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Exhibit 10.38    
  

 
 

AMENDMENT 2002-2 TO
  HILTON HOTELS
  401(K) SAVINGS PLAN    
  

        The Pension and Thrift Committee (the "Committee") for Hilton Hotels Corporation hereby adopts the following amendment to the Hilton Hotels 401(k) Savings Plan
(the "Plan"): 

        1.    Section 3.1(a)
of the Plan is amended in its entirety to read as follows effective June 1, 2002: 

        "(a)  Election to Defer. Subject to the limitations in Sections 3.6 and 4.1, each Participant can elect Compensation Deferrals, in writing
in the manner prescribed by the Committee, in whole percentages from 1% to 50% of the Participant's Compensation for each payroll period. A Participant's election to commence Compensation Deferrals
shall be effective at the time established by the Committee, but no earlier than the first day of the first payroll period commencing after the Committee's receipt of such election. The Committee may
require or permit elections by means of electronic media in accordance with Section 2.7 and may adopt rules establishing the specific pay periods for which Compensation Deferrals may be made.
The Participant's compensation will be reduced by the amount of his Compensation Deferrals, which will be credited to the Participant's Compensation Deferral Account, and will be made in accordance
with rules established by the Committee. Subject to the above maximum 50% limitation, the Committee can adopt rules specifying the maximum and/or minimum Compensation Deferrals, either as dollar or
percentage amounts." 

        2.    Section 3.8
of the Plan is amended in its entirety to read as follows effective January 1, 2002: 

        "3.8
Limitations on Contributions. 

        In
no event shall the aggregate contribution for any Plan Year made by the Company and any Participating Employers under Section 3.2 and under any other profit sharing or stock
bonus plan(s) maintained by the Company or a Participating Employer, exceed 25% of the Compensation paid or accrued to all Participants. The Compensation taken into account for purposes of the
preceding sentence shall be Compensation paid or accrued during the Company's taxable year ending with or within the Plan Year to which the Company contribution relates, and shall include any amounts
treated as compensation under Code Section 415(c)(3)(C) or (D)." 

        3.    Section 6.3
of the Plan is amended in its entirety to read as follows effective January 1, 2001: 

        "6.3
Age 591/2 Withdrawal. 

        A
Participant who has not incurred a Break in Employment may withdraw all or a portion of his vested Accounts after he attains age 591/2. A withdrawal request shall be
made on such form, in such manner, and at such time as the Committee may prescribe. The Committee may require or permit elections by means of electronic media in accordance with Section 2.7.
Any withdrawal under this Section 6.3 cannot be less than the lesser (a) of the Participant's vested balance in his Accounts or (b) $500.00. Notwithstanding the foregoing,
withdrawals from an Annuity Eligible Merger Account shall be subject to Appendix F." 

        4.    Section 6.4(c)
of the Plan is amended in its entirety to read as follows effective January 1, 2003: 

        "(c)
A Participant shall not be permitted to make any withdrawals under this Section 6.4 until he has obtained all distributions, other than hardship distributions, and all
non-taxable loans currently available under all qualified profit sharing and retirement plans maintained by the Company or a Participating Employer, whichever is applicable, or an
Affiliated Employer. A 

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Participant may not make more than one withdrawal pursuant to this Section 6.4 in any six-month period. A Participant cannot withdraw an amount less than $500 pursuant to this
Section 6.4." 

        5.    Section 6.7
is amended by the addition of the following paragraph (c) at the end thereof effective January 1, 2002: 

        "(c)
With respect to distributions under the Plan made for calendar year 2002, the Plan will apply the minimum distribution requirements of Code Section 401(a)(9) in accordance
with the regulations under Code Section 401(a)(9) that were proposed on January 17, 2001, notwithstanding any provision of the
Plan to the contrary; provided, however, that this paragraph will not be considered to allow a Participant or Beneficiary to delay a distribution or elect an optional form of benefit not otherwise
provided in the Plan." 

        6.    Section 6.9
of the Plan is deleted effective January 1, 2003. 

        7.    The
Plan is amended by the addition of the following Appendix G at the end thereof effective January 1, 2002 (except where specifically provided otherwise): 

"APPENDIX
G

AMENDMENT OF THE PLAN FOR EGTRRA

PREAMBLE 

        This
Appendix G of the Plan is adopted to reflect certain provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 ("EGTRRA"). This Appendix G is
intended as good faith compliance with the requirements of EGTRRA and is to be construed in accordance with EGTRRA and guidance issued thereunder. Except as otherwise provided, this Appendix G
shall be effective as of January 1, 2002. This Appendix G shall supersede the provisions of the Plan to the extent those provisions are inconsistent with the provisions of this
Appendix G. 

