Document:

Exhibit 10.67

 

SIXTEENTH AMENDMENT TO EMPLOYMENT AGREEMENT

 

This Sixteenth Amendment to
Employment Agreement (the “Sixteenth Amendment”) is made and entered into as of
June 1, 2008, by and between KENNEDY-WILSON, INC., a Delaware corporation with
its principal office located in Beverly Hills, California (the “Company”), and
Freeman A. Lyle, Jr., an individual (“Employee”).

 

RECITALS

 

WHEREAS, Company and
Employee have entered into that certain Employment Agreement dated as of April 1,
1996, and amended April 1, 1997, April 1, 1998, April 1, 1999, April 1, 2000, January
1, 2001, March 28, 2001, September 1, 2002, October 1, 2003, January 4, 2004, January
1, 2005, January 1, 2006, January 1, 2007, and January 1, 2008 (“Agreement”),
providing for the employment of Employee by Company pursuant to the terms of
such Agreement; and

 

WHEREAS, Company and
Employee have agreed that the terms of the Employment Agreement should be
modified to change the Salary.

 

AMENDMENT TO AGREEMENT

 

NOW, THEREFORE, for good and
valuable consideration the receipt and sufficiency of which are hereby
acknowledged, the parties hereby amend the Agreement, effective as of June 1,
2008 as follows:

 

1.             Section 4 (i) of the
Agreement is amended such that Employee’s salary effective June 1, 2008 is
equal to $450,000 per annum payable on such basis as is the normal payment
pattern of the Company, not to be less frequently than monthly.

 

Subject to the foregoing,
the Employment Agreement remains in full force and effect, and Company and -
Employee hereby ratify and affirm the Employment Agreement in each and every
respect.

 

IN WITNESS WHEREOF, the
undersigned have executed this Tenth Amendment as of the date first above
written.

 

	
   

  	
  COMPANY”

  
	
   

  	
  KENNEDY-WILSON,
  INC.

  
	
   

  	
  A
  California Corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  William J. McMorrow

  
	
   

  	
   

  	
  Chief
  Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  “EMPLOYEE”

  
	
   

  	
  /s/ Freeman Lyle, JrExhibit
10.68

 

SEVENTEENTH
AMENDMENT TO EMPLOYMENT AGREEMENT

 

This Seventeenth Amendment to Employment Agreement
(the “Seventeenth Amendment”) is made and entered into as of January 1, 2009,
by and between KENNEDY-WILSON, INC., a Delaware corporation with its principal
office located in Beverly Hills, California (the “Company”), and Freeman A.
Lyle, Jr., an individual (“Employee”).

 

RECITALS

 

WHEREAS, Company and Employee have entered into that certain Employment
Agreement dated as of April 1, 1996, and amended April 1, 1997, April 1, 1998, April
1, 1999, April 1, 2000, January 1, 2001, March 28, 2001, September 1, 2002, October
1, 2003, January 4, 2004, January 1, 2005, January 1, 2006, January 1, 2007, January
1, 2008, and June 1, 2008 (“Agreement”), providing for the employment of
Employee by Company pursuant to the terms of such Agreement; and

 

WHEREAS, Company and
Employee have agreed that the terms of the Employment Agreement should be
modified to change the Term.

 

AMENDMENT TO AGREEMENT

 

NOW,
THEREFORE, for good and valuable consideration the receipt and
sufficiency of which are hereby acknowledged, the parties hereby amend the
Agreement, effective as of January 1, 2009 as follows:

 

1.             The Term of the Agreement is
extended until December 31, 2009. Therefore, Section 2 of the Agreement is
amended such that the termination date of “December 31, 2008” is deleted and
the termination date of “December 31, 2009” is inserted in lieu thereof.

 

Subject to the foregoing,
the Employment Agreement remains in full force and effect, and Company and
Employee hereby ratify and affirm the Employment Agreement in each and every
respect.

 

IN WITNESS WHEREOF, the undersigned have executed this Tenth
Amendment as of the date first above written.

 

	
   

  	
  “COMPANY”

  
	
   

  	
  KENNEDY-WILSON,
  INC.

  
	
   

  	
  A
  California Corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  William J. McMorrow

  
	
   

  	
   

  	
  Chief
  Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  “EMPLOYEE”

  
	
   

  	
  /s/ Freeman Lyle, Jr

  

 

 

MEMORANDUM OF UNDERSTANDING

 

The following is set forth
to memorialize Employee’s agreement to defer $100,000 of the $250,000 signing
bonus that was earned and payable on March 28, 2001 at the execution of the
Seventh Amendment to his Employment Agreement. 

 

Based on the Employee’s
agreement to defer payment of $100,000 the Company hereby guarantees payment of
$100,000 to be made on December 17, 2001.

