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Release And Separation Agreement - Lebo

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Sectors: Leisure and Entertainment
Effective Date: February 18, 1997
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This Release and Separation Agreement (hereinafter referred to as "Agreement") is made and entered into by and between William C. Lebo, Jr., a resident of Tennessee, his agents, representatives, attorneys, assigns, heirs, executors and administrators (hereinafter collectively referred to as "Lebo"), and HILTON HOTELS CORPORATION, its predecessors, successors, subsidiaries, divisions, affiliates, representatives, attorneys, directors, officers, trustees, agents and employees (hereinafter collectively referred to as "Hilton").

In consideration of the moneys, mutual promises and covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:


Lebo agrees to resign his employment with Hilton effective February 1, 1997.


Hilton will pay to Lebo a sum equal to the amount representing all accrued and unused vacation days due to Lebo as of January 31, 1997, subject to the maximum number of days set forth in Hilton's Vacation policy.


Ownership of that certain automobile described as a 1992 Range Rover, vehicle identification number SALHV1242NA617906, will be forthwith transferred from Hilton to Lebo, and Lebo agrees to be responsible for all maintenance, operating expenses, and insurance coverage thereof as of February 28, 1997. Lebo agrees to pay any and all applicable taxes due on the remaining unamortized residual value of the vehicle.


(a) If Lebo signs and does not revoke this Agreement, in consideration of
the promises made by the parties herein, Hilton will pay Lebo, a
lump sum in the amount of Eight Hundred Seventy-One Thousand Six
Hundred dollars ($871,600), subject to legally required withholding
deductions, which amount shall be paid to Lebo on or before
February 28, 1997.

(b) Hilton and Lebo agree that Lebo's right to continue medical and
dental coverage under the Hilton Group Benefit Plan as provided by
COBRA shall begin on February 1, 1997. Hilton further agrees to
reimburse Lebo for his COBRA medical and dental premiums for a
period beginning February 1, 1997 and continuing until the earlier
of (i) July 31, 1998, or (ii) Lebo becomes eligible to receive
medical and dental benefits under another employer-sponsored health
benefits plan. Lebo's participation in all Hilton benefit plans and
programs, including but not limited to, medical, dental and other
benefits under the Hilton Group Benefits Plans, the Hilton Thrift
Plan, Stock Purchase Plan, Executive Deferred Compensation Plan,
Hilton's Stock Option Plan, and vacation accrual will terminate
effective February 1, 1997; provided however, that commencing as of
Lebo's 65th birthday, Lebo shall be eligible to receive those
benefits to which he is entitled under Hilton's qualified pension
plan, its Retirement Benefit Replacement Plan and its Supplemental
Executive Retirement Plans.

(c) The foregoing payment and other benefits are in full, final and
complete settlement of any and all claims, actions, damages,
attorney's fees, and/or costs which may now or hereinafter exist
against Hilton arising out of or relating to Lebo's employment with
and/or resignation from Hilton. Lebo agrees that the moneys and
other benefits described above are above and beyond consideration
to which he would otherwise have been entitled and that this
consideration constitutes extra payment in exchange for signing
this Agreement.


By signing this Agreement and receiving the valuable consideration described above, subject to the provisions of paragraph VI, Lebo hereby releases and discharges the Hilton Indemnities/Releases, and Hilton hereby releases and discharges the Lebo Indemnities/Releases from any and all actions, complaints, causes of action, grievances, claims, damages, obligations, debts, promises, losses, demands, wages, bonuses, benef
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