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Exhibit 10.22    
  

 
 

AMENDMENT 2002-2
  
    HILTON HOTELS RETIREMENT PLAN    
  

        WHEREAS, Hilton Hotels Corporation (the "Company") maintains the Hilton Hotels Retirement Plan (the "Plan"); and 

        WHEREAS,
the Company has the authority to amend the Plan on behalf of itself and all Participating Affiliates (as defined in the Plan); and 

        WHEREAS,
the Company wishes to amend the Plan provisions applicable to the determination of Years of Vesting Services. 

        NOW,
THEREFORE, the Plan is amended as follows effective as of January 1, 2003; such amendment shall apply only to individuals who are Participants under the Plan on or after the
effective date of the amendment: 

        1.    The
definition of "Years of Vesting Service" in Section 1.2 of the Plan is amended by the addition of the following paragraphs at the end thereof: 

        "(g)
In the case of an Employee whose Compensation is determined on the basis of an hourly rate, the number of hours to be credited to the Employee in a Vesting Computation Period solely
for the purpose of determining Years of Vesting Service will be determined on the basis of Compensation, if: 

        (1)
The Employee is credited with the number of hours equal to: the total of the Employee's Compensation during the Vesting Computation Period divided by the Employee's hourly rate as in
effect at such times during the Vesting Computation Period; or the Employee's total Compensation during the Vesting Computation Period divided by the Employee's lowest hourly rate during the Vesting
Computation Period, or by the lowest hourly rate payable to an Employee in the same or a similar job classification reasonably defined; and 

        (2)
870 hours credited under paragraph (1) of this subsection (g) are treated as equivalent to 1,000 Hours of Service, and 435 hours credited under
paragraph (1) above are treated as equivalent to 500 Hours of Service. 

For
purposes of this subsection (g), Compensation at premium rates for overtime will be divided by the Employee's hourly rate for overtime, rather than the regular time hourly rate. 

        (h)
In the case of an Employee whose Compensation is determined on a basis other than an hourly rate, hours to be credited to the Employee in a Vesting Computation Period solely for the
purpose of determining Years of Vesting Service will be determined on the basis of Compensation if: 

        (1)
The Employee is credited with the number of hours equal to the Employee's total Compensation during the Vesting Computation Period divided by the Employee's lowest hourly rate of
Compensation during the Vesting Computation Period, determined under subsection (i) below; and 

        (2)
750 hours credited under paragraph (1) of this subsection (h) are treated as equivalent to 1,000 Hours of Service, and 375 hours credited under paragraph (1) of
this subsection (h) are treated as equivalent to 500 Hours of Service. 

1

 

        (i)
For purposes of subsection (h) above, an Employee's hourly rate of Compensation shall be determined as follows: 

        (1)
In the case of an Employee whose Compensation is determined on the basis of a fixed rate for a specified period of time (other than an hour) such as a day, week or month, the
Employee's hourly rate of Compensation shall be the Employee's lowest rate of Compensation during a Vesting Computation Period for such specified period of time divided by the number of hours
regularly scheduled for the performance of duties during such period of time. For purposes of the preceding
sentence, in the case of an Employee without a regular work schedule, the Employee's hourly rate of Compensation shall be calculated on the basis of a 40-hour workweek or an 8-hour workday, or any
other reasonable basis which reflects the average hours worked by the Employee over a representative period of time, provided that the basis so used is consistently applied to all Employees within the
same job classifications reasonably defined. 

        (2)
In the case of an Employee whose Compensation is not determined on the basis of a fixed rate for a specified period of time, the Employee's hourly rate of Compensation shall be the
lowest hourly rate of Compensation payable to Employees in the same job classification as the Employee, or, if no Employees in the same job classification have an hourly rate, the minimum wage as
established from time to time under Section 6(a)(1) of the Fair Labor Standards Act of 1938, as amended. 

        (j)
During any period in which an Employee is not earning Years of Benefit Service, the Employee will earn a Year of Vesting Service for each 365 days of Service as determined in
accordance with the elapsed time rules of Section 2530.200b-9 of the Department of Labor Regulations as set forth in Appendix G to the Plan, and shall not be credited with Years of
Vesting Service under the methods set forth in subsections (g) and (h) during such period." 

