Document:

EXHIBIT 10.14

          SECOND AMENDMENT made as of the 27th day of January, 2000 to the
Employment Agreement dated as of July 28, 1997 and amended September 1, 1998 by
and between Golden Books Publishing Company, Inc. with its principal United
States office at 888 Seventh Avenue, New York, New York 10106 (the "Company"),
and Mr. Richard K. Collins, residing at 41 Georgian Road, Morristown, New Jersey
07960 (the "Executive").

                              W I T N E S S E T H:

          WHEREAS, the Company and the Executive have previously entered into
the Employment Agreement; and

          WHEREAS, the Company and the Executive desire to amend the Employment
Agreement; and

          WHEREAS, the Company desires to assign the Employment Agreement to
Golden Books Family Entertainment, Inc. ("GBFEI") and GBFEI desires to assume
the Employment Agreement.

          NOW, THEREFORE, the parties hereto agree as follows:

          1. The Company hereby assigns the Employment Agreement to GBFEI and
GBFEI hereby assumes the Employment Agreement.

          2. The Employment Agreement is amended effective as of the date hereof
as follows:

               a. All references in the Employment Agreement to the Company
          shall be deemed to refer to Golden Books Family Entertainment, Inc.
          and not Golden Books Publishing Company.

               b. Section 1 of the Employment Agreement is amended in its
          entirety to read as follows:

               "The Company hereby agrees to employ the Executive, and the
               Executive hereby agrees to continue with the employ of the
               Company, commencing on the Effective Date and continuing through
               and including December 31, 2002, unless terminated earlier in
               accordance with Section 4 below."

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               c. Section 2(a) of the Employment Agreement is amended in its
          entirety to read as follows:

               "The Executive shall serve as the Company's Executive Vice
               President and Chief Operating Officer with such duties,
               responsibilities and authority in such capacities as shall be
               consistent therewith. The Executive shall report to the Chairman
               and Chief Executive Officer of the Company. The Executive shall
               be based in New York, New York."

               d. Section 3(a) of the Employment Agreement is amended by the
          deletion of the first sentence and the addition of the following
          sentence in lieu thereof:

               "(a) BASE SALARY. During the Employment Term, the Executive shall
               receive an annual base salary ("Annual Base Salary") of $350,000
               for each year of the term."

               e. Section 3(b) of the Employment Agreement is amended in its
          entirety to read as follows:

               "(b) ANNUAL BONUS. In addition to Annual Base Salary, the
               Executive shall be awarded, for each fiscal year ending during
               the Employment Term, an annual bonus (the "Annual Bonus")
               pursuant to the Company's Executive Officer Bonus Plan or a
               replacement thereof (the "Annual Plan") under one or more of the
               criteria prescribed in the Annual Plan and approved by the
               Compensation Committee of the Board of Directors, which bonus
               shall be pro rated for any fiscal year during which the Executive
               is employed for less than 12 months. The Executive shall have a
               target annual bonus of 100% of his Annual Base Salary (the
               "Target Bonus"), subject to attainment of the performance goals
               set forth in the Annual Plan. The Executive waives any right to
               receive a pro rated Target Award under Section 15 of the
               Executive Office Bonus Plan upon a "change of control," as
               defined therein, so long as he shall be employed on the last day
               of the fiscal year and be entitled to an Annual Bonus at the
               levels specified herein on a non pro rated basis for the fiscal
               year of such "change of control" if the performance goals for
               such fiscal year are achieved. Each such Annual Bonus shall be
               paid no later than the end of the third month of the fiscal year
               next following the fiscal year for which the Annual Bonus is
               awarded, unless the Executive shall elect to defer the receipt of
               such Annual Bonus. The parties acknowledge that the Annual Plan
               has been approved by the stockholders of the Company in
               accordance with the requirements of Section 162(m) of the
               Internal Revenue Code of 1986, as amended (the "Code"). The Board
               may award the Executive bonuses other than pursuant to the Annual
               Plan in its discretion."

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               f. Section 3(c) of the Employment Agreement is amended in its
          entirety to read as follows:

               "(c) STOCK OPTIONS. The Executive will be granted, as soon as
               administratively feasible, a stock option (the "Option") to
               purchase 1% of the Company's issued and outstanding common stock
               ("Common Stock") on a fully diluted basis (including all shares
               authorized, whether or not issued or covered by a grant, under
               any employee stock incentive plan and any warrants) pursuant to
               the Company's management incentive plan (the "Stock Option Plan")
               in accordance with the form of option agreement annexed as
               Exhibit A hereto ("Option Agreement"). The exercise price with
               respect to each share of Common Stock subject to the Option will
               be the "Fair Market Value" (as defined in the Stock Option Plan)
               of a share of Common Stock on the date of the grant. The Option
               will become exercisable as to one-third of the shares of Common
               Stock subject thereto on the first anniversary of the date of
               grant, as to an additional one-third of such shares on the second
               anniversary of the date of grant, and as to the remaining
               one-third of such shares on the third anniversary of the date of
               grant, provided the Executive has been continuously employed
               through each applicable vesting date. Notwithstanding anything in
               this Agreement to the contrary, upon the occurrence of a Change
               in Control (as such term is defined in Section 4(f) below,
               without regard to clause (iv) of Section 4(f)(A) and clause
               (ii)(b) of Section 4(f)(C)) during the Employment Term, the
               Option shall become fully and immediately exercisable. The Option
               will have a term of seven years (the "Option Term"). Upon the
               termination of Executive's employment:

