Playboy Enterprises Inc. Contracts
Sample Business Contracts
Employment Agreement - Playboy Enterprises Inc. and Helen Isaacson
Employment Forms
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- More Employment Agreements
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