EIGHTH AMENDMENT TO EMPLOYMENT AGREEMENT

Exhibit 10.59

EIGHTH AMENDMENT TO

EMPLOYMENT AGREEMENT

This Eighth Amendment to Employment Agreement (“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., an 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 tents of such Agreement; and

WHEREAS , Company and Employee have agreed that the tents of the Employment Agreement should be modified to change the Term of Employment.

AMENDME