Hilton Hotels has revealed that CEO Stephen Bollenbach would get $10.5 million in severance if his job is involuntarily terminated after the Blackstone Acquistion deal closes.
In a filing with the Securities and Exchange Commission, the hotel chain said if the merger isn’t completed and Bollenbach leaves the CEO’s post as scheduled on Jan. 1, 2008, he would continue as an employee for three years and as a consultant for two years, and would get about $4 million over that 5-year period.
Private-equity firm Blackstone agreed in July to take the hotel chain private for $18.5 billion, plus the assumption of about $7.5 billion in debt.
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