               (1) by reason of death, the Option shall become fully and
               immediately exercisable and the Executive's estate may exercise
               the Option until the earlier of one year following the
               Executive's death or the end of the Option Term, following which
               time the Option shall terminate and be no longer exercisable;

               (2) by reason of Disability (as such term is defined in Section
               4(a) below), the Option shall become fully and immediately
               exercisable and the Executive (or, following his death, his
               estate) may exercise the Option until the earlier of one year
               following the Date of Termination (as such term is defined in
               Section 4(e) below) or the end of the Option Term, following
               which time the Option shall terminate and be no longer
               exercisable;

               (3) by the Company for Cause (as such term is defined in Section
               4(a) below), the Option shall terminate and no longer be
               exercisable effective on the Executive's Date of Termination;

<PAGE>

               (4) by the Executive without Good Reason (as such term is defined
               in Section 4(b) below), the Option, to the extent exercisable on
               the Date of Termination, shall remain exercisable by the
               Executive (or, following his death, his estate) until the earlier
               of 90 days following such date or the end of the Option Term,
               following which time the Option shall terminate and be no longer
               exercisable; or

               (5) by the Company without Cause or by the Executive with Good
               Reason, the entire Option shall become fully and immediately
               exercisable and the Executive may exercise the Option until the
               earlier of one year following the Executive's Date of Termination
               or the end of the Option Term, following which time the Option
               shall terminate and be no longer exercisable.

               The Executive shall be entitled to participate in other Company
               stock option grants or other equity plans or programs, if any, in
               which senior executives of the Company are eligible to
               participate on a basis generally commensurate with his position
               as may be determined by the Compensation Committee.

               The Executive will be entitled to pay the exercise price of the
               Option with shares of Common Stock previously acquired by the
               Executive and may elect to have any withholding taxes required to
               be withheld as a result of the exercise of the Option taken out
               of Common Stock issuable to the Executive as a result of such
               exercise.

               Other than as stated above, the Option will be governed by the
               terms and conditions of the Company's Stock Option Plan and the
               Option Agreement thereunder."

               g. Section 4(a) of the Employment Agreement is amended by the
          addition of the parenthetical "("Disability")" following "business
          days", at the end of that section.

               h. Section 4(b)(iv) of the Agreement is amended by replacing the
          period at the end of that section with "; or" and a new Section
          4(b)(v) is added to read as follows:

               "(v) the Company's termination of the Executive's employment for
               any reason other than Cause, within two years following a "Change
               of Control" (as defined in Section 4(f) of this Agreement)."

               i. A new Section 4(f) to the Employment Agreement is added to
          read as follows:

<PAGE>

               "(f) DEFINITION OF CHANGE OF CONTROL. For the purpose of this
               Agreement, a "Change of Control" shall mean:

                    (A) ____ The acquisition by any individual, entity or group
               (within the meaning of Section 13(d)(3) or 14(d)(2) of the
               Securities Exchange Act of 1934, as amended (the "Exchange Act")
               (a "Person") of beneficial ownership (within the meaning of Rule
               13d-3 promulgated under the Exchange Act) of 35% of more (on a
               fully diluted basis) of either (i) the then outstanding shares of
               common stock of the Company, taking into account as outstanding
               for this purpose such common stock issuable upon the exercise of
               options warrants, the conversion of convertible stock or debt,
               and the exercise of any similar right to acquire such common
               stock (the "Outstanding Company Common Stock") or (ii) the
               combined voting power of the then outstanding voting securities
               of the Company entitled to vote generally in the election of
               directors (the "Outstanding Company Voting Securities");
               provided, however, that for purposes of this subsection (i) , the
               following acquisitions shall not constitute a Change of Control;
               (i) any acquisition by the Company or any "affiliate" of the
               Company, within the meaning of 17 C.F.R. ss.230.405 (an
               "Affiliate"), (ii) any acquisition by any employee benefit plan
               (or related trust) sponsored or maintained by the Company or any
               Affiliate of the Company, (iii) any acquisition by any
               corporation pursuant to a transaction which complies with clauses
               (i), (ii) and (iii) of paragraph (C) of this Subsection (f), or
               (iv) any acquisition by the Executive, or by a group (within the
               meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) that
               includes the Executive;

                    (B) ____ Individuals who, as of the date hereof, constitute
               the Board of Directors (the "Incumbent Board") cease for any
               reason to constitute at least a majority of the Board; provided,
               however, that any individual becoming a director subsequent
               thereto whose election, or nomination for election by the
               Company's stockholders, was approved by a vote of at least a
               majority of the directors then comprising the Incumbent Board
               shall be considered as though such individual were a member of
               the Incumbent Board, but excluding, for this purpose, any such
               individual whose initial assumption of office occurs as a result
               of an actual or threatened election contest with respect to the
               election or removal of directors or other actual or threatened
               solicitation of proxies or consents by or on behalf of a Person
               other than the Board; or

