Eighth Amendment to Employment Agreement between Kennedy-Wilson, Inc. and Freeman A. Lyle, Jr.

Summary

This amendment updates the employment agreement between Kennedy-Wilson, Inc. and Freeman A. Lyle, Jr. It extends Mr. Lyle's employment term to December 31, 2003, and sets his annual salary at $300,000, effective September 1, 2002. All other terms of the original agreement remain unchanged and in effect.

EX-10.11.7 4 dex10117.txt EIGHTH AMENDMENT TO EMPLOYMENT AGREEMENT DATED AS OF SEPTEMBER 1, 2002 EXHIBIT 10.11.7 EIGHTH AMENDMENT TO EMPLOYMENT AGREEMENT This Eighth Amendment to Employment Agreement (the "Eighth Amendment") is made and entered into as of September 1, 2002, 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., and 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, and March 28, 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 September 1, 2002 as follows: 1. The term of this Agreement is extended to December 31, 2003. Therefore, Section 2 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 4 (i) of the Agreement is amended such that Employee's salary effective September 1, 2002 is equal to $300,000 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 the 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" "EMPLOYMENT" Kennedy-Wilson Inc. a Deleware Corporation By: /s/ William J. McMorrow /s/ Freeman A. Lyle, Jr. --------------------------------- -------------------------------- William J. McMorrow Freeman A. Lyle, Jr. Its Chief Executive Officer