Sample Business Contracts

Employment Agreement - General Media International Inc. and Robert H. Altman

Employment Forms

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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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                                ROBERT H. ALTMAN

                              Employment Agreement

December 17, 1997

To:         R. Guccione
            N. Guccione
From:       R.H. Altman
Re:         Employment Terms

1.    Position: Chief Executive Officer of General Media International, Inc.

2.    Authority; Responsibilities: Day-to-day business operations of GMI,
      including, but not limited to, financing, administration, acquisition,
      disposition, licensing, franchising, electronic media development in terms
      of financing, structure, licensing and contracts (not including creative
      and magazine content).

3.    Reporting Responsibilities: To the Chairman of the Board

4.    Term: Two years, renewable on terms mutually agreeable.

5.    Compensation:

      a.    "Sign-on" one time payment of $150,000 payable on initialing of this
            memorandum of employment

      b.    Base salary - $400,000

      c.    Bonus-Participation in all executive bonus plans in existence or
            formed hereafter.

      d.    Benefits-Participation in GMI medical, dental, disability etc. plans
            in existence or formed hereafter.

      e.    Life Insurance - $1,000,000 term insurance or split-dollar life
            insurance.

      f.    Vacation - four (4) weeks per annum.

      g.    Business expense reimbursement - upon presentation of proper
            receipts and only if deductible by GMI as a business expense.

      h.    Luncheon club dues and initiation fees - food etc. charges
            reimbursed only if incurred in business activities on behalf of GMI.
<PAGE>

      i.    Severance: One year base salary plus earned bonus to date of
            termination. Not applicable if terminated for proven theft,
            substance abuse, breach of terms of this memorandum or proven
            dishonesty ("cause").

      j.    Change of Control, Sale- Base salary plus previous year's bonus and
            then earned bonus multiplied by two. Not applicable if terminated
            for cause.

6.    Success bonuses:

      a.    Refinancing of long term debt and redemption of current bond issue
            -- $450,000.

      b.    Restructuring, reorganization and sale or public offering of
            automotive group -- $250,000.

      c.    Public offering of Internet and/or electronic media group --
            $300,000.

7.    Implement Directors and Officers Liability Insurance in coverage of at
      least $10 million as soon as practicable.

Agreed In Principle
/s/ R. Guccione
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