                    (C) ____ Consummation of a reorganization, merger or
               consolidation or sale or other disposition of all or
               substantially all of the assets of the Company (a "Business
               Combination"), in each case, unless, following such Business
               Combination, (i) all or substantially all of the individuals and
               entities who were the beneficial owners, respectively, of the

<PAGE>

               Outstanding Company Common Stock and Outstanding Company Voting
               Securities immediately prior to such Business Combination
               beneficially own, directly or indirectly, more than 60% of,
               respectively, the then outstanding shares of common stock and the
               combined voting power of the then outstanding voting securities
               entitled to vote generally in the election of directors, as the
               case may be, of the corporation resulting from such Business
               Combination (including, without limitation, a corporation which
               as a result of such transaction owns the Company or all or
               substantially all of the Company's assets either directly or
               through one or more subsidiaries) in substantially the same
               proportions as their ownership, immediately prior to such
               Business Combination of the Outstanding Company Common Stock and
               Outstanding Company Voting Securities, as the case may be, and
               (ii) no Person (excluding (a) any employee benefit plan (or
               related trust) sponsored or maintained by the Company or any
               Affiliate of the Company, or such corporation resulting from such
               Business Combination or any Affiliate of such corporation, or (b)
               any entity in which the Executive has an equity interest, or any
               Affiliate of such entity) beneficially owns, directly or
               indirectly, 35% or more (on a fully diluted basis) of,
               respectively, the then outstanding shares of common stock of the
               corporation resulting from such Business Combination, taking into
               account as outstanding for this purpose such common stock
               issuable upon the exercise of options or warrants, the conversion
               of convertible stock or debt, and the exercise of any similar
               right to acquire such common stock, or the combined voting power
               of the then outstanding voting securities of such corporation
               except to the extent that such ownership existed prior to the
               Business Combination and (iii) at least a majority of the members
               of the board of directors of the corporation resulting from such
               Business Combination were members of the Incumbent Board at the
               time of the execution of the initial agreement, or of the action
               of the Board, providing for such Business Combination; or

                    (D) Approval by the stockholders of the Company of a
               complete liquidation or dissolution of the Company."

               j. Section 5(a) of the Agreement is replaced in its entirety to
          read as follows:

                    (i) ____ the Company shall pay to the Executive the
               aggregate of the following amounts:

                         A. ______ the sum of (1) the Executive's Annual Base
               Salary through the Date of Termination to the extent not
               theretofore paid, and (2) any compensation previously deferred by
               the Executive (together with any accrued interest or earnings
               thereon) and any accrued vacation pay, in each case to the extent
               not theretofore paid (the sum of the amounts described

<PAGE>

               in clauses (1) and (2) shall be hereinafter referred to as the
               "Accrued Obligations"). All Accrued Obligations shall be paid in
               a lump sum in cash within 30 days of the Date of Termination; and

                         B. ______ the Executive's Annual Base Salary as set
               forth in Section 3(a) for the year in which the Date of
               Termination falls, to be paid either (1) in a lump sum, if
               approved by the Board, 30 days after the Date of Termination, or
               (2) as salary continuation for a period of one year following the
               Date of Termination, except that, in the event of a termination
               described in Section 4(b)(v) herein, the Executive shall be paid
               two times his Annual Base Salary in a lump sum or as a two-year
               salary continuation. The Executive shall have no duty or
               obligation to mitigate, and such salary continuation payments
               will continue even in the event the Executive becomes reemployed
               by another employer.

                    (ii) ____ all stock options, restricted stock and other
          stock-based compensation shall become exercisable or vested pursuant
          to Section 3(c)(5) herein;

                    (iii) for one year after the Executive's Date of Termination
          (or for two years in the event of a termination described in Section
          4(b)(v) herein), the Company shall continue benefits to the Executive
          and/or the Executive's family at least equal to those which would have
          been provided to them in accordance with the plans, programs,
          practices and policies described in Section 3(e) of this Agreement if
          the Executive's employment had not been terminated, provided, however,
          that if the Executive becomes reemployed with another employer and is
          eligible to receive medical or other welfare benefits under another
          employer provided plan, the corresponding medical and other welfare
          benefits described herein shall be terminated. Those welfare benefits
          not offered by the new employer shall continue until termination of
          the above described one or two year period. For purposes of
          determining eligibility (but not the time of commencement of benefits)
          of the Executive for retiree benefits pursuant to such plans,
          practices, programs and policies, the Executive shall be considered to
          have remained employed until the later of two years after the Date of
          Termination or the end of the Employment Term and to have retired on
          the last day of such period;

                    (iv) to the extent not theretofore paid or provided, the
          Company shall timely pay or provide to the Executive any other amounts
          or benefits required to be paid or provided to the Executive or which
          the Executive is entitled to receive under any plan, program, policy
          or practice or contract or agreement of the Company and its affiliated
          companies, to the extent payment of any such amounts or benefits are
          not already provided for under this Agreement (such other amounts and
          benefits shall be hereinafter referred to as the "Other Benefits").

