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Exhibit 10.38  

 
 

AMENDMENT 2001-1
  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 6.4
of the Plan is hereby amended by the addition of the following paragraph (f) at the end thereof effective January 1, 2001: 

        "(f)
Notwithstanding any provision of the Plan to the contrary, distributions to a Participant on account of financial hardship that were made pursuant to this Section 6.4 during
the period from January 1, 2001, through April 30, 2001, can include amounts credited to the Participant's Employer Matching Contributions Account not in excess of the Participant's
balance in such account as of December 31, 2000." 

        IN
WITNESS WHEREOF, the Committee has caused this amendment to be executed this 14th day of March, 2002. 

	 	 	Hilton Hotels Corporation

Pension and Thrift Committee
	

 	
 	

By:	
 	

/s/  MOLLY MCKENZIE-SWARTS      
 Molly McKenzie-Swarts

Senior Vice President—Human Resources

and Administration

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Exhibit 10.40  

 
 

AMENDMENT 2001-1
  TO THE
  HILTON HOTELS
  EXECUTIVE DEFERRED COMPENSATION PLAN    
  

        HILTON HOTELS CORPORATION hereby adopts this Amendment No. 2001-1 to the Hilton Hotels Executive Deferred Compensation Plan (the "Plan"). This
Amendment is adopted pursuant to the provisions of Section 10.4 of the Plan. 

        1.    The
definitions for "Base Salary Deferral", "Bonus Compensation Deferral" and "Compensation Deferral" in Section 1.2 of the Plan are amended to read, in their
entirety, as follows: 

        ""Base
Salary Deferral" shall mean that portion of Base Salary as to which an Eligible Employee has made an irrevocable election to defer receipt of until the date specified under the
In-Service Distribution Option and/or the Retirement Distribution Option." 

        ""Bonus
Compensation Deferral" shall mean that portion of Bonus Compensation as to which an Eligible Employee has made an irrevocable election to defer receipt of until the date
specified under the In-Service Distribution Option and/or the Retirement Distribution Option." 

        ""Compensation
Deferral" means that portion of Compensation as to which a Participant has made an irrevocable election to defer receipt until the date specified under the
In-Service Distribution Option and/or the Retirement Distribution Option." 

        2.    Paragraphs
(c) and (d) in Section 3.1 of the Plan are amended to read, in their entirety, as follows: 

        "(c) The
Committee may, in its discretion, permit Employees who first become Eligible Employees after the beginning of a Plan Year, including Employees who become Eligible
Employees because they are promoted or hired by the Company to a position of Vice President or hotel general manager on or after January 1 of a Plan Year, to enroll in the Plan by filing a
completed and fully executed Enrollment Agreement as soon as practicable following the date the Employee becomes an Eligible Employee but, in any event, within 30 days after such date.
Notwithstanding the foregoing, however, any Enrollment Agreement executed by an Eligible Employee, pursuant to this section, to make a Compensation Deferral shall apply only to such amounts as are
paid to the Eligible Employee after the date on which such Enrollment Agreement is filed. 

        (d)  Any
election to make a Compensation Deferral under paragraph (a) or (c) of this Section 3.1 shall remain in effect and be irrevocable,
notwithstanding any change in the Participant's Compensation, until (a) the Participant's Termination Date, or (b) the Participant files a new Enrollment Agreement with the Committee of
the termination or modification of such election. An election to terminate or modify a prior election for Compensation Deferral will be effective at the start of next Plan Year." 

        3.    First
sentence in Section 6.2 of the Plan is amended, in its entirety, to read as follows: 

        "Election of Distribution Option. In the Enrollment Agreement filed with the Committee, an Eligible Employee shall elect the Distribution Account pursuant to
which the Eligible Employee's Compensation Deferrals will be allocated." 

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        4.    First
sentence in Section 6.6(a) of the Plan is amended to read, in its entirety, as follows: 

        "(a) In-Service Distributions.    In the case of a Participant who continues in employment with the
Company, the vested portion of a Participant's In-Service Distribution Account shall be paid to the Participant commencing no later than January 31 of the Plan Year(s) elected by
the Participant in the Enrollment Agreement pursuant to which such In-Service Distribution Account was established, which may be no later than the third Plan Year following the end of the
Plan Year in the Compensation Deferral giving rise to that distribution was made, (i) in a lump sum or (ii) if the amount to be distributed exceeds $25,000, in quarterly,
semi-annual or annual installments payable over 2, 3, 4, or 5 years; provided, however, that no later than the first day of the thirteenth month preceding the date on which payment
is scheduled to be made or commence, the Participant may elect to defer the payment to a later date." 

        5.    The
amendments made by this instrument shall be effective January 1, 2002. 

        IN
WITNESS WHEREOF, and as evidence of the adoption of this Amendment 2001-1, Hilton Hotels Corporation has caused the same to be executed by its duly authorized officers and
its corporate seal to be affixed hereto this 14 day of November, 2001. 

	Attest:	 	HILTON HOTELS CORPORATION
	

/s/  RITA BAXENDALE      
	
 	

By:	
 	

/s/  MOLLY MCKENZIE-SWARTS      

	Witness	 	 	 	 

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Exhibit 10.41  

 
  AMENDMENT 2001-2 TO
  EXECUTIVE DEFERRED COMPENSATION PLAN    
  

        This Amendment 2001-2 to the Hilton Hotels Corporation Executive Deferred Compensation 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 Executive Deferred Compensation Plan effective as of January 1, 1997, as amended and restated
effective as of January 1, 2000, and as amended by Amendment 2001-1 thereto (as amended, 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 in 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: 

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

        6.    Amendments.    Subject to the conditions set forth below, the Plan is hereby amended by
amending and restating the definition of "Change in Control" contained in Section 1.2 thereof to read in its entirety as follows: 

        "Change
in Control" shall mean 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 in 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 in 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 

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that increases the percentage of Outstanding Company Common Stock or Outstanding Company Voting Securities beneficially owned by such Person, a Change in 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] 

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        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

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AMENDMENT 2001-2 TO EXECUTIVE DEFERRED COMPENSATION PLAN

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