Sample Business Contracts

Employment Agreement - Playboy Enterprises Inc. and Michael Carr

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.
  • More Employment Agreements

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                           PLAYBOY ENTERPRISES, INC.

                                CHRISTIE HEFNER
                                  CHAIRMAN AND
                            CHIEF EXECUTIVE OFFICER

November 30, 2000

Michael Carr
7309 Westcliff Drive
West Hills, CA 91307

Dear Michael:

It is with great pleasure that we offer you the position of President,
Publishing Group; Executive Vice President, Playboy Enterprises, Inc. and
Publisher, Playboy Magazine to start on Monday, December 4, 2000. You will be
reporting directly to me. You will be based at the Playboy offices in New York,
although you will be expected to do such traveling as may be necessary and
appropriate for the performance of your duties.

You will be paid a base salary of $350,000 per year, to be paid on a biweekly
basis on our normal payroll dates. You are entitled to participate in a Board
approved incentive plan with a maximum annual potential of 100% of your base
salary. The bonus will be based on corporate and group financial performance.

You will also be entitled to participate in a special bonus plan based on the
profitability of advertising sales. You will receive 3% of the increase
year/year in advertising profit contribution (ad revenue less ad expense) with a
maximum award opportunity of $350,000.

You are eligible to participate in the Executive Stock Plan and will receive a
grant of 25,000 options of Playboy's Class B stock which will vest in equal
annual installments over two years. This stock grant will be for 2001 but will
be given to you immediately upon your hire. The strike price will be based on
the stock's closing price on the day prior to your start date. Also, you will
participate in the existing restricted stock plan, which will provide you with
5,000 and 10,000 shares of Class B stock upon the Company's achieving $15
million and $20 million in Corporate operating income, respectively.

To assist in your move, the Company will arrange and pay for the reasonable
costs of transporting your household goods from Los Angeles to New York under
the Company's relocation policy.

You will be entitled to Playboy's health benefits plans (effective on the first
day of your employment) as well as participation in the executive vacation
policy, matching 401k plan, and Deferred Compensation plan. Details of these
plans/benefits will be provided to you. While we cannot promise that these plans
will not change in the future, we can assure you that you will be treated no
less favorably than other executives at your level.


If the above is acceptable, please sign, date and return the enclosed copy of
this letter. Once again, welcome back to the Playboy family.

ACCEPTED:                               Sincerely,

/s/ Michael T. Carr                     /s/ Christie Hefner
-----------------------------------     Christie Hefner
Michael T. Carr