Buyer, in making the decision to purchase the Shares from
Seller, has not relied upon any oral or written representations or assurances
from Seller or any of its officers, directors, partners or employees or any
other representatives or agents of Seller.

 

(c)                                  Authority. This
Agreement has been validly authorized, executed and delivered by Buyer and
assuming the due authorization, execution and delivery thereof by Seller, is a
valid and binding agreement enforceable in accordance with its terms, subject
to the general principles of equity and to bankruptcy or other laws affecting
the enforcement of creditors’ rights generally. The execution, delivery and
performance of this Agreement by Buyer does not and will not conflict with,
violate or cause a breach of, constitute a default under, or result in a
violation of (i) any agreement, contract or instrument to which Buyer is a
party which would prevent Buyer from performing its obligations hereunder or (ii) any
law, statute, rule or regulation to which Buyer is subject.

 

(d)                                 No Legal Advice
from Seller. Buyer acknowledges that it has had the opportunity
to review this Agreement and the transactions contemplated by this Agreement
with Buyer’s own legal counsel and investment and tax advisors.  Except for the representations of Seller
contained in this Agreement, Buyer is relying solely on such counsel and
advisors and not on any statements or representations of Seller or any of its
representatives or agents for legal, tax or investment advice with respect to
this Agreement or the transactions contemplated by this Agreement.

 

6.                                       Termination. Notwithstanding
any provision in this Agreement to the contrary, this Agreement shall become
null and void and of no force and effect upon the earlier to occur of (a) the
termination of the Merger Agreement or (b) 11:59 Eastern Time on November 14,
2009 if the Merger has not been consummated by such time. Notwithstanding any
provision in this Agreement to the contrary, Buyer’s obligation to purchase the
Shares from Seller shall be conditioned on the consummation of the Merger.

 

7.                                       Covenant of
Seller. After the execution of this Agreement and prior to Closing, Seller
shall not acquire any common stock, warrants or other securities of Prospect or
effect any derivative transactions with respect thereto.

 

8.                                       Acknowledgement;
Waiver. Seller (i) acknowledges that Buyer may possess or have access to
material non-public information which has not been communicated to Seller; (ii) hereby
waives any and all claims, whether at law, in equity or otherwise, that he,
she, or it may now have or may hereafter acquire, whether presently known or
unknown, against Buyer or any of its officers, directors, employees, agents,
affiliates, subsidiaries, successors or assigns relating to any failure to
disclose any non-public information in connection with the transaction 

 

 

contemplated by this
Agreement, including without limitation, any claims arising under Rule 10-b(5) of
the Exchange Act; and (iii) is aware that Buyer is relying on the truth of
the representations set forth in Section 4 of this Agreement and the
foregoing acknowledgement and waiver in clauses (i) and (ii) above,
respectively, in connection with the transactions contemplated by this
Agreement.

 

9.                                       Counterparts;
Facsimile. This Agreement may be executed in any number of
counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same instrument.
This Agreement or any counterpart may be executed via facsimile transmission,
and any such executed facsimile copy shall be treated as an original.

 

10.                                 Governing Law. This
Agreement shall for all purposes be deemed to be made under and shall be
construed in accordance with the laws of the State of New York. Each of the
parties hereby agrees that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement shall be brought and enforced
in the courts of the State of New York or the United States District Court for
the Southern District of New York, and irrevocably submits to such
jurisdiction, which jurisdiction shall be exclusive. Each of the parties hereby
waives any objection to such exclusive jurisdiction and that such courts
represent an inconvenient forum.

 

11.                                 Remedies. Each of the
parties hereto acknowledges and agrees that, in the event of any breach of any
covenant or agreement contained in this Agreement by the other party, money
damages may be inadequate with respect to any such breach and the non-breaching
party may have no adequate remedy at law. It is accordingly agreed that each of
the parties hereto shall be entitled, in addition to any other remedy to which
they may be entitled at law or in equity, to seek injunctive relief and/or to
compel specific performance to prevent breaches by the other party hereto of
any covenant or agreement of such other party contained in this Agreement.

 

12.                                 Binding Effect;
Assignment. This Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective legal representatives,
successors and permitted assigns. This Agreement shall not be assigned by
either party without the prior written consent of the other party hereto.

 

13.                                 Headings. The
descriptive headings of the Sections hereof are inserted for convenience only
and do not constitute a part of this Agreement.

 

14.                                 Entire
Agreement; Changes in Writing. This Agreement constitutes
the entire agreement among the parties hereto and supersedes and cancels any
prior agreements, representations and warranties, whether oral or written,
among the parties hereto relating to the transaction contemplated hereby.
Neither this Agreement not any provision hereof may be changed or amended
orally, but only by an agreement in writing signed by the other party hereto.