 

	
   

  	
  “COMPANY”

  
	
   

  	
  KENNEDY-WILSON,
  INC.

  
	
   

  	
  A
  California Corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  William J. McMorrow

  
	
   

  	
   

  	
  Chief
  Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  “EMPLOYEE”

  
	
   

  	
  /s/ Freeman Lyle, JrExhibit
10.69

 

EMPLOYMENT
AGREEMENT

 

This Employment Agreement (the “Agreement”) dated for reference
purposes only is made and entered into as of January 4, 1999 by and between
Kennedy-Wilson Properties, Ltd., an Illinois corporation (“The Company”), a wholly
owned subsidiary of Kennedy Wilson, Inc., a Delaware corporation (“KWI”),
having an address of 9601 Wilshire Boulevard, Suite 220, , and Jim Rosten
having an address of 1280 Shadybrook Drive Beverly Hills, California 90210 (“Employee”),
with reference to the following facts and circumstances:

 

RECITALS:

 

A.                                  Company is a
diversified real estate marketing, property management and investment firm
whose businesses include the acquisition of real estate and real estate related
assets, real estate brokerage and marketing programs for all types of
properties and financial instruments. Employee is experienced in property
management.

 

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

 

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

 

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

 

1.                                      Employment. This
Agreement shall become effective the first business day after termination of
the Employee’s current employment. If said transaction is not consummated for
any reason by January 31, 2000, then this Agreement shall not be effective and
neither party shall have any liability to the other hereunder. Company hereby
employs Employee commencing on the Effective Date and Employee hereby accepts
employment to perform the duties described in Section 2 below, on the terms,
conditions and covenants set forth in this Agreement.

 

2.                                      Services
provided to the Company. Employee’s duties shall be to provide
marketing and corporate administration services, subject to the policy
guidelines and directives, which are provided to him by Company from time to
time during the term of this Agreement. Employee shall have no authority to
bind or obligate Company to the purchase or sale of any real property, or to
any other financial commitment, including without limitation the borrowing of
any monies on a secured or unsecured basis, without obtaining the prior written
authorization of Company as to the specific transaction. Employee’s duties may
not be materially changed by Company without Employee’s prior written consent
but shall include such other matters or responsibilities as Company and
Employee may jointly agree upon from time to time during the term of this
Agreement.

 

Employee’s employment is on a full-time and “best
efforts” basis meaning that during the term of this Agreement, Employee shall
not accept any full or part-time employment, including without limitation as an
Independent Consultant, after working hours or otherwise, without the prior
written consent of Company, which may be given, withheld or conditioned in
Company’s sole and absolute discretion. Employee shall devote his full
energies, interests, abilities, and productive time to the performance of his
duties and responsibilities under this agreement. During the term of this
Agreement, Employee shall not, directly or indirectly, whether as a partner,
employee, creditor, shareholder or 

 

 

otherwise, promote,
participate or engage in any activity or other business competitive with
Company’s businesses. Notwithstanding the foregoing, Company acknowledges that
Employee has made and will continue to make personal investments, including but
not limited to real estate investments, that will require Employee’s periodic
attention. Employee may participate in such personal investments to the full
extent desired by Employee so long as such personal investment activity does
not detract from Employee’s ability to devote his full energies and productive
interests to the performance of his duties and responsibilities under this
Agreement. Company shall be responsible for payment of all dues and fees
required in connection with the maintenance of any professional licenses that
may be required of Employee in the performance or satisfaction of Employee’s
duties hereunder.

 

3.                                      Term of  Employment.
Employee shall be employed by the Company pursuant to this Agreement for a term
(the “Term”) beginning on the Effective Date, when Employee begins to perform
his duties, and continuing through to, and terminating on the second anniversary
thereof.

 

4.                                      Commitment  to  the
Company.

 

(a) Except as provided above, during the Term,
Employee shall not be involved, individually or as an Employee, principal,
officer, general partner, director or shareholder, in any real estate,
management, leasing, brokerage or development activities without first
obtaining the consent and approval of a majority of the Company’s Board of
Directors, which shall be given or denied within 5 days, and shall not be unreasonably withheld. The
limitation contained in this Section 4 shall not apply, however, to the
ownership of not more than three percent (3%) of the outstanding shares of any
class of securities of a publicly-held issuer subject to the public reporting
requirements of the Securities and Exchange Act of 1934, as amended, or any
limited partner interest in a limited partnership or similar passive investment
interest so long as the nature of such investment prevents, pursuant to
applicable law, Employee’s control of the management of the issuer of such investment
interests.