        I.    LIMITATIONS
ON CONTRIBUTIONS 

        1.    Effective
date. This Section shall be effective for limitation years beginning after December 31, 2001. 

        2.    Maximum
Annual Addition. Except to the extent permitted under Section VIII of this Appendix G and Section 414(v) of the Code, if applicable,
the Annual Addition that may be contributed or allocated to a Participant's account under the Plan for any limitation year shall not exceed the lesser of: 

        (a)  $40,000,
as adjusted for increases in the cost-of-living under Section 415(d) of the Code, or 

        (b)  100 percent
of the Participant's compensation, within the meaning of Section 415(c)(3) of the Code, for the limitation year. 

        The
compensation limit referred to in (b) shall not apply to any contribution for medical benefits after separation from service (within the meaning of Section 401(h) or
Section 419A(f)(2) of the Code) which is otherwise treated as an annual addition. 

        II.    INCREASE
IN COMPENSATION LIMIT 

        The
annual Compensation of each Participant taken into account in determining allocations for any Plan Year beginning after December 31, 2001, shall not exceed $200,000, as
adjusted for cost-of-living increases in accordance with Section 401(a)(17)(B) of the Code. Annual Compensation means compensation during the Plan Year or such other
consecutive 12-month period over which Compensation is otherwise determined under the Plan (the determination 

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period). The cost-of-living adjustment in effect for a calendar year applies to annual Compensation for the determination period that begins with or within such calendar year. 

        III.  DIRECT
ROLLOVERS OF PLAN DISTRIBUTIONS 

        1.    Effective
date. This Section shall apply to distributions made after December 31, 2001. 

        2.    Modification
of definition of Eligible Retirement Plan. For purposes of the direct rollover provisions in Section 6.8 of the Plan, an Eligible Retirement Plan
shall also mean an annuity contract described in Section 403(b) of the Code and an eligible plan under Section 457(b) of the Code which is maintained by a state, political subdivision of
a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately account for amounts transferred into such plan from this Plan. The definition of
Eligible Retirement Plan shall also apply in the case of a distribution to a surviving spouse, or to a spouse or former spouse who is the alternate payee under a qualified domestic relation order, as
defined in Section 414(p) of the Code. 

        3.    Modification
of definition of Eligible Rollover Distribution to exclude hardship distributions. For purposes of the direct rollover provisions in Section 6.8 of
the Plan, any amount that is distributed on account of hardship shall not be an Eligible Rollover Distribution and the Distributee may not elect to have any portion of such a distribution paid
directly to an Eligible Retirement Plan. 

        4.    Modification
of definition of Eligible Rollover Distribution to include after-tax employee contributions. For purposes of the direct rollover provisions in
Section 6.8 of the Plan, a portion of a distribution shall not fail to be an Eligible Rollover Distribution merely because the portion consists of after-tax employee
contributions which are not includible in gross income. However, such portion may be transferred only to an individual retirement account or annuity described in Section 408(a) or (b) of
the Code, or to a qualified defined contribution plan described in Section 401(a) or 403(a) of the Code that agrees to separately account for amounts so transferred, including separately
accounting for the portion of such distribution which is includible in gross income and the portion of such distribution which is not so includible. 

        IV.  ROLLOVERS
FROM OTHER PLANS 

        The
Plan will accept Participant rollover contributions and/or direct rollovers of distributions made after December 31, 2002, from the following types of plans. 

        Direct
Rollovers: 

        The
Plan will accept a direct rollover of an Eligible Rollover Distribution from: a qualified plan described in Section 401(a) or 403(a) of the Code, excluding
after-tax employee contributions; a qualified plan described in Section 401(a) or 403(a) of the Code, including after-tax employee contributions; an annuity contract
described in Section 403(b) of the Code, excluding after-tax employee contributions; and an eligible plan under Section 457(b) of the Code which is maintained by a state,
political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state. 