        2.    The
Plan is amended by the addition of the following Appendix G at the end thereof: 

"Appendix G 

ELAPSED
TIME METHOD 

        This
Appendix G sets forth the definitions and rules applicable for determining Years of Vesting Service for Employees who are subject to subsection (j) of the definition of
'Years of Vesting Service' in Section 12. 

        'Break
in Employment' means an Employee's resignation, discharge, death or retirement from or by the Company and all Related Companies, effective as of the date of the applicable event
or the first anniversary of the first date on which an Employee remains absent from work (with or without pay) with the Company and all Related Companies for any reason other than resignation,
discharge, death or retirement (unless such event occurs during such one-year period). In determining whether a Break in Employment has occurred, the following rules shall apply: 

        (a)
A Break in Employment shall not occur solely by reasons of leaves of absences authorized by the Company or a Related Company before or after the absence, in accordance with
established policies, and vacation periods, temporary layoffs for lack of work, and military leaves. 

        (b)
Continuation upon temporary layoff for lack of work for a period in excess of one year shall be considered a discharge effective as of the anniversary date of the commencement of
such period. 

        (c)
Failure to return to work after expiration of any leave of absence or after recall from any temporary layoff, unless such failure is excused by the Company or a Related Company 

2

 

shall be considered a resignation, effective as of the earlier of the end of such leave of absence or layoff or the anniversary date of the commencement of such leave of absence or layoff. 

        (d)
Failure of an Employee on military leave to make application for reemployment within the period during which he is entitled thereto under laws of the United States shall be
considered a resignation effective as of the earlier of the end of such military leave or the anniversary date of commencement of such military leave. 

        'Employment
Date' means the date on which an Employee first completes an Hour of Service on initial employment by the Company or Related Company. 

        'Reemployment
Date' means the date (following a Break in Employment) on which an Employee first completes an Hour of Service with the Company or Related Company. 

        'Service'
means (i) each period, commencing on the Employee's Employment Date and continuing until such Employee's Break in Employment, and (ii) each period, commencing on
the Employee's Reemployment Date and continuing until such Employee's subsequent Break in Employment. 'Service' also includes the period commencing on the date of the Employee's resignation,
discharge, death or retirement from or by the Company and all Related Companies and ending on the Employee's Reemployment Date if such period is one year or less. 

        'Sixty
Month Break in Service' means a period of 60 consecutive months following a Break in Employment during which the individual involved is not employed by the Company or a
Related Company. However, if the Break in Employment occurred by virtue of maternity or paternity reasons set forth in the definition of One Year Break in Service Year, then the period used to
determine if a Sixty Month Break in Service has occurred shall not commence until the second annual anniversary of the first date of such Break in Employment. 

        If
a Participant incurs a Sixty Month Break in Service prior to obtaining any vested interest under this Plan, his Years of Vesting Service completed prior to the Sixty Month Break in
Service shall be taken into account if, and only if, the period of absence (not counting the first 12 months of absence in the case of a Break in Employment caused by maternity or paternity)
following his Break in Employment is less than the Participant's Service completed prior to his Break in Employment. 

        In
the case of an Employee who transfers from a class of Employees whose service is determined on the basis of Vesting Computation Periods to a class of Employees whose service is
determined under the elapsed time method under this Appendix G, the Employee shall receive credit for a period of service consisting of 

        (A)
A number of Years of Vesting Service equal to the number of Years of Vesting Service credited to the Employee before Vesting Computation Period during which the transfer occurs; and 

        (B)
The greater of (1) the period of Service that would be credited to the Employee under the elapse time method for his service during the entire Vesting Computation Period in
which the transfer occurs or (2) the service taken into account under the Vesting Computation Periods method as of the date of the transfer. In addition, the Employee shall receive credit for
Service subsequent to the transfer commencing on the day after the last day of the Vesting Computation Period in which the transfer occurs. 

        In
the case of an Employee who transfers from a class of Employees whose service is determined under the elapsed time method under this Appendix G to a class of Employees whose
service is determined on the basis of Vesting Computation Periods— 

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        (A)
The Employee shall received credit, as of the date of the transfer, for a number of Years of Vesting Service equal to the number of 1-year periods of Service credited to the Employee
as of the date of the transfer, and 

        (B)
The Employee shall receive credit, in the Vesting Computation Period which includes the date of the transfer, for ten Hours of Service for each day the Employee is credited with at
least one Hour of Service for any fractional part of a year credited to the Employee under this Appendix G as of the date of the transfer." 

