Exhibit 10.70
AMENDMENT TO EMPLOYMENT
AGREEMENT
This Amendment to Employment
Agreement (the “Amendment”) is-made and entered into as
of January 1, 2001 by and between~ Kennedy-Wilson Properties, Ltd.,
an Illinois corporation (“The Company”) a wholly owned
subsidiary of Kennedy-Wilson Inc. a Delaware corporation, haying an
address of 9601 Wilshire Boulevard, Suite 220, Beverly Hills,
California 90210, (“Company”), and James Rosten, an
individual (“Employee”).
RECITALS
WHEREAS, Company and Employee have
entered into that certain Employment Agreement dated as of January
4, 1999, 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 Services Provided to the Company, Term, and
Bonus.
AMENDMENT TO
AGREEMENT
NOW, THEREFORE,
for good and valuable consideration
the receipt and sufficiently of which are hereby acknowledged, the
parties hereby amend the Agreement, effective as of January 1,
2001. as follows:
1.
Paragraph one of Section 2.
Services provided to the Company is deleted in its entirety
and the following paragraph is added in lieu thereof:
2.
Services Provided to the
Company . Subject to the
policy guidelines and directives of the Company which are provided
to him by Company from time to time during the term of this
Agreement, Employee shall serve as President of and be responsible
for the operation of Kennedy-Wilson Proper-ties, Ltd. and to
advance the business and welfare of Kennedy-Wilson Properties, Ltd.
as determined by the Company from time to time. Employee shall have
no authority to bind or obligate Company. to the purchase or sale
of any real property, or to make any other financial commitment,
including without limitation the borrowing of any monies on a
secured or unsecured basis, without obtaining the prior written
authorization of Company as to the specific transac