 

15.                                 Trust Waiver. Prospect’s
initial public offering was consummated on November 14, 2007 as a result
of which it received net proceeds of $247 million which are held in a trust
fund established by Prospect for the benefit of its public stockholders (the “Trust
Fund”). The Trust Fund is invested in U.S. government securities in a trust
account at JPMorgan Chase Bank, NA and held in trust by Continental Stock
Transfer & Trust Company (the “Trustee”) pursuant 

 

 

to the Investment Management
Trust Account Agreement, dated as of November 14, 2007 (the “Trust
Agreement”), between Prospect and Trustee. Seller understands that, except
for a portion of the interest earned on the amounts held in the Trust Fund,
Prospect may disburse monies from the Trust Fund only: (a) to Prospect in
limited amounts from time to time (and in no event more than $2,750,000 in
total) in order to permit Prospect to pay its operating expenses; (b) if
Prospect completes a Business Combination, to certain dissenting public
stockholders or stockholders who have entered into agreements similar to this
Agreement, to the underwriters in the amount of underwriting discounts and
commissions they earned in the IPO but whose payment they have deferred, and
then to Prospect; and (c) if Prospect fails to complete a Business
Combination within the allotted time period and liquidates, subject to the
terms of the Trust Agreement, to Prospect in limited amounts to permit Prospect
to pay the costs and expenses of its liquidation and dissolution, and then to
Prospect’s public stockholders (as such term is defined in the Trust
Agreement). Seller agrees that it does not now have, and shall not at any time
have, other than with respect to the Aggregate Purchase Price to be paid to
Seller in connection with this Agreement, any claim to, or make any claim
against, the Trust Fund or any asset contained therein, regardless of whether
such claim arises as a result of, in connection with or relating in any way to,
the business relationship between Seller, on the one hand, and Prospect, on the
other hand, this Agreement, or any other agreement or any other matter, and
regardless of whether such claim arises based on contract, tort, equity or any
other theory of legal liability.  Other
than with respect to the Aggregate Purchase Price to be paid to Seller in
connection with this Agreement, Seller hereby irrevocably waives any and all
claims it may have, now or in the future (in each case, however, prior to the
consummation of a Business Combination), and will not seek recourse against,
the Trust Fund for any other reason whatsoever in respect thereof. Other than with
respect to an action for recovery of the Aggregate Purchase Price to be paid to
Seller in connection with this Agreement, in the event Seller commences any
other action or proceeding based upon, in connection with, relating to or
arising out of any matter relating to Prospect, which proceeding seeks, in
whole or in part, relief against the Trust Fund or the public stockholders of
Prospect, whether in the form of money damages or injunctive relief, Prospect
shall be entitled to recover from Seller the associated legal fees and costs in
connection with any such action.

 

[Signature
Page Follows]

 

 

IN WITNESS WHEREOF, the
undersigned have executed this Agreement as of the date set forth on the first page of
this Agreement.

 

	
   

  	
   

  	
  PROSPECT ACQUISITION CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name: David A. Minella

  
	
   

  	
   

  	
  Title: Chairman and Chief
  Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [SELLER]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Purchase Price Per Share:
  $ 9.95

  	
   

  	
   

  
	
  Number of Shares:   

  	
   

  	
   

  
	
  Aggregate Purchase Price:
  $  

  	
   

  	
   

  

 

 

PROSPECT ACQUISITION CORP.

9130 GALLERIA COURT, SUITE 318

NAPLES, FLORIDA 34109

 

November    ,
2009

 

Continental Stock Transfer &
Trust Company

17 Battery Place

New York, New York 10004

 

Attn:

 

Re:
Trust Account No. [NUMBER]

 

Gentlemen:

 

Prospect Acquisition Corp.
(the “Company”) is providing these irrevocable instructions to you in
connection with the above described Trust Account established in connection
with and pursuant to an Investment Management Trust Agreement dated as of November 14,
2007 between the Company and Continental Stock Transfer & Trust
Company as Trustee (the “Trust Agreement”). Upper case terms used herein
shall have the meanings ascribed to such terms in the Trust Agreement.

 

In the event the Company
delivers to you a Termination Letter substantially in the form of Exhibit A
to the Trust Agreement, in addition to the other documents required to be
delivered pursuant to Exhibit A of the Trust Agreement, assuming you are
the Trustee on such date, then, in consideration for the electronic transfer of
[NUMBER] shares of the Company’s common stock, using the Depository Trust
Company’s DWAC (Deposit/Withdrawal at Custodian) System, to an account
specified by the Company, on the Consummation Date you are irrevocably
instructed to deliver as the initial distribution of funds from the Trust
Account the sum of [AMOUNT], which must be delivered to [FIRM] in accordance
with the bank wire instructions provided to you below.

 

[INSERT INSTRUCTIONS]

 

 

The address for [FIRM] is
[ADDRESS]. The contact person for [FIRM] is [PERSON]. He/she can be reached at
[PHONE].

 

In order to expedite
payment, attached is a Form W-9 for [FIRM].

 

Kindly acknowledge where
indicated below, your receipt and understanding of these instructions and
return a copy to Bingham McCutchen LLP, attn: Kate Ness, facsimile number
(617)-951-8736.

 

A facsimile signed and
electronically delivered copy of this letter shall be deemed an original.

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  PROSPECT ACQUISITION CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
  David A. Minella

  
	
   

  	
  Title:

  	
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
  Acknowledged and Agreed:

  	
   

  
	
   

  	
   

  
	
  CONTINENTAL STOCK
  TRANSFER &

  	
   

  
	
  TRUST COMPANY

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  [FIRM]

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  
	
  Title:

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