play8k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): February 9, 2009
Playboy
Enterprises, Inc.
_______________________________________________
(Exact
name of registrant as specified in its charter)
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Delaware
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001-14790
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36-4249478
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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680
North Lake Shore Drive, Chicago, Illinois 60611
__________________________________________
(Address
of principal executive offices) (Zip Code)
Registrant’s
telephone number, including area code: (312) 751-8000
Not
applicable.
_____________________________________________________
(Former
name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Section
1—Registrant’s Business and Operations
Item
1.01. Entry into a Material Definitive
Agreement.
As previously reported, on December 8,
2008, Playboy Enterprises, Inc. (the “Company”) announced that Christie Hefner
tendered her resignation as the Company’s Chairman and, effective January 31,
2009, as Chief Executive Officer.
In connection with her resignation, Ms.
Hefner entered into an agreement with the Company, dated February 9, 2009. The
agreement provides Ms. Hefner with, among other things, a severance payment of
$2 million and a one-time grant of 30,000 shares of the Company’s Class B common
stock. Pursuant to the agreement, Ms. Hefner has agreed to a 12 month
non-competition and non-solicitation covenant and to provide transition and
other assistance. In addition, Ms. Hefner and the Company have agreed to a
reciprocal release of claims.
The foregoing description of the terms
of the agreement with Ms. Hefner is a summary and by its nature is
incomplete. A copy of the agreement will be filed as an exhibit to
our Annual Report on Form 10-K for the fiscal year ended December 31,
2008.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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Date: February
12, 2009
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PLAYBOY
ENTERPRISES, INC.
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By:
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/s/
Howard S. Shapiro
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Howard
S. Shapiro
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Executive
Vice President, Law and
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Administration,
General Counsel and Secretary
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