        Participant
Rollover Contributions from Other Plans: 

        The
Plan will accept a Participant contribution of an Eligible Rollover Distribution from: a qualified plan described in Section 401(a) or 403(a) of the Code; an annuity contract
described in Section 403(b) of the Code; an eligible plan under Section 457(b) of the Code which is maintained by a state, political subdivision of a state, or any agency or
instrumentality of a state or political subdivision of a state. 

3

 

        Participant
Rollover Contributions from IRAs: 

        The
Plan will accept a Participant rollover contribution of the portion of a distribution from an individual retirement account or annuity described in Section 408(a) or 408(b) of
the Code that is eligible to be rolled over and would otherwise be includible in gross income. 

        V.    ROLLOVERS
NOT DISREGARDED IN INVOLUNTARY CASH-OUTS 

        The
Company does not elect to exclude rollover contributions in determining the value of the Participant's nonforfeitable Account balance for purposes of the Plan's involuntary
cash-out rules. Accordingly, for purposes of Section 6.1(d) of the Plan, the value of a Participant's nonforfeitable Account balance shall include that portion of the Account
balance that is attributable to rollover contributions (and earnings allocable thereto) within the meaning of Sections 402(c), 403(a)(4), 403(b)(8), 408(d)(3)(A)(ii), and 457(e)(16) of the Code. 

        VI.  ELECTIVE
DEFERRALS—CONTRIBUTION LIMITATION 

        No
Participant shall be permitted to have Compensation Deferrals made under this Plan, or any other qualified plan maintained by the Company during any taxable year, in excess of the
dollar limitation contained in Section 402(g) of the Code in effect for such taxable year, except to the extent permitted under Section VIII of this Appendix G and
Section 414(v) of the Code, if applicable. 

        VII. MODIFICATION
OF TOP-HEAVY RULES 

        The
top-heavy requirements of Section 416 of the Code and Section 9.10 and Appendix B of the Plan shall not apply in any year beginning after
December 31, 2001, in which the Plan consists solely of a cash or deferred arrangement which meets the requirements of Section 401(k)(12) of the Code and matching contributions with
respect to which the requirements of Section 401(m)(11) of the Code are met. 

        VIII.  CATCH-UP
CONTRIBUTIONS 

        All
Employees who are eligible to make Compensation Deferrals under this Plan and who have attained age 50 before the close of the Plan Year shall be eligible to make
catch-up contributions in accordance with, and subject to the limitations of, Section 414(v) of the Code. Such catch-up contributions shall not be taken into
account for purposes of the provisions of the Plan implementing the required limitations of Sections 402(g) and 415 of the Code. The Plan shall not be treated as failing to satisfy the provisions of
the Plan implementing the requirements of Section 401(k)(3), 401(k)(11), 401(k)(12), 410(b), or 416 of the Code, as applicable, by reason of the making of such catch-up
contributions. 

        Section VIII,
Catch-up Contributions, shall apply to contributions after October 1, 2002. 

        IX.  SUSPENSION
PERIOD FOLLOWING HARDSHIP DISTRIBUTION 

        A
Participant who receives a distribution of Compensation Deferrals after December 31, 2001, on account of hardship shall be prohibited from making Compensation Deferrals and
employee contributions under this and all other plans of the Company for 6 months after receipt of the distribution. A Participant who receives a distribution of Compensation Deferrals in
calendar year 2001 on account of hardship shall be prohibited from making Compensation Deferrals and employee contributions under this and all other plans of the Company for 6 months after
receipt of the distribution or until January 1, 2002, if later. 

        X.    DISTRIBUTION
UPON SEVERANCE FROM EMPLOYMENT 

        1.    Effective
date. This Section shall apply for distributions after December 31, 2001 regardless of when the severance from employment occurred. 

4

 

        2.    New
distributable event. A Participant's Compensation Deferrals, qualified nonelective contributions, qualified matching contributions, and earnings attributable to these
contributions shall be distributed on account of the Participant's severance from employment. However, such a distribution shall be subject to the other provisions of the Plan regarding distributions,
other than provisions that require a separation from service before such amounts may be distributed." 

        8.    The
Plan is amended by the addition of the following Appendix H at the end thereof effective January 1, 2003: 

"APPENDIX
H

MINIMUM DISTRIBUTION REQUIREMENTS 

        Section 1.
General Rules 

        1.1.  Effective
Date. The provisions of this Appendix H will apply for purposes of determining required minimum distributions for calendar years beginning with the
2003 calendar year. 

