Document:

Exhibit
10.25

 

KENNEDY-WILSON HOLDINGS,
INC.

 

2009
EQUITY PARTICIPATION PLAN

 

CONSULTANT
RESTRICTED STOCK AWARD AGREEMENT

 

THIS
AGREEMENT made as of _____________, 200_, by and between Kennedy-Wilson
Holdings, Inc., a Delaware corporation (the “Company”), and _____________________
(the “Awardee”).

 

WITNESSETH:

 

WHEREAS,
the Company has adopted the Kennedy-Wilson Holdings, Inc. 2009 Equity
Participation Plan (the “Plan”) for the benefit of its employees,
nonemployee directors and consultants and the employees, nonemployee directors
and consultants of its affiliates, and

 

WHEREAS,
the Committee has authorized the award to the Awardee of shares of Restricted
Stock (“Restricted Shares”) under the Plan, on the terms and conditions
set forth in the Plan and as hereinafter provided,

 

NOW,
THEREFORE, in consideration of the premises contained herein, the Company and
the Awardee hereby agree as follows:

 

1.             Definitions.

 

To the extent not defined herein, terms used in this
Agreement which are defined in the Plan shall have the same meanings as set
forth in the Plan.

 

2.             Award of Restricted Shares.

 

The Committee hereby awards to the Awardee [insert # of shares] Restricted Shares. All
such Restricted Shares shall be subject to the restrictions and forfeiture
provisions contained in Sections 4, 5 and 6, such restrictions and forfeiture
provisions to become effective immediately upon execution of this Agreement by
the parties hereto.

 

3.             Stock Issuance.

 

The Awardee hereby acknowledges that the Restricted
Shares are issued in book entry form on the books and records as kept by the
Company’s transfer agent, shall be registered in the name of the Awardee and a
stock certificate evidencing the Restricted Shares shall not be delivered to
the Awardee until the Awardee satisfies the vesting requirements contained in Section 4.  In the event that a stock certificate is
delivered to the Awardee before the vesting requirements are satisfied, the
Awardee hereby acknowledges that such stock certificate shall bear the
following legend:

 

“The transferability of this certificate and the
shares of stock represented hereby are subject to the terms and conditions
(including forfeiture) of an Agreement entered into between the registered
owner and Kennedy-Wilson Holdings, Inc., effective as of 

 

 

_______________________,
200_.  Copies of such Agreement are on
file in the offices of the Secretary, Kennedy-Wilson Holdings, Inc., 9601
Wilshire Blvd., Suite 220, Beverly Hills, CA 90210.”

 

4.             Vesting.

 

Subject to Section 9, the Restricted Shares shall
vest, no longer be subject to Restrictions and become transferable pursuant to
the terms of the Plan as follows:

 

(a)                                  One-fifth (1/5)
upon the occurrence of both (i) the Awardee being an Employee of the
Company or an Affiliate as of the first anniversary of the date of the award of
the Restricted Shares pursuant to this Agreement (the “Award Date”), and
(ii) the Company’s assets under management equaling or exceeding Three
Billion Dollars ($3,000,000,000.00) (the “Performance Requirement”) as
of September 30, 2010;

 

(b)                                 One-fifth (1/5)
upon the occurrence of both (i) the Awardee being an Employee of the
Company or an Affiliate as of the second anniversary of the Award Date, and (ii) the
Company’s satisfying the Performance Requirement as of September 30, 2011;

 

(c)                                  One-fifth (1/5)
upon the occurrence of both (i) the Awardee being an Employee of the
Company or an Affiliate as of the third anniversary of the Award Date, and (ii) the
Company’s satisfying the Performance Requirement as of September 30, 2012;

 

(d)                                 One-fifth (1/5)
upon the occurrence of both (i) the Awardee being an Employee of the
Company or an Affiliate as of the fourth anniversary of the Award Date, and (ii) the
Company’s satisfying the Performance Requirement as of September 30, 2012;
and

 

(e)                                  One-fifth (1/5)
upon the occurrence of both (i) the Awardee being an Employee of the
Company or an Affiliate as of the fifth anniversary of the Award Date, and (ii) the
Company’s satisfying the Performance Requirement as of September 30, 2012.

 

To the extent that any of the above vesting
requirements contained in Section 4(a)-(e) are not satisfied, the
Restricted Shares subject to those particular vesting requirements shall
thereupon be forfeited by the Awardee.

 

Notwithstanding the foregoing, if, prior to the
Awardee’s fully satisfying any of the above service requirements, the Awardee’s
status or engagement as a Consultant with or for the Company or an Affiliate
shall be terminated by the Company or Affiliate without Cause or by the Awardee
for Good Reason, in any such event, all the then unforfeited Restricted Shares
shall thereupon become fully vested, no longer subject to Restrictions and
transferable; provided, however, that the Restricted Shares shall
remain subject to the satisfaction of the Performance Requirement upon the
applicable dates as set forth in Sections 4(a), (b) and (c).

