WASHINGTON (Dow Jones)- Privately held Morton's Restaurant Group Inc. said Friday that former President and Chief Executive Allen J. Bernstein will get $7 million over three years through a separation pact he signed with the company.

Bernstein retired from his positions on Dec. 31, 2005, according to a Securities and Exchange Commission filing.

Morton's Restaurant Group is planning an initial public offering more than three years after being taken private, the company announced last October.

Bernstein had been Morton's chief executive since 1988. He added the title of president in 1997 and was president before that from 1988 to 1994, according to a 2001 proxy filing from the restaurant chain.

Bernstein also will get a bonus of an undisclosed amount for 2005, according to Friday's filing.

-By Antonie Boessenkool, Dow Jones Newswires; 202-862-7139; antonie.boessenkool@dowjones.com (END) Dow Jones Newswires 01-06-06 1807ET Copyright (c) 2006 Dow Jones & Company, Inc.