        IN
WITNESS WHEREOF, this Amendment 2002-2 is hereby adopted this 10th day of December, 2002. 

	 	 	HILTON HOTELS CORPORATION
	

 	
 	

By:	

/s/  MOLLY McKENZIE-SWARTS      

	 	 	Its	Senior Vice President—Human Resources

4

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Exhibit 10.22

AMENDMENT 2002-2 HILTON HOTELS RETIREMENT PLANQuickLinks
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Exhibit 10.23    
  

 
 

AMENDMENT 2002-3    
    
    HILTON HOTELS RETIREMENT PLAN    
  

        WHEREAS, Hilton Hotels Corporation (the "Company") maintains the Hilton Hotels Retirement Plan (the "Plan"); and 

        WHEREAS,
it is necessary that the Plan be amended to reflect certain provisions of the Economic Growth and Tax Relief Recovery Act of 2001 and to reflect final and temporary IRS
regulations regarding required minimum distributions under Section 401(a)(9) of the Internal Revenue Code; and 

        WHEREAS,
the Board of Directors of the Company has granted the Hilton Hotels Pension and Thrift Committee (the "Committee") the authority to adopt amendments to the Plan on behalf of the
Company and all Participating Affiliates (as defined in the Plan), which amendment authority is reflected in Section 8.1 of the Plan. 

        NOW,
THEREFORE, BE IT RESOLVED, by virtue and in exercise of the power reserved to the Company and the Committee by Section 8.1 of the Plan, the Plan, as previously amended, be
and is hereby further amended, effective as of January 1, 2002 unless otherwise noted, in the following particulars: 

*
* * 

	1.
	The
following new Appendix G is added, effective January 1, 2002: 

"APPENDIX
G

AMENDMENT OF THE PLAN FOR EGTRRA

PREAMBLE 

        1.    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 herein, this Appendix G shall be effective as of the first day of the first Plan Year beginning after December 31, 2001. This Appendix G shall supersede the provisions of
the Plan to the extent those provisions are inconsistent with the provisions of this Appendix G. Capitalized terms shall have the meaning set forth in the Plan, unless otherwise provided
herein. 

SECTION
A. LIMITATIONS ON BENEFITS 

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

        2.    Effect
on Participants. Benefit increases resulting from the increase in the limitations of Section 415(b) of the Code will be provided to those Participants
specified below. 

        3.    Definitions.

        3.1.  Defined
benefit dollar limitation. The "defined benefit dollar limitation' under Section 5.1(a) of the Plan is $160,000, as adjusted, effective January 1
of each year, under Section 415(d) of the Code in such manner as the Secretary shall prescribe, and payable in the form of a straight life annuity. A limitation as adjusted under
Section 415(d) will apply to limitation years ending with or within the calendar year for which the adjustment applies. 

        3.2.  Maximum
permissible benefit: The "maximum permissible benefit' is the lesser of the defined benefit dollar limitation or the defined benefit compensation limitation
under Section 5.1(b) of the Plan (both adjusted where required, as provided in (a) below and, if applicable, in (b) or (c) below). 

 

        (a)  If
the Participant has fewer than 10 years of participation in the Plan, the defined benefit dollar limitation shall be multiplied by a fraction, (i) the
numerator of which is the number of years (or part thereof) of participation in the Plan and (ii) the denominator of which is 10. In the case of a Participant who has fewer than 10 years
of service with the employer, the defined benefit Compensation limitation shall be multiplied by a fraction, (i) the numerator of which is the number of years (or part thereof) of service with
the employer and (ii) the denominator of which is 10. 

        (b)  If
the benefit of a Participant begins prior to age 62, the defined benefit dollar limitation applicable to the Participant at such earlier age is an annual benefit
payable in the form of a straight life annuity beginning at the earlier age that is the actuarial equivalent of the defined benefit dollar limitation applicable to the Participant at age 62 (adjusted
under (a) above, if required). The defined benefit dollar limitation applicable at an age prior to age 62 is determined as the lesser of (i) the Actuarial Equivalent (at such age) of the
defined benefit dollar limitation computed using the interest rate and mortality table (or other tabular factor) specified in Appendix A, Section A.1 of the Plan for non-lump
sum benefits and (ii) the Actuarial Equivalent (at such age) of the defined benefit dollar limitation computed using a 5 percent interest rate and the applicable mortality table as
defined in Appendix A, Section A.1 of the Plan for lump sum benefits, or Section E of this Appendix G, as applicable. Any decrease in the defined benefit dollar limitation
determined in accordance with this paragraph (b) shall not reflect a mortality decrement if benefits are not forfeited upon the death of the Participant. If any benefits are forfeited upon
death, the full mortality decrement is taken into account. 