<PAGE>

     The Executive shall have the right to approve, such approval not be
unreasonably withheld, any written announcement, if any, of the termination of
the Executive's employment with the Company.

               k. Section 10(a) of the Employment Agreement is amended in its
          entirety to read as follows:

               "(a) On or before June 1, 2002, the Company and the Executive
               agree to meet to discuss each others intentions with respect to
               Executive's employment with the Company after the termination of
               this Agreement; provided, however, that this paragraph shall
               create no duty or obligation on behalf of either the Company or
               the Executive with respect to such discussion."

               l. Section 11(b) of the Employment Agreement is amended in its
          entirety to read as follows:

               "(b) All notices and other communications hereunder shall be in
               writing and shall be given by hand delivery to the other party or
               by registered or certified mail, return receipt requested,
               postage prepaid, addressed as follows:

                    IF TO THE EXECUTIVE:

                    Mr. Richard K. Collins
                    41 Georgian Road
                    Morristown, NJ  07960

                    IF TO THE COMPANY:

                    Golden Books Family Entertainment, Inc.
                    888 Seventh Avenue
                    New York, New York 10106
                    Attention: Chief Administrative Officer

               or to such other address as either party shall have furnished to
               the other in writing in accordance herewith. Notice and
               communications shall be effective when actually received by the
               addressee."

          3. ____________________ As amended by the Second Amendment, the
Employment Agreement shall remain in full force and effect.

<PAGE>

          IN WITNESS WHEREOF, the Company has caused this amendment to be
executed by its duly authorized officers and the Executive has hereunto set his
hand as of the date first above written.

                                    GOLDEN BOOKS FAMILY ENTERTAINMENT, INC.

                                    By: ________________________________________

                                    GOLDEN BOOKS PUBLISHING COMPANY, INC.

                                    By: ________________________________________

                                        ________________________________________
                                        Richard K. CollinsEXHIBIT 10.15
                              EMPLOYMENT AGREEMENT

     AGREEMENT by and between Golden Books Family Entertainment, Inc. (the
"Company"), and Colin Finkelstein (the "Executive"), effective as of September
9, 19996 (the "Effective Date").

     1. EMPLOYMENT TERM. The Company hereby agrees to employ the Executive, and
the Executive hereby agrees to enter the employ of the Company, commencing on
the Effective Date and continuing for a three-year term from such Effective
Date, unless terminated earlier in accordance with Section 4 below.

     2. TITLE, REPORTING AND DUTIES.

          (a) Commencing on the Effective Date and for the remainder of the
     Employment Term, the Executive shall serve as the Company's Executive Vice
     President and Chief Financial Officer, with such duties, responsibilities
     and authority in both capacities as shall be consistent therewith. The
     Executive shall be based in New York City.

          (b) During the Employment Term, and excluding any periods of vacation,
     holiday and sick leave to which the Executive is entitled, the Executive
     agrees to devote full time during normal business hours to the business and
     affairs of the Company and to use the Executive's best efforts to perform
     faithfully and efficiently such responsibilities.

     3. COMPENSATION AND BENEFITS.

          (a) BASE SALARY. During the Employment Term, the Executive shall
     receive an annual base salary ("Annual Base Salary") of $300,000 for each
     year of the term. The Annual Base Salary will be reviewed by the Company's
     Compensation Committee at the end of each year of the term and may be
     adjusted at the discretion of the Compensation Committee. The Annual Base
     Salary shall be paid in equal biweekly installments.

          (b) ANNUAL BONUS. In addition to Annual Base Salary, the Executive
     shall be awarded, for each fiscal year during the Employment Term, an
     annual bonus (the "Annual Bonus") pursuant to the Company's annual
     incentive plans (the "Annual Plans"), pro rated in the case of a bonus for
     any year during which the Executive was employed for less than 12 months.
     The Executive shall have a target annual bonus of 100% of his Annual Base
     Salary (the "Target Bonus"), subject in each case to attainment of the
     performance goals set forth in the Annual Plans. Each such Annual Bonus
     shall be paid no later than the end of the third month of the fiscal year
     next following the fiscal year for which the Annual Bonus is awarded,
     unless the Executive shall elect to defer the receipt of such Annual Bonus.
     Notwithstanding the above, it is the intent of the parties hereto that the
     Annual Plans meet all applicable requirements for the exemption of the
     payments thereunder from the limitations of Section 162(m) of the Internal
     Revenue Code of 1986, as amended, including the requirement that the Annual
     Plans be approved by the shareholders of the Company prior to the payment
     of any bonuses thereunder

                                       -1-

<PAGE>

     The Board may award the Executive bonuses other than pursuant to the Annual
     Plans in its discretion.

