Document:

QuickLinks
 -- Click here to rapidly navigate through this document
  

Exhibit 10.46  

 
 

FIRST AMENDMENT TO
  SUPPLEMENTAL RETIREMENT AND RETENTION PLAN    
  

        This First Amendment to the Hilton Hotels Corporation Supplemental Retirement and Retention Plan (this
"Amendment") is made and entered into as of November 14, 2001, by Hilton Hotels Corporation, a Delaware corporation (the "Company"). 

        WHEREAS, the Company has adopted the Supplemental Retirement and Retention Plan effective as of June 1, 2000 (the
"Plan"); 

        WHEREAS, pursuant to resolutions of the Board of Directors of the Company and the Compensation Committee thereof, the Company deems it
advisable to adopt certain amendments to the Change of Control provisions of its employee benefit plans; and 

        WHEREAS, the Compensation Committee and the Board of Directors of the Company deem it desirable and in the best interests of the Company
and its stockholders to amend the Plan to conform to the amendments made to the other employee benefit plans. 

        NOW, THEREFORE, in consideration of the conditions and agreements set forth in the Plan and this Amendment, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Company hereby amends the Plan as follows: 

        1.    Definitions.    Capitalized terms used in this Amendment, unless otherwise defined
herein, shall have the meaning ascribed to such terms in the Plan. 

        2.    Amendments.    Subject to the conditions set forth below, the Plan is hereby amended by
amending and restating the definition of "Change of Control" contained in Article 2 thereof to read in its entirety as follows: 

         "Change of Control.    "Change of Control" means the first to occur of any of the following events: 

        (a)  The
acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act")) (a "Person") of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (i) the then outstanding
shares of common stock of the Company (the "Outstanding Company Common Stock") or (ii) the combined voting power of the then outstanding voting securities of the Company entitled to vote
generally in the election of directors (the "Outstanding Company Voting Securities"); provided, however, that for purposes of this subsection (a), the following acquisitions shall not constitute a
Change of Control: (i) any acquisition directly from the Company, other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself
acquired directly from the Company, (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company, or
any corporation controlled by the Company or (iv) any acquisition by any corporation pursuant to a transaction which complies with clauses (i), (ii) and (iii) of subsection
(c); provided, however, that notwithstanding the foregoing, a Change of Control of the Company shall not be deemed to occur solely because any Person
acquires beneficial ownership of more than 20% of the Outstanding Company Common Stock or the Outstanding Company Voting Securities as a result of the acquisition of Outstanding Company Common Stock
or Outstanding Company Voting Securities by the Company which reduces the amount of Outstanding Company Common Stock or Outstanding Company Voting Securities; provided, that if after such acquisition
by the Company such Person becomes the beneficial owner of additional Outstanding Company Common Stock or Outstanding Company Voting Securities that increases the percentage of Outstanding Company
Common Stock or Outstanding Company 

1

 

Voting Securities beneficially owned by such Person, a Change of Control of the Company shall then occur; or 

        (b)  Individuals
who, as of the date hereof, constitute the Board (the "Incumbent Board") cease for any reason to constitute at least a majority of the Board; provided,
however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company's shareholders, was approved by a vote of at least a majority
of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose
initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies
or consents by or on behalf of a Person other than the Board; or 

        (c)  Consummation
of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a "Business
Combination"), in each case, unless, following such Business Combination, (i) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the
Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 60% of, respectively, the
then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the
corporation which as a result of such transaction owns the Company or all or substantially all of the Company's assets either directly or through one or more subsidiaries in substantially the same
proportions as their ownership, immediately prior to such Business Combination, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (ii) no
Person (excluding any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of,
respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such
corporation except to the extent that such ownership existed prior to the Business Combination and (iii) at least a majority of the members of the board of directors of the corporation
resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business
Combination; or 

        (d)  Approval
by the shareholders of the Company of a complete liquidation or dissolution of the Company." 

        3.    Corporate Action.    The execution, delivery, and performance of this Amendment has been
duly authorized by all requisite corporate action on the part of the Company and this Amendment has been duly executed and delivered by the Company. 

        4.    Severability.    Any provision of this Amendment held by a court of competent
jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or
unenforceable. 

        5.    References.    Any reference to the Plan contained in any document, instrument or
agreement executed in connection with the Plan, except where the context otherwise requires, shall be deemed to be a reference to the Plan as modified by this Amendment. 

        6.    Agreement.    The Plan shall continue to be and remain in full force and effect in
accordance with the terms thereof, as modified by this Amendment. 

[signature
page to follow] 

2

 

        IN WITNESS WHEREOF, the Company has executed this Amendment as of the day and year first above written. 

