Document:

Exhibit
10.31

 

AMENDMENT TO EMPLOYMENT AGREEMENT

 

This Amendment to
Employment Agreement (the “Amendment”) is made and entered into as of the 1st
day of January, 1993, by and between Kennedy—Wilson, Inc., a Delaware
corporation with its principal office located in Santa Monica, California (the
Company”), and William 3. McMorrow, an individual (“Employee”).

 

RECITALS

 

WHEREAS, the Company and Employee have entered into
that certain Employment Agreement dated as of August 14, 1992 (the “Employment
Agreement”), providing for the employment of the Employee by the Company
pursuant to the terms of such Employment Agreement; and

 

WHEREAS, the Company and Employee have agreed that the tens of the Employment
Agreement should be modified and, in connection therewith, Employee has agreed
to forego any compensation pursuant to the Employment Agreement for the period
beginning November 15, 1992 and ending December 31, 1992;

 

AGREEMENT

 

NOW, THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

 

i.              section 4 of the Employment
Agreement shall be amended such that the annual salary amount “$450,000”
appearing in such Section shall become “$350,000.”

 

2.             The Company and Employee acknowledge
and agree that, notwithstanding the tens of the Employment Agreement, Employee
has not and shall not receive any compensation from the Company for the period
beginning November 15, 1992 and ending December 31, 1992.

 

3.             Subject to the foregoing, the Employment
Agreement shall remain in effect, and each of the Company and Employee hereby
ratifies and affirms the Employment Agreement in each and every respect.

 

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

 

	
  EMPLOYEE

  	
   

  
	
  /s/William J. McMorrow

  	
   

  
	
   

  	
   

  
	
  KENNEDY-WILSON, INC.

  	
   

  
	
  A Delaware corporation

  	
   

  
	
  /s/ William Stevenson

  	
   

  
	
  PresidentExhibit 10.32

 

SECOND AMENDMENT TO EMPLOYMENT AGREEMENT

 

This Second Amendment to
Employment Agreement (the “Second Amendment) is made and entered into as of January 1,
1994 by and between KENNEDY—WILSON, INC., a Delaware corporation, with its
principal office located in Santa Monica, California (the “Company”) and
WILLIAM J. McMORROW, an individual (“Employee”).

 

RECITALS

 

WHEREAS, Company and Employee have entered into that certain Employment Agreement
dated as of August 14, 1992, as amended by that certain Amendment to
Employment Agreement dated as of January 1, 1993 (collectively, the “Employment
Agreement”), providing for the employment of Employee by Company pursuant to
the terms of such Employment Agreement; and

 

WHEREAS, Company and Employee have agreed that the terms of the Employment
Agreement should be modified with respect to Employee’s compensation.

 

AMENDMENT
TO AGREEMENT

 

NOW, THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby amend the Employment Agreement, effective as
of January 1, 1994, as follows:

 

1. Employee shall be paid
an annual salary of $400,000 as compensation for Employee’s duties as Chief
Executive Officer. Therefore, Section 4(i) of the Employment Agreement
is amended such that the annual salary amount of “$350,000” is deleted and the
annual salary amount of “$400,000” is inserted in lieu thereof.

 

2. Section 4(u) of the Employment Agreement is deleted in its
entirety and the following is inserted in lieu thereof:

 

4(ii) As additional
compensation to Employee for Employee’s duties as Chief Executive Officer,
Employee shall be a participant in the Company’s Corporate Profit Incentive
Plan and will be entitled to an annual target incentive bonus of $500,000, with
a maximum annual incentive bonus of $i,000,000, under the terms and conditions
of the Corporate Profit Incentive Plan.

 

3. 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 Second Amendment as of the date first above
written.

 

	
  COMPANY

  	
   

  
	
  KENNEDY-WILSON, Inc.

  	
   

  
	
  a
  Delaware corporation

  	
   

  
	
  /s/
  Randall G. Dotemoto

  	
   

  
	
  Chief
  Operating Officer

  	
   

  
	
  Chief
  Financial Officer

  	
   

  
	
   

  	
   

  
	
  EMPLOYEE

  	
   

  
	
  /s/
  William J. McMorrow,Exhibit 10.33

 

THIRD AMENDMENT TO EMPLOYMENT AGREEMENT.

 

This Third Amendment to Employment Agreement
(the “Third Amendment”) is made and entered into as of March 31, 1995, by
and between KENNEDY-WILSON, INC., a Delaware corporation with its principal
office located in Santa Monica, California (the “Company”) and WILLIAM J.
McMORROW, an individual (“Employee”).

