EMPLOYMENT AGREEMENT

Exhibit 10.37

SIXTH AMENDMENT TO

EMPLOYMENT AGREEMENT

This Sixth Amendment to Employment Agreement (the “Sixth Amendment”) is made and entered into as of August 20, 1998, by and between KENNEDY-WILSON, INC., A Delaware corporation, with its principal office located in Santa Monica, California (the “Company”), and WILLIAM J. McMORROW, an individual (“Employee”).

RECITALS

WHEREAS , Company and Employee have entered into that certain Employment Agreement dated as of August 14, 1992, as amended January 1, 1993, January t, 1994, March 31, 1995, January 1, 1996, and May 19, 1997, 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 Bonus Structure.

AMENDMENT TO AGREEMENT

NOW, THEREFORE , for good an