        1.2.  Precedence.
The requirements of this Appendix H will take precedence over any inconsistent provisions of the Plan, provided that this Appendix shall not be
considered to allow a Participant or Beneficiary to delay a distribution or elect an optional form of benefit not otherwise provided in the Plan. 

        1.3.  Requirements
of Treasury Regulations Incorporated. All distributions required under this Appendix H will be determined and made in accordance with the Treasury
regulations under Section 401(a)(9) of the Internal Revenue Code. 

        1.4.  TEFRA
Section 242(b)(2) Elections. Notwithstanding the other provisions of this Appendix H, distributions may be made under a designation made before
January 1, 1984, in accordance with Section 242(b)(2) of the Tax Equity and Fiscal Responsibility Act (TEFRA) and the provisions of the Plan that relate to Section 242(b)(2) of
TEFRA. 

        Section 2.
Time and Manner of Distribution. 

        2.1.  Required
Beginning Date. The Participant's entire interest will be distributed, or begin to be distributed, to the Participant no later than the Participant's Required
Beginning Date. 

        2.2.  Death
of Participant Before Distributions Begin. If the Participant dies before distributions begin, the Participant's entire interest will be distributed, or begin to
be distributed, no later than as follows: 

        (a)  If
the Participant's surviving spouse is the Participant's sole Designated Beneficiary, then distributions to the surviving spouse will begin by December 31 of
the calendar year immediately following the calendar year in which the Participant died, or by December 31 of the calendar year in which the Participant would have attained age
701/2, if later. 

        (b)  If
the Participant's surviving spouse is not the Participant's sole Designated Beneficiary, then distributions to the Designated Beneficiary will begin by
December 31 of the calendar year immediately following the calendar year in which the Participant died. 

        (c)  If
there is no Designated Beneficiary as of September 30 of the year following the year of the Participant's death, the Participant's entire interest will be
distributed by December 31 of the calendar year containing the fifth anniversary of the Participant's death. 

        (d)  If
the Participant's surviving spouse is the Participant's sole Designated Beneficiary and the surviving spouse dies after the Participant but before distributions to
the surviving spouse begin, this Section 2.2, other than Section 2.2(a), will apply as if the surviving spouse were the Participant. 

5

 

        For
purposes of this Section 2.2 and Section 4, unless Section 2.2(d) applies, distributions are considered to begin on the Participant's Required Beginning Date. If
Section 2.2(d) applies, distributions are considered to begin on the date distributions are required to begin to the surviving spouse under Section 2.2(a). If distributions under an
annuity purchased from an insurance company irrevocably commence to the Participant before the Participant's Required Beginning Date (or to the Participant's surviving spouse before the date
distributions are required to begin to the surviving spouse under Section 2.2(a)), the date distributions are considered to begin is the date distributions actually commence. 

        2.3.  Forms
of Distribution. Unless the Participant's interest is distributed in the form of an annuity purchased from an insurance company or in a single sum on or before
the Required Beginning Date, as of the first Distribution Calendar Year distributions will be made in accordance with Sections 3 and 4 of this article. If the Participant's interest is distributed in
the form of an annuity purchased from an insurance company, distributions thereunder will be made in accordance with the requirements of Section 401(a)(9) of the Code and the Treasury
regulations. 

        Section 3.
Required Minimum Distributions During Participant's Lifetime. 

        3.1.  Amount
of Required Minimum Distribution For Each Distribution Calendar Year. During the Participant's lifetime, the minimum amount that will be distributed for each
Distribution Calendar Year is the lesser of: 

        (a)  the
quotient obtained by dividing the Participant's Account Balance by the distribution period in the Uniform Lifetime Table set forth in
Section 1.401(a)(9)-9 of the Treasury regulations, using the Participant's age as of the Participant's birthday in the Distribution Calendar Year; or 

        (b)  if
the Participant's sole Designated Beneficiary for the Distribution Calendar Year is the Participant's spouse, the quotient obtained by dividing the Participant's
Account Balance by the number
in the Joint and Last Survivor Table set forth in Section 1.401(a)(9)-9 of the Treasury regulations, using the Participant's and spouse's attained ages as of the Participant's and
spouse's birthdays in the Distribution Calendar Year. 

