Document:

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                                                                 EXHIBIT 10.10.5

                               FIFTH AMENDMENT TO
                               ------------------

                              EMPLOYMENT AGREEMENT
                              --------------------

      This Fifth Amendment to Employment Agreement (the "Fifth Amendment") is
made and entered into as of October 1, 2000, by and between KENNEDY-WILSON,
INC., a Delaware corporation with its principal office located in Beverly Hills,
California (the "Company"), and Lewis A. Halpert, an individual ("Employee").

                                    RECITALS
                                    --------

      WHEREAS, Company and Employee have entered into that certain Employment
Agreement dated as of January 1, 1996, and amended January 1, 1997, January 1,
1998, January 1, 1999, and January 1, 2000 (the "Agreement"), providing for the
employment of Employee by Company pursuant to the terms of such Agreement; and

      WHEREAS, Company and Employee have agreed that the terms of the Employment
Agreement should be modified to change the term, add a signing bonus and cap the
year 2000 bonus.

                             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 October 1, 2000 as follows:

      1.    The Term of the Agreement is extended until December 31, 2003.
            Therefore, Section 1 (a) of the Agreement is amended such that the
            termination date of "December 31, 2002" is deleted and the
            termination date of "December 31, 2003" is inserted in lieu thereof.

      2.    Section 1 (c) is amended such that the Employee's annual incentive
            award for the year 2000 is capped at $400,000, plus payments
            previously received.

      3.    Section 1 (k) is added:

                  1 (k) A one-time signing bonus of $500,000 shall be granted to
            Employee, $250,000 payable 3-15-01, and $250,000 payable 6-30-01.
            The $500,000 may be deferred in the Company's Deferred
<PAGE>

            Compensation Plan at the election of the Employee and shall be
            subject to the Company match as otherwise defined in the Deferred
            Compensation Plan.

      4.    Section 1 (l) is added:

                  1 (l) For bonus earned in the year 2001, the Company will make
            an advanced payment on any bonus earned through 6-30-01 based on
            the actual revenues received and annualized projected costs.

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 Fifth Amendment as
of the date first above written.

KENNEDY-WILSON, INC.
a Delaware corporation

/s/ James C. Ozello                              /s/ Kent Y. Mouton
-----------------------------------              ----------------------------
James C. Ozello, Acting Secretary                Kent Y. Mouton
Compensation/Stock Option Committee              Chairman, Compensation/Stock
                                                 Option Committee

                                                 EMPLOYEE

/s/ William J. McMorrow                          /s/ Lewis A. Halpert
-----------------------------------              ----------------------------
William J. McMorrow, Chairman                    Lewis A. Halpert

/s/ Freeman Lyle
----------------------------
Freeman Lyle
Executive Vice President and
Chief Financial Officer<PAGE>
                                                                 EXHIBIT 10.11.4

                              FIFTH AMENDMENT TO
                              ------------------

                             EMPLOYMENT AGREEMENT
                             --------------------

      This Fifth Amendment to Employment Agreement (the "Fifth Amendment") is
made and entered into as of April 1, 2000, 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,
and April 1, 1999 (the "Agreement"), providing for the employment of Employee by
Company pursuant to the terms of such Agreement; and

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

                            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 April, 1, 2000 as follows:

      1.    The term of this Agreement is extended to December 31, 2000.
            Therefore, Section 2 of the Agreement is amended such that the
            termination date of "March 1, 2000" is deleted and the termination
            date of "December 31, 2000" is inserted in lieu thereof.

      2.    Section 4 (i) of the Agreement is amended such that Employee's
            salary effective April 1, 2000 is equal to $225,000.00 per annum
            payable on such basis as is the normal payment pattern of the
            Company, not to be less frequently than monthly, and subject to such
            deductions and withholdings as Company may from time to time be
            required to make pursuant to applicable law, governmental regulation
            or order.

      3.    Section 4 (iii) is added to the Agreement.
<PAGE>

            Section 4 (iii) A one time Signing Bonus of $210,000.00 shall be
            paid to Employee upon execution of this Amendment.

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 Fourth Amendment as
of the date first above written.

                                    "COMPANY"
                                    Kennedy-Wilson Inc.
                                    a Delaware Corporation

                                    By: William J. McMorrow
                                        ------------------------------
                                        William J. McMorrow
                                        Its Chief Executive Officer

                                    "EMPLOYEE"

                                    Freeman A. Lyle, Jr.
                                    ----------------------------------
                                    Freeman A. Lyle, Jr.<PAGE>
                                                                 EXHIBIT 10.11.5

                               SIXTH AMENDMENT TO
                               ------------------

                              EMPLOYMENT AGREEMENT
                              --------------------

      This Sixth Amendment to Employment Agreement (the "Sixth Amendment") is
made and entered into as of January 1, 2001, 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, and April 1, 2000 (the "Agreement"), providing for the employment
of Employee by Company pursuant to the terms of such Agreement; and

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

                             AMENDMENT TO AGREEMENT
                             ----------------------

NOW, THEREFORE, for good and valuable consideration the receipt and sufficiency
of which are hereby acknowledged, the parties hereby amend the Agreement,
effective as of January 1, 2001 as follows:

      1.    The term of this Agreement is extended to December 31, 2001.
            Therefore, Section 2 of the Agreement is amended such that the
            termination date of "December 31, 2000" is deleted and the
            termination date of "December 31, 2001" 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 Fourth Amendment as
of the date first above written.

"COMPANY"                                       "EMPLOYEE"
Kennedy-Wilson Inc.
a Delaware corporation

By: /s/ William J. McMorrow                     /s/ Freeman A. Lyle, Jr.
    -----------------------                     ------------------------
    William J. McMorrow                         Freeman A. Lyle, Jr.
    Its Chief Executive Officer<PAGE>
                                                                 EXHIBIT 10.11.6

                              SEVENTH AMENDMENT TO
                              --------------------

                              EMPLOYMENT AGREEMENT
                              --------------------

      This Seventh Amendment to Employment Agreement (the "Seventh Amendment")
is made and entered into as of March 28, 2001, 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, and January 1, 2001 ("Agreement"), providing for
the employment of Employee by Company pursuant to the terms of such Agreement;
and

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

                             AMENDMENT TO AGREEMENT
                             ----------------------

NOW, THEREFORE, for good and valuable consideration the receipt and sufficiency
of which are hereby acknowledged, the parties hereby amend the Agreement,
effective as of March 28, 2001 as follows:

      1.    The term of this Agreement is extended to December 31, 2002.
            Therefore, Section 2 of the Agreement is amended such that the
            termination date of "December 31, 2001" is deleted and the
            termination date of "December 31, 2002" is inserted in lieu thereof.

      2.    Section 4 (iii) is deleted in its entirety and the following is
            added in lieu thereof:

            Section 4 (iii) A one time signing bonus of $250,000, shall be paid
            to Employee, $150,000, to be paid upon execution of this Amendment
            and $100,000. to be paid no later than 12-15-01.

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 Fourth Amendment as
of the date first above written.

"COMPANY"                                       "EMPLOYEE"
Kennedy-Wilson Inc.
a Delaware corporation

By: /s/ William J. McMorrow                     /s/ Freeman A. Lyle, Jr.
    -----------------------                     ------------------------
    William J. McMorrow                         Freeman A. Lyle, Jr.
    Its Chief Executive Officer
<PAGE>

                           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.

For the Company:                                Employee:

/s/ William J. McMorrow                         /s/ Freeman Lyle
-----------------------                         ------------------------
William J. McMorrow                             Freeman Lyle
Chairman, CEO

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