	 	 	HILTON HOTELS CORPORATION
	

 	
 	

By:	
 	

/s/  MADELEINE A. KLEINER      
 Madeleine A. Kleiner

Executive Vice President, General Counsel and Corporate Secretary

3

QuickLinks

FIRST AMENDMENT TO SUPPLEMENTAL RETIREMENT AND RETENTION PLANExhibit 10.48  

FIRST AMENDMENT TO CHANGE OF CONTROL AGREEMENT  

        This First Amendment to Change of Control Agreement (this "Amendment") is made and entered into as of
November 14, 2001, by and between Hilton Hotels Corporation, a Delaware corporation (the "Company"),
and                        (the "Employee"). 

        WHEREAS, the Company and the Employee are parties to that certain Change of Control Agreement, dated as
of                        (the  "Agreement"); 

        WHEREAS, pursuant to resolutions of the Board of Directors of the Company and the Compensation Committee thereof, the Company deems it
advisable to adopt certain amendments to the Change of Control provisions of its employee benefit plans (the "Plans"); 

        WHEREAS, the Board of Directors of the Company deems it desirable and in the best interests of the Company and its stockholders to amend
the Agreement to conform to the amendments made to the other Plans; and 

        WHEREAS, the Employee also desires to amend the Agreement as hereinafter set forth. 

        NOW, THEREFORE, in consideration of the mutual conditions and agreements set forth in the Agreement and this Amendment, and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

        1.    Definitions.    Capitalized terms used in this Amendment, unless otherwise defined herein, shall have the
meaning ascribed to such terms in the Agreement. 

        2.    Amendments.    Subject to the conditions set forth below, the Agreement is hereby amended by amending and
restating Section 2 thereof to read in its entirety as follows: 

        "2.    Change of Control.    For the purpose of this Agreement, a "Change of Control" shall mean: 

        (a)  The
acquisition by any person, entity or group, within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934 (the "Exchange Act"),
(excluding, for this purpose, (A) the Company or its subsidiaries, (B) any employee benefit plan of the Company or its subsidiaries which acquires beneficial ownership of voting
securities of the Company or (C) Barron Hilton or the Conrad N. Hilton Fund, collectively the "Hilton Interests"), of beneficial ownership, (within the meaning of Rule 13d-3
promulgated under the Exchange Act) of 20% or more of either the then outstanding shares of common stock or the combined voting power of the Company's then outstanding voting securities entitled to
vote generally in the election of directors; provided, however, that notwithstanding the foregoing, a Change of Control of the Company shall not be
deemed to occur solely because any person acquires beneficial ownership of more than 20% of such common stock or the voting securities of the Company as a result of the acquisition of common stock or
voting securities by the Company which reduces the amount of common stock or voting securities; provided, that if after such acquisition by the Company such person becomes the beneficial owner of
additional common stock or voting securities that increases the percentage of common stock or voting securities beneficially owned by such person, a Change of Control of the Company shall then occur;
or 

        (b)  Individuals
who, as of the date hereof, constitute the Board (as of the date hereof the "Incumbent Board") cease for any reason to constitute at least a majority of the
Board, provided that any person becoming a director subsequent to the date hereof whose election, or nomination for election by the Company's shareholders, was approved by a vote of at least a
majority of the directors then comprising the Incumbent Board (other than an election or nomination of an 

1

 

individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of the Directors of the Company, as such terms are used in
Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) shall be, for purposes of this Agreement, considered as though such person were a member of the Incumbent
Board; or 

        (c)  Approval
by the stockholders of the Company of (A) a reorganization, merger or consolidation, in each case, with respect to which persons who were the
stockholders of the Company immediately prior to such reorganization, merger or consolidation do not, immediately thereafter, own more than 60% of the combined voting power entitled to vote generally
in the election of directors of the reorganized, merged or consolidated company's then outstanding voting securities, or (B) a liquidation or dissolution of the Company or (C) the sale
of all or substantially all of the assets of the Company." 

        3.    Corporate Action.    The execution, delivery, and performance of this Amendment has been duly authorized by all
requisite corporate action on the part of the Company and this Amendment has been duly executed and delivered by each of the Company and the Employee. 

        4.    Severability.    Any provision of this Amendment held by a court of competent jurisdiction to be invalid or
unenforceable shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable. 

        5.    References. Any reference to the Agreement contained in any document, instrument or agreement executed in connection with
the Agreement, except where the context otherwise requires, shall be deemed to be a reference to the Agreement as modified by this Amendment. 

        6.    Counterparts.    This Amendment may be executed in one or more counterparts, each of which shall constitute an
original, but all of which taken together shall be one and the same instrument. 

        7.    Agreement.    The Agreement shall continue to be and remain in full force and effect in accordance with the
terms thereof, as modified by this Amendment. 

        IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year first above written. 

	EMPLOYEE	 	HILTON HOTELS CORPORATION
	

 	
 	

By:	
 	

/s/  MADELEINE A. KLEINER      
	
	 	 	 	
 Madeleine A. Kleiner

Executive Vice President, General Counsel and Corporate Secretary

2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00036-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00036-of-00352.parquet"}]]