          (c) STOCK OPTIONS. The Executive will be granted, as of the Effective
     date hereof, a stock option (the "Option") to purchase 1% of the Company's
     fully-diluted restructured common stock ("Stock") in the form of "at the
     money" stock options with an exercise price based upon the total equity
     value of the Company (as set forth in the Disclosure Statement for the
     Plan). Executive acknowledges that certain action will need to be taken by
     the Board of Directors and the Compensation Committee to effectuate such
     Option grant. The Option will become exercisable as to one-third of the
     shares of Stock subject thereto on the first anniversary of the date of
     grant, as to an additional one-third of such shares on the second
     anniversary of the date of grant, and as to an additional one-third of such
     shares on the third anniversary of the date of grant. The Option will have
     a term of seven years (the "Option Term"). Upon the termination of
     Executive's employment:

               (1) by reason of death, the Executive's estate may exercise the
          Option (to the extent exercisable at the time of death) until the
          earliest of one year following the Executive's death or the end of the
          Option Term, following which time the Option shall terminate and be no
          longer exercisable;

               (2) by the Company for "Cause" or by the Executive voluntarily
          without "Good Reason" (as each term is defined in Section 4 below),
          the Option shall terminate and no longer be exercisable on the date
          the Executive is advised by the Board that he is being terminated for
          cause, or the effective date of the Executive's voluntary termination
          without good reason, as applicable; or

               (3) by the Company without Cause or by the Executive with Good
          Reason, the entire Option shall become fully and immediately
          exercisable and the Executive may exercise the Option until the
          earliest of one year following the Executive's termination or the end
          of the Option Term, following which time the Option shall terminate
          and be no longer exercisable.

               The Executive shall be entitled to participate in other Company
          stock option grants or other equity plans or programs, if any, in
          which senior executives of the Company are eligible to participate
          generally as may be determined by the Compensation Committee.

               Other than as stated above, the Option will be governed by the
          terms and conditions of the Company's Stock Option Plan and the
          standard Stock Option Agreement thereunder to be executed by the
          Executive and the Company.

          (d) INCENTIVE, SAVINGS, RETIREMENT AND EQUITY PLANS. During the
     Employment Period, the Executive shall be eligible to participate in all
     incentive, savings and retirement plans, practices, policies and programs
     applicable generally to other senior executives of the Company and its
     affiliated companies, provided that after a Change of

                                       -2-

<PAGE>

     Control in no event shall such plans, practices, policies and programs
     provide the Executive with incentive opportunities (measured with respect
     to both regular and special incentive opportunities, to the extent, if any,
     that such distinction is applicable), savings opportunities and retirement
     benefit opportunities, in each case, less favorable, in the aggregate, than
     the most favorable of those provided by the Company and its affiliated
     companies for the Executive under such plans, practices, policies and
     programs as in effect at any time during the 120-day period immediately
     preceding a Change of Control. In addition, the Executive may participate
     in other equity plans and share in future grants to management employees of
     stock options contemplated to be granted at or about the Effective Date to
     management employees.

          (e) WELFARE BENEFIT PLANS. During the Employment Term, the Executive
     and/or the Executive's family, as the case may be, shall be eligible for
     participation in and shall receive all benefits under welfare benefit
     plans, practices, policies and programs provided by the Company and its
     affiliated companies (including, without limitation, medical, prescription,
     dental, disability, salary continuance, employee term life, group life,
     accidental death and travel accident insurance plans and programs, if any)
     that are applicable generally to other senior executives of the Company and
     its affiliated companies. It is acknowledged that the Executive's level of
     participation in these plans shall be consistent with an executive of his
     stature in the Company's industry.

          (f) EXPENSES. During the Employment Term, the Company shall pay or
     promptly reimburse the Executive for all reasonable business expenses upon
     presentation of receipts therefor in accordance with the normal practices
     of the Company. It is acknowledged that the Executive will incur expenses
     consistent with an executive of his stature in the Company's industry.

          (g) FRINGE BENEFITS. During the Employment Term, the Executive shall
     be entitled to fringe benefits appropriate to an executive of Executive's
     stature in the Company's industry. Additionally, the Company shall pay the
     Executive's reasonable legal fees for preparation and review of this
     Employment Agreement, and shall reimburse the Executive, up to $7,500.00
     per year, for personal tax and legal counsel in connection with the Company
     stock option plan.

          (h) VACATION AND HOLIDAYS. During the Employment Term, the Executive
     shall be entitled to four weeks of paid vacation per year and all other
     paid holidays given to employees of the Company.

     4. TERMINATION OF EMPLOYMENT.

          (a) CAUSE. The Company may terminate the Executive's employment during
     the Employment Period for Cause. For purposes of this Agreement, "Cause"
     shall mean: (i) the conviction of, or pleading guilty to, a felony or crime
     involving moral turpitude, or (ii) the failure of the Executive to perform,
     in any material respect, his obligations under this Agreement after a
     written demand for such performance is delivered to the Executive

                                       -3-

<PAGE>

     by the Board, which specifically identifies the manner in which the Board
     or Chief Executive Officer believes that the Executive has not performed
     the Executive's duties; or (iii) a disability that prohibits the Executive
     from substantially meeting his responsibilities as a senior executive of
     the Company on a full-time basis for 90 out of 120 consecutive business
     days.