 

RECITALS

 

WHEREAS, Company and
Employee have entered into that certain Employment Agreement dated as of August 14,
1992, as amended by that certain Amendment to Employment Agreement dated as of January 1,
1993, and that certain Second Amendment to Employment Agreement dated January 1,
1994 (collectively, the “Employment Agreement”), providing for the employment
of Employee by Company pursuant to the terms of such Employment Agreement; and

 

WHEREAS, Company and Employee have agreed that the terms of the
Employment Agreement should be modified with respect to the term of the
Employment Agreement and severance provisions.

 

AMENDMENT
TO AGREEMENT

 

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

 

1. Section 2 of the Employment Agreement
is deleted in its entirety and the following is inserted in lieu thereof:

 

2.                  Term. (a) Employee
shall be employed by the Company pursuant to this Employment Agreement for a
term beginning on August 14, 1992 and continuing through to, and
terminating at the close of business on the
fifth anniversary of the date thereof
(unless earlier terminated pursuant to Section 9 hereof).

 

(b)                             In the event
that the Employment Agreement is not renewed prior to the close of business on
the fifth anniversary of the date thereof, Employee shall, in consideration of
his execution of the General Release attached as Exhibit “A” hereof, be
entitled to a payment from the Company equal to the compensation to Employee
paid during the preceding twelve (12) months in accordance with Section 4(i) of
the Employment Agreement, but in no event less than $400,000 (the “Severance
Payment”). Such Severance Payment shall be paid to Employee ten (10) days
following his execution and delivery to Company of such General Release;
provided that Employee has not revoked such General Release in the meanwhile.

 

 

2.                                           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 Third Amendment as of the date first above written.

 

 

	
  KENNEDY-WILSON,
  INC.

  	
   

  
	
  a Delaware corporation

  	
   

  
	
  /S/ RANDALL DOTEMOTO

  	
   

  
	
  Chief Operating Officer,

  	
   

  
	
  Chief Financial Officer and Secretary

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  EMPLOYEE

  	
   

  
	
   

  	
   

  
	
  /S/ WILLIAM J. McMORROWExhibit 10.34

 

FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT

 

This
Fourth Amendment to Employment Agreement (the “Fourth Amendment”) is made and
entered into as of January 1, 1996, by and between KENNEDY-WILSON, INC., a
Delaware Corporation, with its principal office located in Santa Monica, California (the “Company”) and WILUAM J.
MCMORROW, an individual (“Employee”).

 

RECITALS

 

WHEREAS, Company and Employee have entered into that
certain Employment Agreement dated as
of August 14, 1992, as amended by that certain Amendment to
Employment Agreement dated as of January 1, 1993 and that certain Second
Amendment to Employment Agreement dated January 1, 1994 and that certain
Third Amendment to Employment Agreement dated March 31, 1995,
(collectively, the “Employment Agreement”),
providing for the employment of Employee by Company pursuant to the
terms of such Employment Agreement; and

 

WHEREAS, Company and Employee have agreed that the terms
of the Employment Agreement should be modified with respect to the term of the
Employment Agreement, salary and bonus provision.

 

AMENDMENT TO AGREEMENT

 

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

 

1.                                      Section 2 (a) of the Employment Agreement is deleted in its entirety and the
following is inserted in lieu thereof:

 

2.                                      Term. a) Employee
shall be employed by the Company pursuant to this Employment Agreement for a
term beginning on August 14, 1992 and continuing through to, and
terminating at the close of business on December 31, 1997, (unless earlier terminated pursuant to Section 9 hereof).

 

2.                                      Section 4(i) of
the Employment Agreement shall be amended such that the annual salary amount of
“$400,000” is deleted and the annual salary amount of “$300,000” plus an annual
salary advance amount of “$100,000” payable against bonus earned is inserted in
lieu thereof.

 

3. Section 4(ii) of the Employment Agreement is deleted in
its entirety and the following is inserted in lieu thereof:

 

4. (iii) an annual bonus payable in an amount
as follows:

 

 

	
  PROFIT (MM)

  	
   

  	
  BONUS

  	
   

  
	
  0
  to 1

  	
   

  	
  0

  	
   

  
	
  1
  to 3

  	
   

  	
  10%(MAX.
  $100K)

  	
   

  
	
  3 to 7.5

  	
   

  	
  20%

  	
   

  

 

Bonus Cap—$7.5MM Profit

 

4.(iii)                       The Company
shall pay to Employee a bonus at the six (6) month interval based upon 1st
and 2nd quarter profits, consistent with the bonus schedule in 4(H). At year
end, additional bonus shall be paid on year end profits or any excess bonus
payout at the six month interval shall be refunded by Employee and/or the excess
bonus payout will be offset by Employee’s 1997 salary.

 

4. 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

  	
   

  
	
  /s/
  James C. Ozello, Acting Secretary

  	
   

  
	
  Compensation
  Committee

  	
   

  
	
   

  	
   

  
	
  EMPLOYEE

  	
   

  
	
  /s/ William J. McMorrow,
  Chairman

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