 

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

 

5.                                      Compensation.

 

(a) Salary. Company shall pay a basic salary to
Employee at the rate of $20,833.00 per month for the Term of this Agreement,
subject to such deductions and withholdings as Company may be required to make
pursuant to applicable law, governmental regulation or order.

 

(b) Bonus. Employee shall be eligible
annually to participate in a bonus pool. The “Bonus Pool” shall be defined as
20% of net operating income (NOl) from property services revenue from each
client generated by the National Marketing Group, to the extent such client is
generated by the National Marketing Group, during the first year that Employer
or an affiliate or subsidiary performs services for the client. The Bonus Pool
shall also include any revenue accrued but not paid during the first year to
the extent such accrued funds are actually received by Employer after the one
year period, but while Employee is still employed by Employer. (NOl) shall mean
the gross revenues realized by the Employer during the applicable period from
clients it approves as being generated by the National Marketing Group, (NMG)
or where the NMG participates in the transaction, less costs and expenses
properly incurred performing the services, as determined by KWI’s Chief
Financial Officer, including, without limitation, salaries, bonuses and
benefits of all the employees who perform such services, marketing costs and
write offs. Subject to such equitable adjustment as may occur with the consent
of Employee, based upon growth of the national marketing group, Employee shall
receive, within 60 days of 

 

 

each calendar year end
beginning with the year 2000, 50% of
the 20% Bonus pool. The Bonus Pool shall also include all revenues from NMG
clients, as defined herein, who terminate Employer as a vendor due to
unsatisfactory performance by Employer during the bonus period, without fault
of Employee.

 

(c) Stock Options. On July 1, 2000, KWI
shall grant to Employee under KWI’s 1992 Incentive and Nonstatutory Stock
Option Plan (the “Stock Option Plan”) non-transferable incentive options to
purchase an aggregate of 10,000 shares of common stock of KWI at an exercise
price equal to the closing price of such KWI common stock on the NASDAQ
National Market Quotation System as of the last business day prior to the
effective date of the grant. Such options to purchase shall vest as follows: (i)
1/3rd on the first anniversary of the grant, (ii) 1/3rd on the second
anniversary of the option grant, and (iii) 1/3rd on the third anniversary of
the option grant. Such stock options shall be for a term of five (5) years from
the date of the grant and may be exercised by Employee pursuant to the terms
and provisions of the Stock Option Plan and a separate Stock Option Agreement
between KWI and Employee. Such stock options shall immediately be fully vested
and shall continue in full force and effect for the balance of their terms in
the event that KIWI is sold (by sale of stock or assets) or merged into another
company (other than an Affiliate) or if Employee shall terminate this Agreement
for Cause. Employee acknowledges that he has been furnished with substantially
the same kind of information regarding KIWI and its business as would be
contained in a registration statement prepared in connection with a public sale
of securities. Neither KIWI nor the Company nor any other person or
party purporting to act on their behalf has made any representations to
Employee as to the value of KIWI or its stock or any other matter pertaining to
KIWI. The Company has advised Employee that the options issued to Employee will
be subject to a registration statement filed with the Securities and Exchange
Commission and therefore the shares received on exercise of the options will
not be “restricted stock.” KWI joins this agreement solely for the purposes of
this clause.

 

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

 

7. Business Expenses.
Employee will be required to incur ordinary and necessary travel and other
business expenses in connection with the performance of his duties hereunder,
and Employee shall be entitled to reimbursement from Company for such expenses
in accordance with Company’s policies and procedures. For example, Employer
shall pay, in accordance with an annual budget as may be approved by the
parties, the cost of Employee’s participation in 1RPM, continuing broker
education, cell phone usage for business, monthly membership dues at the Jonathan
Club, and a laptop computer.

 

8. Non-Competition.
For all periods that Employee is employed pursuant to this Agreement and for a
period of twelve (12) months thereafter, Employee shall not directly or
indirectly:

 

(a) Engage in any
business in the State of California without the consent of the Board of
Directors of the Company which could or would result in a breach of sections 9
or 10 below., including but not limited to activities, whether direct or
indirect, as proprietor, partner, shareholder, principal, agent, or employee;
and

 

(b) In any manner
induce, attempt to induce, or assist others to induce or attempt to induce any
employee, partner, joint venturer, independent contractor, agent or of the
Company to terminate its, his association with the Company, or do anything to
interfere with the relationship between the Company and any executive or
management level employee of the Company.