        3.2.  Lifetime
Required Minimum Distributions Continue Through Year of Participant's Death. Required minimum distributions will be determined under this Section 3
beginning with the first Distribution Calendar Year and up to and including the Distribution Calendar Year that includes the Participant's date of death. 

        Section 4.
Required Minimum Distributions After Participant's Death. 

        4.1.  Death
On or After Date Distributions Begin. 

        (a)  Participant
Survived by Designated Beneficiary. If the Participant dies on or after the date distributions begin and there is a Designated Beneficiary, the minimum
amount that will be distributed for each Distribution Calendar Year after the year of the Participant's death is the quotient obtained by dividing the Participant's Account Balance by the longer of
the remaining Life Expectancy of the Participant or the remaining Life Expectancy of the Participant's Designated Beneficiary, determined as follows: 

        (1)  The
Participant's remaining Life Expectancy is calculated using the age of the Participant in the year of death, reduced by one for each subsequent year. 

        (2)  If
the Participant's surviving spouse is the Participant's sole Designated Beneficiary, the remaining Life Expectancy of the surviving spouse is calculated for each
Distribution Calendar Year after the year of the Participant's death using the surviving spouse's age as of the spouse's birthday in that year. For Distribution Calendar Years after the year of the
surviving spouse's death, the remaining Life Expectancy of the surviving spouse is calculated using the age of the 

6

 

surviving spouse as of the spouse's birthday in the calendar year of the spouse's death, reduced by one for each subsequent calendar year. 

        (3)  If
the Participant's surviving spouse is not the Participant's sole Designated Beneficiary, the Designated Beneficiary's remaining Life Expectancy is calculated using
the age of the Beneficiary in the year following the year of the Participant's death, reduced by one for each subsequent year. 

        (b)  No
Designated Beneficiary. If the Participant dies on or after the date distributions begin and there is no Designated Beneficiary as of September 30 of the year
after the year of the Participant's death, the minimum amount that will be distributed for each Distribution Calendar Year after the year of the Participant's death is the quotient obtained by
dividing the Participant's Account Balance by the Participant's remaining Life Expectancy calculated using the age of the Participant in the year of death, reduced by one for each subsequent year. 

        4.2.  Death
Before Date Distributions Begin. 

        (a)  Participant
Survived by Designated Beneficiary. If the Participant dies before the date distributions begin and there is a Designated Beneficiary, the minimum amount
that will be distributed for each Distribution Calendar Year after the year of the Participant's death is the quotient obtained by dividing the Participant's Account Balance by the remaining Life
Expectancy of the Participant's Designated Beneficiary, determined as provided in Section 4.1. 

        (b)  No
Designated Beneficiary. If the Participant dies before the date distributions begin and there is no Designated Beneficiary as of September 30 of the year
following the year of the Participant's death, distribution of the Participant's entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the
Participant's death. 

        (c)  Death
of Surviving Spouse Before Distributions to Surviving Spouse Are Required to Begin. If the Participant dies before the date distributions begin, the Participant's
surviving spouse is the Participant's sole Designated Beneficiary, and the surviving spouse dies before distributions are required to begin to the surviving spouse under Section 2.2(a), this
Section 4.2 will apply as if the surviving spouse were the Participant. 

        Section 5.
Definitions. 

        5.1.  Designated
Beneficiary. The individual who is designated as the Beneficiary under Section 2.5 of the Plan and is the Designated Beneficiary under
Section 401(a)(9) of the Internal Revenue Code and Section 1.401(a)(9)-4, Q&A-1, of the Treasury regulations. 

        5.2.  Distribution
Calendar Year. A calendar year for which a minimum distribution is required. For distributions beginning before the Participant's death, the first
Distribution Calendar Year is the calendar year immediately preceding the calendar year which contains the Participant's Required Beginning Date. For distributions beginning after the Participant's
death, the first Distribution Calendar Year is the calendar year in which distributions are required to begin under Section 2.2. The required minimum distribution for the Participant's first
Distribution Calendar Year will be made on or before the Participant's Required Beginning Date. The required minimum distribution for other Distribution Calendar Years, including the required minimum
distribution for the Distribution Calendar Year in
which the Participant's Required Beginning Date occurs, will be made on or before December 31 of that Distribution Calendar Year. 

        5.3.  Life
Expectancy. Life expectancy as computed by use of the Single Life Table in Section 1.401(a)(9)-9 of the Treasury regulations. 

