Sample Business Contracts

Employment Agreement - Playboy Enterprises Inc. and Herb Laney

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
                              MICHAEL S. PERLIS
                           PRESIDENT AND PUBLISHER

                                                               February 26, 1993

CONFIDENTIAL

Mr. Herb Laney
540 Jefferson Street
Hinsdale, IL 60521

Dear Herb:

  It is my great pleasure to formally confirm the deal we have discussed
relating to your continuing employment by PEI.

  First, effective with the new fiscal, you will carry the title of President,
Catalogs. Your salary will be $200,000 per year. Your participation in PEI's
incentive compensation program will be at the 50% level.

  You will receive 5% on all profits over '93 levels times three years, i.e.,
if '93 profits are 4.5MM, you will be paid 5% on cumulative profits over 13.5MM
at the end of fiscal '96 (4.5MM for '93 is the lowest multiple we will use).
You must be employed through fiscal '96 to receive payment.

  If your employment is terminated for any reason other than cause, you will
receive a full years' severance.

  Herb, you've done really fine work. It is a pleasure to work with you. I know
you'll accomplish even greater things in the next several years.


                                       Sincerely,

MSP/ck
cc: Christie Hefner
    David Chemerow                     /s/ MS Perlis 
    Howard Shapiro