Sample Business Contracts

Employment Agreement - Playboy Enterprises Inc. and Helen Isaacson

Employment Forms

Employment Contract. 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 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
payout.

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
achieving

680 North Lake Shore Drive
Chicago, Illinois  60611
312-751-8000
<PAGE>

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.


                                       Sincerely,

                                       /s/ Christie Hefner

                                       Christie Hefner


ACCEPTED:

/s/ Helen Isaacson
--------------------------
Helen Isaacson


September 26, 1997
--------------------------
Date