Exhibit 10.40
NINTH AMENDMENT
TO
EMPLOYMENT
AGREEMENT
This Ninth Amendment to Employment
Agreement (the “Ninth Amendment”) is made and entered
into as of October 1, 2000, by and between KENNEDY-WILSON,
INC., a Delaware corporation, with its principal office located in
Beverly Hills, 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, January 1, 1996, May 19, 1997,
August 20, 1998, August 9, 1999, and January 3, 2000
providing for the employment of Employee by Company pursuant to the
terms of such Agreement; and
WHEREAS , Company and Employee have agreed that this
Ninth Amendment should supersede in its entirety the Eighth
Amendment and that the terms of the Employment Agreement should be
modified to change the Term, Salary and Bonus Plan.
AMENDMENT TO
AGREEMENT
NOW, THEREFORE, for good and
valuable consideration the receipt and sufficiency of which are
hereby acknowledged, the patties hereby amend the Agreement,
effective as of January 1, 2000 as follows:
1.
The Term of the Agreement is
extended until December 31, 2009. Therefore, Section 2
(a) of the Employment Agreement is amended such that the
termination date of “December 31, 2002” is deleted
and the termination date of “December 31, 2009” is
inserted in lieu thereof
2.
Section 4 (i) of the
Employment Agreement shall be amended such that the annual salary
of “$300,000. plus an annual salary advance amount of
$100,000. payable against bonus earned “ is deleted and the
annual salary of “$400,000” is inserted in lieu
thereof
3.
Section 4 (ii) of the
Employment Agreement is deleted in it entirety and the following is
inserted in lieu thereof:
(a)
For the year 2000, an annual bonus
of 5% of profits.
(b)
For the years 2001-2009, an annual
bonus of 10% of profits.
