Exhibit 10.36
FIFTH AMENDMENT
TO
EMPLOYMENT
AGREEMENT
This Fifth Amendment to Employment
Agreement (the “Fifth Amendment”) is made and entered
into as of May 19, 1997, 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 1, 1994, March 31,
1995 and January 1, 1996, 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 of Employment, Bonus and Severance
Agreement.
AMENDMENT TO
AGREEMENT
NOW, THEREFORE
, for good and valuable
consideration the receipt and sufficiency of which are hereby
acknowledged, the parties hereby amend the Agreement, effective as
of May 19, 1997 as follows:
1. Section 2 of the Employment
Agreement is deleted in its entirety and the following is inserted
in lieu thereof:
2.
Term (a): Employee shall be employed by the Company
pursuant to his Employment Agreement for a term beginning in
August 14, 1992, and continuing through to and terminating at
the close of business on December 31, 1999, (unless
