Exhibit 10.78
NINTH AMENDMENT TO EMPLOYMENT
AGREEMENT
This Ninth Amendment to Employment
Agreement (the “Ninth Amendment”) is made and entered
into as of February 11, 2005 by and between Kennedy-Wilson
Properties, Ltd., an Illinois corporation (“The
Company”) a wholly owned subsidiary of Kennedy-Wilson Inc. a
Delaware corporation, having 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, and
amended January 1, 2001, March 15, 2001, January 3,
2003, September 5, 2003, October 1, 2003, January 1,
2004, April 19, 2004, and January 1, 2005 (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
Incentive 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,
2005 as follows:
1.
Incentive Bonus
. Section 5
(d) (iii) Bonus Pool II is deleted in its
entirety