        (c)  If
the benefit of a Participant begins after the Participant attains age 65, the defined benefit dollar limitation applicable to the Participant at the later age is the
annual benefit payable in the form of a straight life annuity beginning at the later age that is actuarially equivalent to the defined benefit dollar limitation applicable to the Participant at age 65
(adjusted under (a) above, if required). The actuarial equivalent of the defined benefit dollar limitation applicable at an age after age 65 is determined as the lesser of (i) the
actuarial equivalent (at such age) of the defined benefit dollar limitation computed using the interest rate and mortality table (or other tabular factor) specified in Appendix A,
Section A.1 of the Plan for non-lump sum benefits and (ii) the actuarial equivalent (at such age) of the defined benefit dollar limitation computed using a 5 percent
interest rate assumption and the applicable mortality table as defined in Appendix A, Section A.1 of the Plan for lump sum benefits, or Section E of this Appendix G, as
applicable. For these purposes, mortality between age 65 and the age at which benefits commence shall be ignored. 

        (d)  Benefit
increases resulting from the increase in the limitations of Section 415(b) of the Code under the forgoing provisions of this Section A shall be
provided to all Employees participating in the Plan who have one Hour of Service on or after the first day of the first limitation year ending after December 31, 2001. 

SECTION
B. INCREASE IN COMPENSATION LIMIT 

        1.    Increase
in limit. The annual Compensation of each Participant taken into account in determining benefit accruals in any Plan Year beginning after December 31,
2001, shall not exceed $200,000. 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 period). For purposes of determining benefit accruals in a Plan Year beginning after December 31, 2001, Compensation for any prior determination period shall be
limited as provided below. 

        2.    Cost-of-living
adjustment. The $200,000 limit on annual Compensation in paragraph 1 shall be adjusted for
cost-of-living increases in accordance with Section 401(a)(17)(B) of the Code. 

2

 

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. 

        Compensation
Limit for Prior Determination Periods: In determining benefit accruals in Plan Years beginning after December 31, 2001 under the annual Compensation limit in
paragraph 1 of this Section B, Increase in Compensation Limit, for determination periods beginning before January 1, 2002, shall be $200,000 for any determination period beginning
in 1989; $209,200 for any determination period beginning in 1990; $222,220 for any determination period beginning in 1991; $228,860 for any determination period beginning in 1992; $235,840 for any
determination period beginning in 1993; $150,000 for any determination period beginning in 1994, 1995 or 1996; $160,000 for any determination period beginning in 1997, 1998, or 1999; and $170,000 for
any determination period beginning in 2000 or 2001. 

SECTION
C. MODIFICATION OF TOP-HEAVY RULES 

        1.    Effective
date. This Section shall apply for purposes of determining whether the Plan is a top-heavy Plan under Section 416(g) of the Code for Plan
Years beginning after December 31, 2001, and whether the Plan satisfies the minimum benefits requirements of Section 416(c) of the Code for such years. This Section amends
Appendix C of the Plan. 

        2.    Determination
of top-heavy status. 

        2.1.  Key
Employee. Key Employee means any Employee or former Employee (including any deceased Employee) who at any time during the Plan Year that includes the determination
date was an officer of a Company having annual compensation greater than $130,000 (as adjusted under Section 416(i)(1) of the Code for Plan Years beginning after December 31, 2002), a
5-percent owner of a Company, or a 1-percent owner of a Company having annual Compensation of more than $150,000. For this purpose, annual compensation means compensation
within the meaning of Section 415(c)(3) of the Code. The determination of who is a Key Employee will be made in accordance with Section 416(i)(1) of the Code and the applicable
Regulations and other guidance of general applicability issued thereunder. 

        2.2.  Determination
of present values and amounts. This Section 2.2 shall apply for purposes of determining the present values of accrued benefits and the amounts of
account balances of Employees as of the determination date. 

