Sample Business Contracts

Employment Agreement - Playboy Enterprises Inc. and Bob Perkins

Employment Forms

  • Employment Agreement. Employers can customize an employment agreement that states the salary, benefits, working hours and other important provisions for their new or existing employee.
  • Consulting Agreement. Answer simple questions to build a contract with a consultant. Specify the services rendered, when payment is due, as well as IP rights.
  • Commission Agreement. Employers who compensate their sales employees based on commissions can prepare an agreement to reduce misunderstandings by specifying the base salary and how commissions are calculated.
  • Executive Employment Agreement. Companies may offer their business executives a contract that is different from the one provided to their regular employees. Executive employment agreements may be more complex because the compensation structure may include a combination of salary and commissions, provide for bonuses based on sales, stock or other financial targets, and include non-compete, confidentiality and severance provisions.
  • Sales Representative Contract. Independent sales representatives offer companies the potential to increase the sale of products or services without the burden of increasing headcount. Both parties should understand how commissions are calculated, when commissions will be paid, as well as how the representative will treat confidential information from the company and whether the representative may also sell a competing line of products or services.
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                           PLAYBOY ENTERPRISES, INC.

                                CHRISTIE HEFNER
                                 CHAIRMAN AND
                            CHIEF EXECUTIVE OFFICER

                               September 6, 1996

Bob Perkins
61 Jane Street, Penthouse E
New York, NY 10014

Dear Bob:

It is with great pleasure that I offer you the position of Executive Vice
President, Chief Marketing Officer of Playboy Enterprises, Inc. You will begin
full-time employment on October 1st, 1996.

You will be reporting to me. You will office at the Playboy offices in Chicago,
although you will be expected to do such traveling as may be necessary and
appropriate for the performance of your duties. We will also provide you with an
office at the Playboy offices in New York.

You will be paid a base salary of $400,000 per year, to be paid on a biweekly
basis on our normal payroll dates. In addition, you are entitled to participate,
pro rata (based on your start date), in a Board approved incentive plan with a
Fiscal 1997 maximum potential of 50% of your base salary based upon the
Company's performance; $50,000 of which will be guaranteed and payable to you
upon commencement of your employment.

You will be entitled to participate in all fringe benefits made available to
Playboy executives. You will also be a member of the Executive Committee of the

You will be entitled to participate in the "parachute plan" that is described on
page 13 of Playboy's 1995 proxy statement, copy enclosed.

I will recommend to the Company's Compensation Committee that you be granted an
option to purchase 100,000 shares of Playboy's

        680 NORTH LAKE SHORE DRIVE/CHICAGO, ILLINOIS 60611/312-751-8000

September 6, 1996
To: Bob Perkins
Page Two

Class B stock and the right to receive up to 15,000 shares of Class B stock
under the Company's restricted stock plan, which is triggered by the Company's
achieving operating income of $15 million and $20 million according to the terms
and conditions of the 1995 Playboy Enterprises, Inc. Stock Incentive Plan.

To assist in the disposition of your New York condominium sublease, the Company
will reimburse you for brokerage commissions and up to three months rent. If you
choose to purchase a new residence in Chicago, you will be reimbursed for
customary and reasonable closing costs, to include title costs and attorney or
escrow office fees. You will also be reimbursed for the relocation of your
household goods.

To assist in your transition, the Company will also provide you with temporary
furnished housing for up to three months. The Company will also reimburse you
for airline travel back/forth from Chicago/New York for you and/or your spouse.

If you are terminated at any time not for cause (as defined below), you will be
entitled to receive 12 months severance pay based on your salary at that time.
"For cause" is defined as conviction of a crime involving dishonesty, fraud or
breach of trust, or engaging in conduct materially injurious to Playboy.

In the event of such termination you will have no duty to mitigate damages, and
you will be free to accept other employment at your discretion.

If the above is acceptable, please sign, date and return the enclosed copy of
this letter.

September 6, 1996
To: Bob Perkins
Page Three

Once again, welcome to the Playboy family. I look forward to working with you.


                                       /s/ Christie Hefner

                                       Christie Hefner


/s/ Bob Perkins
Bob Perkins

Date 11 Sept 1996