 

 

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

 

(d) Notwithstanding the
foregoing, nothing herein shall prevent Employee, following the termination of
his employment or the end of the Term, whichever is later, from being
associated with any person or entity engaged in any real estate activities or
matters which constitute a primary line of business of the Company at the time
of such termination so long as such association does not result in a violation of
Sections 9 and/or 10 below. Employee represents and warrants that except as
provided in the letter agreement dated September 16, 1997, he is not restricted
or prohibited in any way from entering into this Agreement or performing
services hereunder at any time, whether by non-competition, covenant, or
otherwise, and shall indemnify, defend and hold the Company harmless from and
against any damages, claims, costs (including attorney’s fees) or liabilities
as a result of the incorrectness of such representation and warranty.

 

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

 

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

 

 

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

 

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

 

For purposes of this Agreement, the term “Confidential
or Proprietary Information” of the Company shall include all information which
is owned by the Companies and which is not at the time publicly available or
generally known to persons engaged in businesses similar to that of the
Company, including practices, procedures and methods and other facts relating
to the business of the Companies; practices, procedures and methods and other
facts related to sales, marketing, advertising, promotions, financial matters,
clients, client lists of the Company and similar information of a confidential
and proprietary nature. Employee agrees that his breach of this Section 10 will
cause irreparable harm to the Company. Employee agrees that the remedy at law
for any breach of this Section 10 will be inadequate and, in addition to any
other remedy available to the Company, the Company shall be entitled to
injunctive relief for any actual or threatened breach of this Section 10
without proof that any actual damages have been caused by such breach.

 

11.                                Termination.

 

(a)   Termination.
(Employment At Will) Either Company or Employee may terminate this Agreement at
any time during the twenty four-month Term, with or without cause, by
delivering written notice of its election to the other. The written notice of
termination for cause from Company to Employee shall include a reasonably
detailed description of Employee’s acts or omissions which constitute cause for
termination. The term “cause” shall mean: (i) the breach of any provision of
this Agreement resulting in material harm or damage to the Company or the
threat of same; (ii) misconduct, neglect or negligence in the performance of
Employee’s duties and obligations as set forth in this Agreement resulting in
material harm or damage to company or the threat of the same; (iii) disloyal,
dishonest or illegal conduct or moral turpitude of Employee; (iv) such material
carelessness or inefficiency in the performance of his duties that Employee, in
the reasonable discretion of Company, is deemed unfit to continue in the service
of Company; and (v) the failure of Employee to comply with the policies or
directives of Company and/or failure to take reasonable direction from Company
management In each provision of this paragraph allowing Employer to terminate
for cause, Employee shall have reasonable notice and an opportunity to cure if
the default by Employee has not yet caused material damage or harm.

 

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

 

 

the term of the Agreement
under Sections 5(a)-(b) above.

 

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

 

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

 

Termination of this Agreement pursuant to Section 11
shall not relieve Employee of his obligations to comply with Sections 9 and 10
hereof, which provisions shall survive the termination of this Agreement.

 

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

 

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

 

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

 

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

 

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

 

 

(e)   Hearings
and Trial. Except as set forth in this Agreement, the Referee shall
determine the manner in which the proceeding is conducted including the time
and place of all hearings, the order or presentation of evidence, and all other
questions that arise with respect to the course of the proceeding. All
proceedings and hearings conducted before the Referee, except for trial, shall
be conducted without a court reporter unless one is requested by a party. The
party making the request shall have the obligation to arrange and pay for the
court reporter. The costs of the court reporter at the trial shall be borne
equally by the parties. The trial shall be conducted without a jury on
consecutive dates, as opposed to being conducted piecemeal on various dates
separated by postponements or adjournments. The trial shall be conducted in a
courtroom or in surroundings with formality as close to a courtroom as
possible. The Referee shall set the matter for hearing within sixty (60) days
after the Claim Date and try all issues of law or fact and report a statement
of decision upon them, if possible, within ninety (90) days of the Claim Date.

 

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

 

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

 

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

 

13.                                Miscellaneous.

 

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

 

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

 

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

 

(d)                               Attorneys’ Fees. Subject to Section
12 hereof, in the event suit is brought to enforce the terms of this Agreement,
the prevailing party shall be entitled to costs and reasonable attorneys fees,
including without limitation those costs and fees incurred upon any appeal, as
awarded by the court.

 

 

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

 

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

 

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

 

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

 

	
   

  	
  COMPANY:

  
	
   

  	
  KENNEDY-WILSON
  PROPERTIES, LTD

  
	
   

  	
  An
  Illinois corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  By:    

  	
  /s/
  James Rosten

  
	
   

  	
   

  	
   

  
	
   

  	
  THE COMPANY:

  
	
   

  	
   

  	
   

  
	
   

  	
  KENNEDY-WILSON
  INTERNATIONAL

  
	
   

  	
  a
  California corporation

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/
  William McMorrow

  
	
   

  	
  Title:

  	
  Chairman/ CEO

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}]]