        2.2.1.  Distributions
during year ending on the determination date. The present values of accrued benefits and the amounts of account balances of an Employee as
of the determination date shall be increased by the distributions made with respect to the Employee under the Plan and any Plan aggregated with the Plan under Section 416(g)(2) of the Code
during the 1-year period ending on the determination date. The preceding sentence shall also apply to distributions under a terminated Plan which, had it not been terminated, would have
been aggregated with the Plan under Section 416(g)(2)(A)(i) of the Code. In the case of a distribution made for a reason other than separation from service, death, or disability, this
provision shall be applied by substituting "5-year period' for "1-year period.' 

        2.2.2.  Employees
not performing services during year ending on the determination date. The accrued benefits and accounts of any individual who has not
performed services for a Company during the 1-year period ending on the determination date shall not be taken into account. 

        3.    Minimum
benefits. For purposes of satisfying the minimum benefit requirements of Section 416(c)(1) of the Code and the Plan, in determining years of service with a
Company, any service with a Company shall be disregarded to the extent that such service occurs during a Plan Year when the Plan benefits (within the meaning of Section 410(b) of the Code) no
Key Employee or former Key Employee. 

3

 

SECTION
D. 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 4.9(c) 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. 

SECTION
E. APPLICABLE MORTALITY TABLE FOR LUMP-SUM BENEFITS 

With
respect to any distribution with an Annuity Starting Date on or after December 31, 2002, for the purposes of applying the limitations of Sections 415(b)(2)(B), (C) and (D) of
the Code and determining the amount of any lump sum distribution pursuant to Section 417(e) of the Code, the mortality table referred to in Appendix A, Section A.1 of the Plan for
lump sum benefits shall mean the table prescribed by Revenue Ruling 2001-62." 

	2.
	The
following new Appendix H is added, effective January 1, 2003: 

"APPENDIX
H

MINIMUM DISTRIBUTION REQUIREMENTS 

        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. 

        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 

4

 

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. 

For
purposes of this Section 2.2 and Section 5, distributions are considered to begin on the Participant's required beginning date (or, if Section 2.2(d) applies, the date
distributions are required to begin to the surviving spouse under Section 2.2(a)). If annuity payments 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.  Form
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, 4 and 5. 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. Any part of
the Participant's interest which is in the form of an individual account described in Section 414(k) of the Code will be distributed in a manner satisfying the requirements of
Section 401(a)(9) of the Code and the Treasury Regulations that apply to individual accounts. 

        3.    Determination
of Amount to be Distributed Each Year. 

        3.1.  General
Annuity Requirements. If the Participant's interest is paid in the form of annuity distributions under the Plan, payments under the annuity will satisfy the
following requirements: 

        (a)  the
annuity distributions will be paid in periodic payments made at intervals not longer than one year; 

        (b)  the
distribution period will be over a life (or lives) or over a period certain not longer than the period described in Section 4 or 5; 

        (c)  once
payments have begun over a period certain, the period certain will not be changed even if the period certain is shorter than the maximum permitted; 

        (d)  payments
will either be nonincreasing or increase only as follows: 

        (1)  by
an annual percentage increase that does not exceed the annual percentage increase in a cost-of-living index that is based on prices of all
items and issued by the Bureau of Labor Statistics; 

        (2)  to
the extent of the reduction in the amount of the Participant's payments to provide for a survivor benefit upon death, but only if the beneficiary whose life was being
used to determine the distribution period described in Section 4 dies or is no longer the Participant's 

5

 

beneficiary pursuant to a qualified domestic relations order within the meaning of Section 414(p); 

        (3)  to
provide cash refunds of Employee contributions upon the Participant's death; or 

        (4)  to
pay increased benefits that result from a Plan amendment. 

        3.2.  Amount
Required to be Distributed by Required Beginning Date. The amount that must be distributed on or before the Participant's required beginning date (or, if the
Participant dies before distributions begin, the date distributions are required to begin under Section 2.2(a) or (b)) is the payment that is required for one payment interval. The second
payment need not be made until the end of the next payment interval even if that payment interval ends in the next calendar year. Payment intervals are the periods for which payments are received,
e.g., bi-monthly, monthly, semi-annually, or annually. All of the Participant's benefit accruals as of the last day of the first distribution calendar year will be included in
the calculation of the amount of the annuity payments for payment intervals ending on or after the Participant's required beginning date. 

        3.3.  Additional
Accruals After First Distribution Calendar Year. Any additional benefits accruing to the Participant in a calendar year after the first distribution calendar
year will be distributed beginning with the first payment interval ending in the calendar year immediately following the calendar year in which such amount accrues. 