 

For purposes of this Section 4 and Section 5,
the term “Good Reason” shall mean the voluntary termination of the
employment (or other service relationship) of the Awardee with the Company or
an Affiliate by the Awardee within six months of the Company’s or Affiliate’s (A) instructing
the Awardee to work (or provide services) full-time or substantially full-time
at any location not acceptable to the Awardee (other than the Company’s or
Affiliate’s main headquarters) that is more than 50 miles from the Awardee’s
principal place of work and more than 50 miles from the 

 

2

 

Awardee’s principal residence, (B) eliminating
or materially reducing the Awardee’s duties for the Company or Affiliate or (C) materially
reducing the Awardee’s base pay (or base compensation).

 

For purposes of this Section 4, the term “Company’s
assets under management” shall mean the value of assets under management by
the Company, as reflected in the footnotes to the Company’s financial
statements, plus the cost of properties subject to property management
contracts with the Company (not taking into account any properties the values
of which are reflected in the footnotes to such financial statements).

 

5.             Termination of Consultant
Status.

 

Sections 6.3, 6.4 and 6.5 of the Plan shall control;
provided, however, that notwithstanding anything in the Plan to
the contrary, including but not limited to the provisions of Section 6.3(b) of
the Plan, if the Awardee’s status or engagement as a Consultant with or for the
Company or an Affiliate shall be terminated by the Company or Affiliate without
Cause or by the Awardee for Good Reason, in any such event, the Awardee shall
not forfeit any of his or her Restricted Shares; provided, however,
that the Restricted Shares shall remain subject to the satisfaction of the
Performance Requirement upon the applicable dates as set forth in Section 4(a),
(b) and (c).

 

6.             Restriction on
Transferability.

 

Except as otherwise provided in the Plan and subject
to Section 9, the Restricted Shares shall not be transferable unless and
until (and solely to the extent) the Awardee satisfies the vesting requirements
contained in Section 4.

 

7.             Voting and Dividend Rights.

 

The Awardee shall have the voting and dividend
rights of a stockholder of Common Stock with respect to the Restricted Shares.

 

8.             Regulation by the Committee.

 

This Agreement and the Restricted Shares shall be
subject to the administrative procedures and rules as the Committee shall
adopt. All decisions of the Committee upon any question arising under the Plan
or under this Agreement, shall be conclusive and binding upon the Awardee.

 

9.             Change of Control.

 

Notwithstanding the vesting requirements contained
in Section 4 and the transfer restrictions contained in Section 6,
upon a Change of Control, all of the Restricted Shares shall automatically
become fully vested, no longer subject to Restrictions and freely transferable,
in each case as of the date of such Change of Control.

 

3

 

10.           Amendment.

 

The Committee may amend this Agreement at any time
and from time to time; provided, however, that no amendment of
this Agreement that would impair the Awardee’s rights or entitlements with
respect to the Restricted Shares shall be effective without the prior written
consent of the Awardee.

 

11.           Plan Terms.

 

The terms of the Plan are hereby incorporated herein
by reference.

 

12.           Effective Date of Award.

 

The award of each Restricted Share under this
Agreement shall be effective as of the date first written above.

 

13.           Awardee Acknowledgment.

 

By executing this Agreement, the Awardee hereby
acknowledges that he or she has received and read the Plan and this Agreement
and that he or she agrees to be bound by all of the terms of both the Plan and
this Agreement.

 

 

	
  ATTEST:

  	
   

  	
  KENNEDY-WILSON HOLDINGS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  , Awardee

  
					

 

4Exhibit
10.26

 

KENNEDY-WILSON HOLDINGS,
INC.

 

2009 EQUITY PARTICIPATION
PLAN

 

EMPLOYEE PERFORMANCE UNIT
AWARD AGREEMENT

 

THIS AGREEMENT made as of
                      ,
200  , by and between Kennedy-Wilson Holdings, Inc., a
Delaware corporation (the “Company”), and                                       
(the “Awardee”).

 

WITNESSETH:

 

WHEREAS, the Company has
adopted the Kennedy-Wilson Holdings, Inc. 2009 Equity Participation Plan
(the “Plan”) for the benefit of its employees, nonemployee directors and
consultants and the employees, nonemployee directors and consultants of its
affiliates, and

 

WHEREAS, the Committee
has authorized a Performance Unit Award to be made to the Awardee (the “Award”)
under the Plan, on the terms and conditions set forth in the Plan and as
hereinafter provided,

 

NOW, THEREFORE, in
consideration of the premises contained herein, the Company and the Awardee
hereby agree as follows:

 

1.             Definitions.

 

To the
extent not defined herein, terms used in this Agreement which are defined in the
Plan shall have the same meanings as set forth in the Plan.

 

2.             Award of Performance Units.

 

The
Committee hereby awards to the Awardee [insert
# of units] Performance Units. All such Performance Units shall
be subject to the forfeiture provisions contained in Sections 4 and 5, such
forfeiture provisions to become effective immediately upon execution of this
Agreement by the parties hereto.