          (b) GOOD REASON. The Executive's employment may be terminated by the
     Executive for Good Reason. For purposes of this Agreement, "Good Reason"
     shall mean in each case, without the Executive's prior written consent:

               (i) the assignment to the Executive of any duties materially
          inconsistent with the Executive's position (including status, offices,
          titles and reporting requirements), authority, duties or
          responsibilities as contemplated by Section 2 of this Agreement, or
          any other action by the Company which results in a diminution in such
          position, authority, duties or responsibilities, excluding for this
          purpose any action not taken in bad faith and which is remedied by the
          Company within twenty (20) days after receipt of notice thereof given
          by the Executive;

               (ii) any failure by the Company, in any material respect, to
          comply with any of the compensation and benefits provisions of Section
          3 of this Agreement, other than failure not occurring in bad faith and
          which is remedied by the Company within twenty (20) days after receipt
          of notice thereof given by the Executive;

               (iii) the Company's requiring the Executive to be based at any
          office or location outside New York City;

               (iv) any failure by the Company to comply with and satisfy any
          covenant or agreement contained in this Agreement, excluding for this
          purpose any failure or omission not occurring in bad faith or any
          action not taken in bad faith and which is remedied by the Company
          within twenty (20) days after receipt of notice thereof given by the
          Executive; or

               (v) the Company's termination of the Executive's employment
          within two years of a "Change of Control." A "Change of Control," for
          purposes of this Agreement, shall be deemed to have occurred if (i)
          any "person (as such term is used in Sections 13(d) and 14(d) of the
          Securities Exchange Act of 1934, as amended (the "Exchange Act"),
          other than the Company, an employee benefit plan of the Company, or
          any of the Company's direct or indirect affiliates (hereinafter, a
          "THIRD PARTY"), is or becomes the "beneficial owner" (as defined in
          Rule 13d-3 promulgated under the Exchange Act), directly or
          indirectly, of securities of the Company representing fifty percent
          (50%) or more of the combined voting power of the Company's then
          outstanding securities entitled to vote in the election of directors
          of the Company or (ii) all or substantially all of the assets of the
          Company are acquired by a Third Party.

                                       -4-

<PAGE>

          (c) DEATH. The Executive's employment shall terminate automatically
     upon the Executive's death during the Employment Period.

          (d) NOTICE OF TERMINATION. Any termination by the Company for Cause,
     or by the Executive for Good Reason, shall be communicated by Notice of
     Termination to the other party hereto given in accordance with Section
     10(b) of this Agreement. For purposes of this Agreement, a "Notice of
     Termination" means a written notice which (i) indicates the specific
     termination provision in this Agreement relied upon, (ii) to the extent
     applicable, sets forth in reasonable detail the facts and circumstances
     claimed to provide a basis for termination of the Executive's employment
     under the provision so indicated and (iii) if the Date of Termination (as
     defined below) is other than the date of receipt of such notice, specifies
     the termination date (which date shall be not more than thirty days after
     the giving of such notice). The failure by the Executive or the Company to
     set forth in the Notice of Termination any fact or circumstance which
     contributes to a showing of Good Reason or Cause shall not waive any right
     of the Executive or the Company, respectively, hereunder or preclude the
     Executive or the Company, respectively, from asserting such fact or
     circumstance in enforcing the Executive's or the Company's rights
     hereunder.

          (e) DATE OF TERMINATION. "Date of Termination" means (i) if the
     Executive's employment is terminated by the Company for Cause, or by the
     Executive for Good Reason, the date of receipt of the Notice of Termination
     or any later date specified therein, as the case may be (although such Date
     of Termination shall retroactively cease to apply if the circumstances
     providing the basis of termination for Cause or Good Reason are cured in
     accordance with Section 4(a) or 4(b) of this Agreement, respectively), (ii)
     if the Executive's employment is terminated by the Company other than for
     Cause, the Date of Termination shall be the date on which the Company
     notifies the Executive of such termination and (iii) if the Executive's
     employment is terminated by reason of death, the Date of Termination shall
     be the date of death of the Executive.

     5. OBLIGATIONS OF THE COMPANY UPON TERMINATION.

          (a) GOOD REASON: OTHER THAN FOR CAUSE. If, during the Employment Term,
     the Company shall terminate the Executive's employment other than for Cause
     or the Executive shall terminate employment for Good Reason:

               (i) the Company shall pay to the Executive the aggregate of the
          following amounts:

                    A. the sum of (1) the Executive's Annual Base Salary through
               the Date of Termination to the extent not theretofore paid, and
               (2) any compensation previously deferred by the Executive
               (together with any accrued interest or earnings thereon) and any
               accrued vacation pay, in each case to the extent not theretofore
               paid (the sum of the amounts described in clauses (1) and (2)
               shall be hereinafter referred to as the "Accrued

                                       -5-

<PAGE>

               Obligations"). All Accrued Obligations shall be paid in a lump
               sum in cash within 30 days of the Date of Termination; and

                    B. the Executive's Annual Base Salary as set forth in
               Section 3(a) for the year in which the Date of Termination falls,
               to be paid either (1) in a lump sum, if approved by the Board, 30
               days after the Date of Termination, or (2) as salary continuation
               for a period of one year following the Date of Termination,
               except that, in the event of a "Change of Control" termination,
               as defined in Section 4(b)(v) herein, the Executive shall be paid
               two times his Annual Base Salary in a lump sum or as a two-year
               salary continuation. The Executive shall have no duty or
               obligation to mitigate, and such salary continuation payments
               will continue even in the event the Executive becomes reemployed
               by another employer.

