A copy of the contract, dated Sept. 15, stipulates that Meyers will receive $700,000 per year in base salary, “payable on a biweekly basis in accordance with the Employer’s standard payroll practices. In addition, on the commencement date, Executive [Meyers] will be eligible to participate in a Board of Directors’ approved incentive compensation plan with Executive being eligible to earn up to a maximum potential of 100 percent of his salary.”
Meyers also received a $50,000 signing bonus on the day his duties with Playboy commenced, and up to an additional $50,000 “reimbursement” for signing bonus money he had to return to his previous employer, Westwood One.
With stock options, the 401 plan and other incentives, Meyers’ new Playboy contract could exceed $5 million over the lifetime of the deal.
Meyers’ duties as Playboy’s executive vice president and president of Playboy Media Group include “all pay and free and satellite broadcast television, home video and theatrical entertainment development activities of the company, and the associated production, programming and distribution activities, the company’s online, radio and wireless activities and the company’s publishing activities,” according to the contract.
