Exhibit 10.72
THIRD AMENDMENT TO EMPLOYMENT
AGREEMENT
This Third Amendment to Employment
Agreement (the “Third Amendment”) is made and entered
into as of 1-03-03 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, and
March 15, 2001 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, 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, 2003 as follows:
1.
Section 3 Term of
Employment is amended such that the term of this Agreement is
extended to December 31, 2003. Therefore, Section 3 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 5 (b)
Bonus is deleted in its entirety and the following is added
in lieu thereof:
(b)
Bonus . Employee shall be eligible as of
December 31 of each calendar year to receive a bonus (the
“Bonus”) based on the net income of Kennedy Wilson
Properties, LTD, (“Division”) which shall be calculated
and paid as follows:
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Net Income
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Bonus
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0 -MM
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10
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%
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51MM -Above
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15
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%
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Net income shall be equal to
(i) the gross revenue credited to the Division, less
(ii) cost and expenses incurred by the Division including
without limitation office rent and expenses, salaries, bonuses and
benefits of all employees and consultants who provide services for
the Division, marketing costs, write-offs, depreciation and
amortization, interest expense, a charge for general corporate
overhead, and a cost of capital factor equal to twelve percent
(12%) per annum of the amount of any indebtedness incurred or
extended by Company for the operation of the Division and two
percent (2%) per annum of the amount of any indebtedness which is
guarantied by Company for t