               (ii) all stock options, restricted stock and other stock-based
          compensation shall become exercisable or vested pursuant to Section
          3(c)(3) herein;

               (iii) for one year after the Executive's Date of Termination (or
          for two years in the event of a "Change of Control" termination, as
          defined in Section 4(b)(v) herein), the Company shall continue
          benefits to the Executive and/or the Executive's family at least equal
          to those which would have been provided to them in accordance with the
          plans, programs, practices and policies described in Section 3(e) of
          this Agreement if the Executive's employment had not been terminated,
          provided, however, that if the Executive becomes reemployed with
          another employer and is eligible to receive medical or other welfare
          benefits under another employer provided plan, the corresponding
          medical and other welfare benefits described herein shall be
          terminated. Those welfare benefits not offered by the new employer
          shall continue until termination of the abovedescribed one or two year
          period. For purposes of determining eligibility (but not the time of
          commencement of benefits) of the Executive for retiree benefits
          pursuant to such plans, practices, programs and policies, the
          Executive shall be considered to have remained employed until the
          later of two years after the Date of Termination or the end of the
          Employment Term and to have retired on the last day of such period;

               (iv) to the extent not theretofore paid or provided, the Company
          shall timely pay or provide to the Executive any other amounts or
          benefits required to be paid or provided to the Executive or which the
          Executive is entitled to receive under any plan, program, policy or
          practice or contract or agreement of the Company and its affiliated
          companies, to the extent payment of any such amounts or benefits are
          not already provided for under this Agreement (such other amounts and
          benefits shall be hereinafter referred to as the "Other Benefits").

                                       -6-

<PAGE>

     The Executive shall have the right to approve, such approval not be
unreasonably withheld by the Company, any written announcement, if any, of the
termination of the Executive's employment with the Company.

          (a) DEATH. If the Executive's employment is terminated by reason of
     the Executive's death during the Employment Period, this Agreement shall
     terminate without further obligations to the Executive's legal
     representatives under this Agreement, other than for payment of Accrued
     Obligations, the right to exercise the Executive's Stock Option under
     Section 3(c)(1) herein, and the timely payment or provision of Other
     Benefits. Accrued Obligations shall be paid to the Executive's estate or
     beneficiary, as applicable, in a lump sum in cash within 30 days of the
     Date of Termination.

          (b) CAUSE: OTHER THAN FOR GOOD REASON. If, during the Employment Term,
     the Executive's employment shall be terminated by the Company for Cause or
     by the Executive without Good Reason, this Agreement shall terminate
     without further obligations to the Executive other than the payment of
     Accrued Obligations, and the payment or provision of Other Benefits. All
     Accrued Obligations shall be paid to the Executive in a lump sum in cash
     within 30 days of the Date of Termination. Upon a termination of the
     Executive's employment for Cause by the Company or by the Executive without
     Good Reason, the Executive shall forfeit all stock options that are not
     vested on the Date of Termination. If the Executive's employment is
     terminated for Cause, nothing in this Agreement shall prevent the Company
     from pursuing any other available remedies against the Executive.

     6. CHANGE IN CONTROL. Upon the occurrence of a Change in Control of the
Company during the Employment Period, all stock options, restricted stock and
other stock-based compensation shall become immediately exercisable or vested,
as the case may be.

     7. NON-EXCLUSIVITY OF RIGHTS. Nothing in this Agreement shall prevent or
limit the Executive's continuing or future participation in any plan, program,
policy or practice provided by the Company or any of its affiliated companies
and for which the Executive may qualify nor shall anything herein limit or
otherwise affect such rights as the Executive may have under any contract or
agreement with the Company or any of its affiliated companies. Amounts which are
vested benefits or which the Executive is otherwise entitled to receive under
any plan, policy, practice or program of or any contract or agreement with the
Company or any of its affiliated companies at or subsequent to the Date of
Termination shall be payable in accordance with such plan, policy, practice or
program or contract or agreement except as explicitly modified by this
Agreement.

     8. FULL SETTLEMENT. The Company's obligation to make the payments provided
for in this Agreement and otherwise to perform its obligations hereunder shall
not be affected by any set-off, counterclaim, recoupment, defense or other
claim, right or action which the Company may have against the Executive or
others.

                                       -7-

<PAGE>

     9. CONFIDENTIAL INFORMATION; NON-SOLICITATION.

          (a) The Executive shall hold in a fiduciary capacity for the benefit
     of the Company all secret or confidential information, knowledge or data
     relating to the Company or any of its affiliated companies, and their
     respective businesses, which shall have been obtained by the Executive
     during the Executive's employment by the Company or any of its affiliated
     companies and which shall not be or become public knowledge (other than by
     acts by the Executive or representatives of the Executive in violation of
     this Agreement). After termination of the Executive's employment with the
     Company, the Executive shall not, without the prior written consent of the
     Company or as may otherwise be required by law or legal process,
     communicate or divulge any such information, knowledge or data to anyone
     other than the Company and those designated by it. In no event shall an
     asserted violation of the provisions of this Section 8 constitute a basis
     for deferring or withholding any amounts otherwise payable to the Executive
     under this Agreement.

