Document:

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                                                                  EXHIBIT 10.9.3

                               THIRD AMENDMENT TO

                              EMPLOYMENT AGREEMENT

        This Third Amendment to Employment Agreement (the "Third Amendment") is
made and entered into as of January 1, 1999, by and between KENNEDY-WILSON,
INC., A Delaware corporation, with its principal office located in Santa Monica,
California (the "Company"), and Richard Mandel, an individual ("Employee").

                                    RECITALS

        WHEREAS, Company and Employee have entered into that certain Employment
Agreement dated as of January 1, 1997, (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 Employee's 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, 1998 as follows:

        1.      The Term of the Agreement is extended until December 31, 2000.
                Therefore, Section 3 of the Agreement is amended such that the
                termination date of "December 31, 1999" is deleted and the
                termination date of "December 31, 2000" is inserted in lieu
                thereof.

        Subject to the foregoing, the Employment Agreement remains in 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                      "Employee"

By: /s/ WILLIAM J. MCMORROW                 /s/ RICHARD MANDEL
   ---------------------------------        ------------------------------------
   William J. McMorrow                      Richard Mandel
   Chairman and Chief Executive Officer<PAGE>   1

                                                                  EXHIBIT 10.9.4

                              FOURTH AMENDMENT TO

                              EMPLOYMENT AGREEMENT

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

                                    RECITALS

        WHEREAS, COMPANY and Employee have entered into that certain Employment
Agreement dated as of January 1, 1997, and amended May 19, 1997, January 1,
1998, and January 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 term, base salary and add
change in control stipulation.

                             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, 2000 as follows:

        1.      The Term of the Agreement is extended until December 31, 2001.
                Therefore, Section 3 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.

        2.      Section 5(a) is deleted in its entirety and the following is
                inserted in lieu thereof:

                        5(a) Employee shall be paid a base salary at the rate of
                $25,000.00 monthly ($300,000.00 annualized) for the period of
                January 1, 2000 to December 31, 2001, payable on such basis is
                the normal payment pattern of the company, not to be less
                frequently than

<PAGE>   2

                monthly, 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 5(e) is added:

                        5(e) In the event the Employment Agreement is
                terminated due to change in control, the Employee shall, in
                consideration of his execution of a General Release, be entitled
                to payment from the Company equal to two (2) times the
                Employee's annual compensation. The annual compensation would be
                the arithmetic average of the most recent three (3) year period
                and would include salary and bonus as reported in the Proxy
                Statement, (the Severance Payment). Such severance payment shall
                be paid to employee following his execution and delivery to
                Company of a General Release.

                "Change in control" shall mean the first to occur of any of the
                following events:

                (a) Any "person" (as that term is used Section 13 and 14(d)(2)
                of the Securities Exchange Act of 1934 ("Exchange Act") becomes
                the beneficial owner (as that term is used in Section 13(d) of
                the Exchange Act), directly or indirectly, of 50% or more of the
                Company's capital stock entitled to vote in the election of
                directors;

                (b) During any period of not more than two consecutive years,
                not including any period prior to the adoption of this
                Amendment, individuals who at the beginning of such period
                constitute the board of directors of the Company, and any new
                director (other than a director designated by a person who has
                entered into an agreement with the Company to effect a
                transaction described in clause (a), (c), (d) or (e) of this
                section) whose election by the board of directors or nomination
                for election by the Company's stockholders was approved by a
                vote of at least three-fourths (3/4ths) of the directors then
                still in office who either were directors at the beginning of
                the period or whose election or nomination for election was
                previously so approved, cease for any reason to constitute at
                least a majority thereof;

                (c) The shareholders of the Company approve any consolidation or
                merger of the Company, other than a consolidation or merger of
                the Company in which the holders of the common stock of the
                Company immediately prior to the consolidation or merger hold
                more than 50%

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                of the common stock of the surviving corporation immediately
                after the consolidation or merger;

                (d) The shareholders of the Company approve any plan or proposal
                for the liquidation or dissolution of the Company; or

                (e) The shareholders of the Company approve the sale or transfer
                of all or substantially all of the assets of the Company to
                parties that are not within a "controlled group of corporations"
                (as defined in Code Section 1563) in which the Company is a
                member.

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
                                               Its Chief Executive Officer

                                            "EMPLOYEE"

                                            ------------------------------------
                                            Richard Mandel<PAGE>   1

                                                                 EXHIBIT 10.10.3

                               THIRD AMENDMENT TO

                              EMPLOYMENT AGREEMENT

This Third Amendment to Employment Agreement (the "Third Amendment") is made and
entered into as of January 1, 1999, by and between KENNEDY-WILSON, INC., a
Delaware corporation with its principal office located in Santa Monica,
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, (the "Agreement"), and amended January 1,
1997 and January 1, 1998 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 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 January 1, 1998 as follows:

        1.      Section 1(C) Bonus. Exhibit C, page 2, attached, is amended such
                that 25% of Note Division's net income, no cap (net profits less
                employee bonus) allocated to the Bonus Pool is deleted in its
                entirety and the following is inserted in lieu thereof:

                        75% of the Note Division's net income from National
                        Consulting, no cap (net profits less Employee bonus) is
                        allocated to the Bonus Pool, and I 00% of the Note
                        Division's net income, for all other note pools, no cap
                        (net profits less Employee bonus) is allocated to the
                        Bonus Pool.

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.

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

                                            "COMPANY"
                                            KENNEDY-WILSON, INC.,
                                            A DELAWARE CORPORATION

                                            By: /s/ WILLIAM J. MCMORROW
                                               ---------------------------------
                                               William J. McMorrow
                                               Chairman and Chief Executive
                                               Officer

                                            "EMPLOYEE"

                                            /s/ LEWIS A. HALPERT
                                            ------------------------------------
                                            Lewis A. Halpert

<PAGE>   3

                                    EXHIBIT C

                                   LEW HALPERT

1.      BASE COMPENSATION:

<TABLE>
<S>                      <C>
$12,500.00/mo.           Salary
$12,500.00/mo.           Non-repayable advance charged against bonus
--------------
$25,000.00/mo.           $300,000 annualized
</TABLE>

To manage KW Properties Residential Division:

        1.      Find/buy properties;
        2.      Secure financing
        3.      Oversee and manage:
                    a)  Legal
                    b)  Construction
                    c)  Marketing/Sales
                    d)  Closing
                    e)  Other matters incidental to success of deal

2.      BONUS (Based on Bonus Revenues Net Profits--see attached)

<TABLE>
<CAPTION>
NET PROFIT                                  BONUS
<S>                                         <C>
0-$1,000,0000                               15%
$1,000,001-$2,000,000                       20%
$2,000,001-Above                            25%
</TABLE>

3.      Lew will be awarded a commission percentage as procuring cause for
        commercial deals signed by the Company. Commission percentage will be
        based upon Lew's contribution to the deal and will be negotiated and
        agreed to at the time of the deal signing. Such commissions will be
        credited to his Bonus Revenues Net Profit for Bonus calculation. (see
        #2).

4.      Net Commissions earned by the Company on auctions for which Lew was
        procuring cause will be credited to his Bonus Revenues Net Profits for
        Bonus calculations. (see #2).

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