        5.4.  Participant's
Account Balance. The account balance as of the last valuation date in the calendar year immediately preceding the Distribution Calendar Year (valuation
calendar year) 

7

 

increased by the amount of any contributions made and allocated or forfeitures allocated to the account balance as of dates in the valuation calendar year after the valuation date and decreased by
distributions made in the valuation calendar year after the valuation date. The account balance for the valuation calendar year includes any amounts rolled over or transferred to the Plan either in
the valuation calendar year or in the Distribution Calendar Year if distributed or transferred in the valuation calendar year. 

        5.5  Required
Beginning Date. The date specified in Section 6.7(b) of the Plan." 

        IN
WITNESS WHEREOF, the Committee has caused this amendment to be executed this 18th day of December 2002. 

	 	 	Hilton Hotels Corporation
	

 	
 	

By:	

 
	 	 	 	/s/  MOLLY MCKENZIE-SWARTS      

	 	 	Its:	 
	 	 	 	Senior Vice President, Human Resources

8

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Exhibit 10.38

AMENDMENT 2002-2 TO HILTON HOTELS 401(K) SAVINGS PLANQuickLinks
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Exhibit 10.52    
  

May 23,
2002 

Mr. Stephen
F. Bollenbach

c/o Debevoise & Plimpton

875 Third Avenue

New York, NY 10022

          Attention: Lawrence Cagney 

Dear
Steve: 

You
and the Company's Compensation Committee have been discussing certain changes to the Employment Agreement between you and the Company amended and restated on March 9, 2000 (the "Employment
Agreement"). The following sets forth the changes authorized by the Compensation Committee and will constitute an amendment to the Employment Agreement if you execute a copy of this letter in the
space provided below: 

1.    In
the event that you complete the initial Employment Period (as defined in the Employment Agreement) under the Employment Agreement and retire from your current position as President
and Chief Executive Officer on July 1, 2005, the Company will engage your services as a consultant to your successor and the Board of Directors, through June 30, 2010, (the
"Consultancy"). During the Consultancy, you will perform such consulting services as may reasonably be requested of you by the new CEO or the Board but such services will not be in excess of
20 hours per month and will be designed so as not to interfere with any new position that you obtain after July 1, 2005, if that position is consistent with your obligations under
Section 8 of the Employment Agreement. 

2.    Except
as modified below, all terms of the Employment Agreement will continue in full force and effect and you and the Company will continue to be bound by our respective obligations
thereunder. 

3.    During
the Consultancy, your annual fee will be $500,000, payable in quarterly installments, but you will not be entitled to an annual bonus or any long term incentive compensation.
You will also be
entitled to continued health benefits, or the Company will provide you with a tax equivalent bonus to enable you to purchase such benefits from the Company with the same after-tax cost to
you as in effect for executives of the Company on any relevant date. However, all other employee benefits, perquisites, automobile allowances, use of the Company's aircraft and fringe benefits as well
as holiday and vacation pay will cease. 

4.    You
will be entitled to office space appropriate to your status as a consultant to the new CEO and the Board and a personal assistant of your choosing. 

5.    Your
retirement date will be July 1, 2005 for purposes of the Company's benefit plans and programs and the supplemental retirement benefit provided in
Section 3(i) of the Employment Agreement. 

6.    Sections
1, 2, 3, 4(c), 5(a) and 10 of the Employment Agreement will not be deemed to apply to the Consultancy. 

7.    Your
obligations under Section 8 of the Employment Agreement will continue during the Consultancy in accordance with their terms and, in addition, the Company's obligations
arising under this letter agreement will be contingent upon your adherence to the obligations imposed by that Section. 

If
the foregoing accurately sets forth your understanding of the agreement between the Company and you, please so indicate in the space provided below in the copy of this letter attached and return
the 

same to me for the Company's files. This letter will then constitute a binding obligation of both you and the Company as to the matters described above. 

	

 	
 	

Sincerely yours,
	

 	
 	

/s/ Madeleine A. Kleiner
	

 	
 	

Hilton Hotels Corporation
	 	 	By:	 	Madeleine A. Kleiner,

Executive Vice President & General Counsel

This
letter accurately sets forth my agreement with

Hilton Hotels Corporation as to the matters described

and constitutes an amendment to the Employment Agreement. 

/s/
Stephen F. Bollenbach

Stephen F. Bollenbach 

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Exhibit 10.52

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