Sample Business Contracts

Employment Agreement - Playboy Enterprises Inc. and Helen Isaacson

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.
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                           PLAYBOY ENTERPRISES, INC.

                               CHRISTIE HEFNER
                                 CHAIRMAN AND
                            CHIEF EXECUTIVE OFFICER

                              September 25, 1997

Ms. Helen Isaacson
158 N. Woodland Street
Englewood, NJ 07631

Dear Helen:

It is with great pleasure that I offer you the position of Senior Vice
President, Product Marketing for Playboy Enterprises, Inc.

You will be reporting directly to me. You will be domiciled 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, especially to
Chicago where some of the Product Marketing staff is based.

You will be paid a base salary of $300,000 per year, to be paid on a biweekly
basis on our normal payroll dates. In addition, you are entitled to participate
in a Board approved incentive plan with a maximum potential of 50% of your base
salary based upon divisional and Company performance prorated in '98 based on
start date. To offset the bonus you may be forfeiting, you will receive a bonus
of $104,000 paid in January half of which ($52,000) is against the '98 incentive

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
Company. You will be entitled to four weeks' paid vacation.

You will also be granted an option to purchase 50,000 shares of Playboy's Class
B stock and the right to receive up to 10,000 shares of Class B stock under the
Company's restricted stock plan, vesting 2,500 shares upon the Company's
achieving operating income of $15 million and 7,500 shares on the Company's

680 North Lake Shore Drive
Chicago, Illinois  60611

September 23, 1997
Helen Isaacson
Page Two

operating income of $20 million according to the terms and conditions of the
1995 Playboy Enterprises, Inc. Stock Incentive Plan.

If you should be terminated at any time not for cause (as defined below), you
will be entitled to receive no less than six months guaranteed severance and up
to an additional six months if you remain unemployed. "For cause" is defined as
conviction of a crime involving dishonesty, fraud or breach of trust, or
engaging in conduct materially injurious to Playboy.

You will be entitled to participate in the "parachute plan" that is described on
page 14 of Playboy's 1996 proxy statement.

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

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


                                       /s/ Christie Hefner

                                       Christie Hefner


/s/ Helen Isaacson
Helen Isaacson

September 26, 1997