          (b) For a period of one year following the termination of the
     Executive's employment for any reason, the Executive shall not, directly or
     indirectly, (i) employ or seek to employ any person who is at the Date of
     Termination, or was at any time within the six-month period preceding the
     Date of Termination, an employee of the Company or any of its subsidiaries
     or affiliates or otherwise cause or induce any employee of the Company or
     any of its subsidiaries or affiliates to terminate such employee's
     employment with the Company or such subsidiary or affiliate for the
     employment of another company (included for this purpose the contracting
     with any person who was an independent contractor of the Company during
     such period) or (ii) solicit any customers of the Company to purchase
     products or services then sold by the Company from another person or entity
     without, in either case, the prior written consent of the Company's Board
     of Directors.

     10. SUCCESSORS.

          (a) This Agreement is personal to the Executive and without the prior
     written consent of the Company shall not be assignable by the Executive
     otherwise than by will or the laws of descent and distribution. This
     Agreement shall inure to the benefit of and be enforceable by the
     Executive's executors, successors and legal representatives.

          (b) This Agreement shall inure to the benefit of and be binding upon
     the Company and its successors and assigns.

          (c) The Company will require any successor (whether direct or
     indirect, by purchase, merger, consolidation or otherwise) to all or
     substantially all of the business and/or assets of the Company to assume
     expressly in writing and agree to perform this Agreement in the same manner
     and to the same extent that the Company would be required to perform it if
     no such succession had taken place. Failure to do so shall constitute good
     reason for the Executive to terminate his employment. As used in this
     Agreement, "Company" shall mean the Company as hereinbefore defined and any

                                       -8-

<PAGE>

     successor to its business and/or assets as aforesaid which assumes and
     agrees to perform this Agreement by operation of law, or otherwise.

     11. MISCELLANEOUS.

          (a) This Agreement shall be governed by and construed in accordance
     with the laws of the State of Delaware, without reference to principles of
     conflict of laws. The captions of this Agreement are not part of the
     provisions hereof and shall have no force or effect. This Agreement may not
     be amended or modified otherwise than by a written agreement executed by
     the parties hereto or their respective successors and legal
     representatives.

          (b) All notices and other communications hereunder shall be in writing
     and shall be given by hand delivery to the other party or by registered or
     certified mail, return receipt requested, postage prepaid, addressed as
     follows:

                    IF TO THE EXECUTIVE:

                    Mr. Colin Finkelstein
                    400 East 70th Street
                    Apartment 3902
                    New York, New York 10021

                    WITH A COPY TO:

                    Paul G. Marshall, Esq.
                    Solovay Marshall & Edlin, P.C.
                    845 Third Avenue
                    New York, New York 10022

                    IF TO THE COMPANY:

                    Golden Books Family Entertainment, Inc.
                    850 Third Avenue
                    New York, New York 10022

                    Attention: Chief Financial Officer

                    WITH A COPY TO:

                    Schulte Roth & Zabel LLP
                    900 Third Avenue
                    New York, New York 10022

                    Attention: Rita A. Hernandez, Esq.

                                       -9-

<PAGE>

     or to such other address as either party shall have furnished to the other
     in writing in accordance herewith. Notice and communications shall be
     effective when actually received by the addressee.

          (c) The invalidity or unenforceability of any provision of this
     Agreement shall not affect the validity or enforceability of any other
     provision of this Agreement.

          (d) The Company may withhold from any amounts payable under this
     Agreement such Federal, state, local or foreign taxes as shall be required
     to be withheld pursuant to any applicable law or regulation.

          (e) The Executive's or the Company's failure to insist upon strict
     compliance with any provision hereof or any other provision of this
     Agreement or the failure to assert any right the Executive or the Company
     may have hereunder, including, without limitation, the right of the
     Executive to terminate employment for Good Reason pursuant to Section 4 (b)
     of this Agreement, shall not be deemed to be a waiver of such provision or
     right or any other provision or right of this Agreement.

          (f) This Agreement supersedes and replaces in its entirety the
     Employment Agreement, dated as of September 9, 1996, between the Executive
     and the Company.

                                      -10-

<PAGE>

          IN WITNESS WHEREOF, the Executive has hereunto set the Executive's
hand and, pursuant to the authorization from its Board of Directors, the Company
has caused these presents to be executed in its name on its behalf, all as of
the day and year first above written.

                                         COLIN FINKELSTEIN

                                         /S/ COLIN FINKELSTEIN
                                         ---------------------------------------

                                         GOLDEN BOOKS FAMILY ENTERTAINMENT, INC.

                                         By:  /S/
                                              ----------------------------------
                                              Name:
                                              Title:

                                      -11-

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