ITT Corp. Chairman and Chief Executive Rand Araskog will receive $55 million if the company is acquired by Hilton Hotels Corp., as part of a so-called golden-parachute plan valued at $165 million for ITT executives. Araskog secured the payment agreement in February, about a month after Hilton launched a hostile bid to take over the owner of the Sheraton hotel chain and Caesars casinos, according to court records and documents filed with the U.S. Securities and Exchange Commission. Araskog's payment is part of a golden parachute covering 650 employees upon a change of control at ITT. A change could occur as soon as next month, when ITT shareholders are to vote on slates of directors nominated by ITT and Hilton. The winners will decide whether to keep ITT independent or support the takeover. Hilton wants to buy ITT for $11.5 billion, while ITT executives are pursuing a plan to split it into three companies by spinning off its hotel and gaming unit and its technical-school unit. The figures were disclosed in court documents that are part of a lawsuit Beverly Hills-based Hilton filed to prevent ITT from splitting up the company without shareholder approval.