 

3.             Value of Performance Units.

 

Subject
to the forfeiture provisions contained in Sections 4 and 5, each Performance
Unit granted hereunder shall entitle the Awardee, pursuant to Section 7,
to receive a cash payment from the Company equal to One Dollar ($1.00).

 

4.             Vesting.

 

The
Performance Units shall vest pursuant to the terms of the Plan as follows:

 

(a)                                           upon
the occurrence of both (i) the Awardee being an Employee of the Company or
an Affiliate as of                         ,
20   , and (ii) the Company’s 

 

 

assets under management equaling or exceeding Three
Billion Dollars ($3,000,000,000.00) (the “Performance Requirement”) as
of                        ,
20      ; and

 

(b)                                           upon the occurrence of both (i) the
Awardee being an Employee of the Company or an Affiliate as of                        ,
20    , and (ii) the Company’s satisfying the
Performance Requirement as of                        ,
20     .

 

Subject
to the provisions of Section 5, if the above Awardee service and
Performance Requirements are not met with respect to any Performance Units hereunder,
such Performance Units shall be forfeited by the Awardee.

 

For
purposes of this Section 4, the term “Company’s assets under management”
shall mean the value of assets under the Company’s management[, as reflected in the footnotes to the Company’s financial
statements], plus the cost of properties subject
to property management contracts with the Company [(not
taking into account any properties the values of which are reflected in the
footnotes to such financial statements)].

 

5.             Termination of Employment.

 

Notwithstanding
Section 4, if, prior to the Awardee’s fully satisfying any of the
service-related requirements set forth in Section 4, the Awardee’s
employment with the Company or an Affiliate shall be terminated by the Company
or Affiliate without Cause or by the Awardee for Good Reason, in any such
event, all the Performance Units shall thereupon become fully vested, solely
upon the basis of whether or not the Performance Requirements are met.

 

For
purposes of this Section 5, the term “Good Reason” shall mean the
voluntary termination of the employment (or other service relationship) of the
Awardee with the Company or an Affiliate by the Awardee within six months of
the Company’s or Affiliate’s (A) instructing the Awardee to work (or
provide services) full-time or substantially full-time at any location not
acceptable to the Awardee (other than the Company’s or Affiliate’s main
headquarters) that is more than 50 miles from the Awardee’s principal place of
work and more than 50 miles from the Awardee’s principal residence, (B) eliminating
or materially reducing the Awardee’s duties for the Company or Affiliate or (C) reducing
the Awardee’s base pay (or compensation).

 

6.             Restriction on Transferability.

 

Except
as otherwise provided in the Plan,  the Performance
Units shall not be transferable.

 

7.             Payment.

 

(a)           On                ,
20     , to the extent that the applicable
vesting requirements under Section 4(a) have been satisfied, the
Company shall make a cash payment to the Awardee, reduced by all applicable
amounts under Section 9, in an amount equal to the product of One Dollar
($1.00) multiplied by the number of the Awardee’s vested Performance Units, as
determined pursuant to Section 4(a); and

 

2

 

(b)           On                ,
20     , to the extent that the applicable
vesting requirements under Section 4(b) have been satisfied, the
Company shall make a cash payment to the Awardee, reduced by all applicable
amounts pursuant to Section 9, in an amount equal to the product of One
Dollar ($1.00) multiplied by the number of the Awardee’s vested Performance
Units, as determined pursuant to Section 4(b).

 

8.             Regulation by the Committee.

 

This
Agreement and the Performance Units shall be subject to the administrative
procedures and rules as the Committee shall adopt. All decisions of the
Committee upon any question arising under the Plan or under this Agreement,
shall be conclusive and binding upon the Awardee.

 

9.             Withholding.

 

If the
Company or an Affiliate shall be required to withhold any amounts in connection
with the Awardee’s Performance Unit Award by reason of any federal, state or
local tax rules or regulations, the Company or Affiliate shall be entitled
to deduct and withhold such amounts.

 

10.           Amendment.

 

The
Committee may amend this Agreement at any time and from time to time; provided,
however, that no amendment of this Agreement that would impair the
Awardee’s rights or entitlements with respect to the Performance Units shall be
effective without the prior written consent of the Awardee.

 

11.           Plan Terms.

 

The
terms of the Plan are hereby incorporated herein by reference.

 

12.           Effective Date of Award.

 

The
Award under this Agreement shall be effective as of the date first written
above.

 

3

 

13.           Awardee Acknowledgment.

 

By
executing this Agreement, the Awardee hereby acknowledges that he or she has
received and read the Plan and this Agreement and that he or she agrees to be
bound by all of the terms of both the Plan and this Agreement.

 

 

	
  ATTEST:

  	
   

  	
  KENNEDY-WILSON HOLDINGS,
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  , Awardee

  
					

 

4

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