        4.    Requirements
For Annuity Distributions That Commence During Participant's Lifetime. 

        4.1.  Joint
Life Annuities Where the Beneficiary Is Not the Participant's Spouse. If the Participant's interest is being distributed in the form of a joint and survivor
annuity for the joint lives of the Participant and a nonspouse beneficiary, annuity payments to be made on or after the Participant's required beginning date to the designated beneficiary after the
Participant's death must not at any time exceed the applicable percentage of the annuity payment for such period that would have been payable to the Participant using the table set forth in
Q&A-2 of Section 1.401(a)(9)-6T of the Treasury Regulations. If the form of distribution combines a joint and survivor annuity for the joint lives of the Participant and
a nonspouse beneficiary and a period certain annuity, the requirement in the preceding sentence will apply to annuity payments to be made to the designated beneficiary after the expiration of the
period certain. 

        4.2.  Period
Certain Annuities. Unless the Participant's spouse is the sole designated beneficiary and the form of distribution is a period certain and no life annuity, the
period certain for an annuity distribution commencing during the Participant's lifetime may not exceed the applicable distribution
period for the Participant under the Uniform Lifetime Table set forth in Section 1.401(a)(9)-9 of the Treasury Regulations for the calendar year that contains the annuity starting
date. If the annuity starting date precedes the year in which the Participant reaches age 70, the applicable distribution period for the Participant is the distribution period for age 70 under the
Uniform Lifetime Table set forth in Section 1.401(a)(9)-9 of the Treasury Regulations plus the excess of 70 over the age of the Participant as of the Participant's birthday in the
year that contains the annuity starting date. If the Participant's spouse is the Participant's sole designated beneficiary and the form of distribution is a period certain and no life annuity, the
period certain may not exceed the longer of the Participant's applicable distribution period, as determined under this Section 4.2, or the joint life and last survivor expectancy of the
Participant and the Participant's spouse as determined under 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 calendar year that contains the annuity starting date. 

        5.    Requirements
For Minimum Distributions Where Participant Dies Before Date Distributions Begin. 

6

 

        5.1.  Participant
Survived by Designated Beneficiary. If the Participant dies before the date distribution of his or her interest begins and there is a designated
beneficiary, the Participant's entire interest will be distributed, beginning no later than the time described in Section 2.2(a) or (b), over the life of the designated beneficiary or over a
period certain not exceeding: 

        (a)  unless
the annuity starting date is before the first distribution calendar year, the life expectancy of the designated beneficiary determined using the beneficiary's age
as of the beneficiary's birthday in the calendar year immediately following the calendar year of the Participant's death; or 

        (b)  if
the annuity starting date is before the first distribution calendar year, the life expectancy of the designated beneficiary determined using the beneficiary's age as
of the beneficiary's birthday in the calendar year that contains the annuity starting date. 

        5.2.  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. 

        5.3.  Death
of Surviving Spouse Before Distributions to Surviving Spouse Begin. If the Participant dies before the date distribution of his or her interest begins, the
Participant's surviving spouse is the Participant's sole designated beneficiary, and the surviving spouse dies before distributions to the
surviving spouse begin, this Section 5 will apply as if the surviving spouse were the Participant, except that the time by which distributions must begin will be determined without regard to
Section 2.2(a). 

        6.    Definitions.

        6.1.  Designated
beneficiary. The individual who is designated as the beneficiary under Section 2.3 of the Plan and is the designated beneficiary under
Section 401(a)(9) of the Internal Revenue Code and Section 1.401(a)(9)-1, Q&A-4, of the Treasury Regulations. 

        6.2.  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 that 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 pursuant to Section 2.2. 

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

        6.4.  Required
beginning date. The date specified in Section 4.9(b)(i) of the Plan." 

        IN
WITNESS WHEREOF, the Company has caused this amendment to be signed on its behalf by its duly authorized officer as of the 18th day of December, 2002. 

	 	 	HILTON HOTELS CORPORATION
	

 	
 	

By:	

 
	 	 	 	/s/  MOLLY McKENZIE-SWARTS      

	 	 	Its:	 
	 	 	 	Senior Vice President, Human Resources

7

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Exhibit 10.23

AMENDMENT 2002-3 HILTON HOTELS RETIREMENT PLAN

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