Playboy Enterprises International Inc – ‘10-K’ for 6/30/97 – EX-10.27(R)

As of:  Wednesday, 9/24/97   ·   For:  6/30/97   ·   Accession #:  950131-97-5816   ·   File #:  1-06813

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                         40    246K 
 2: EX-10.1(E)  Form of 162(M) Restricted Stock Agreement             10     43K 
 4: EX-10.18(F)  Amendment to Product License Agreements               2     12K 
 5: EX-10.19(D)  3rd Amendment T0 2/10/95 Credit Agreement             3     17K 
 6: EX-10.24(B)  Lease Termination Agreement                           3     20K 
 7: EX-10.25(B)  Amendment to 9/6/96 Lease Dated 6/1/97                3     19K 
 8: EX-10.26(G)  3rd Amendment to Deferred Compensation Plan           3     13K 
 9: EX-10.26(H)  2nd Amendment to Deferred Compensation Plan           1      9K 
10: EX-10.27(R)  Letter Agreement Dated 9/6/96 Re: Perkins             3     14K 
                          Employment                                             
11: EX-10.27(S)  Letter Agreement Dated 9/4/97 Re: Lynn's Waiver       1      8K 
 3: EX-10.4     Playboy Magazine Distribution Agreement               30     75K 
12: EX-11       Computation of Net Income Per Share                    2±     9K 
13: EX-13       Annual Report to Security Holders                     42±   213K 
14: EX-21       Subsidiaries                                           1     10K 
15: EX-23       Consent of Independent Public Accountants              1      8K 
16: EX-27       Financial Data Schedule                                2      8K 

EX-10.27(R)   —   Letter Agreement Dated 9/6/96 Re: Perkins Employment

EX-10.27(R)
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                                                               EXHIBIT 10.27 (r)

PLAYBOY ENTERPRISES, INC. 

CHRISTIE HEFNER 
CHAIRMAN AND  
CHIEF EXECUTIVE OFFICER 

September 6, 1996 

Bob Perkins                                                                     
61 Jane Street, Penthouse E                                                     
New York, NY 10014                                                              

Dear Bob:                                                                       

It is with great pleasure that I offer you the position of Executive Vice       
President, Chief Marketing Officer of Playboy Enterprises, Inc. You will begin  
full-time employment on October 1st, 1996.                                      

You will be reporting to me. You will office at the Playboy offices in Chicago, 
although you will be expected to do such traveling as may be necessary and      
appropriate for the performance of your duties. We will also provide you with an
office at the Playboy offices in New York.                                      

You will be paid a base salary of $400,000 per year, to be paid on a biweekly   
basis on our normal payroll dates. In addition, you are entitled to participate,
pro rata (based on your start date), in a Board approved incentive plan with a  
Fiscal 1997 maximum potential of 50% of your base salary based upon the         
Company's performance; $50,000 of which will be guaranteed and payable to you   
upon commencement of your employment.                                           

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 participate in the "parachute plan" that is described on
page 13 of Playboy's 1995 proxy statement, copy enclosed.                       

I will recommend to the Company's Compensation Committee that you be granted an 
option to purchase 100,000 shares of Playboy's                                  

680 NORTH LAKE SHORE DRIVE/CHICAGO, ILLINOIS 60611/312-751-8000 

EX-10.27(R)
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September 6, 1996                                                               
To: Bob Perkins                                                                 
Page Two                                                                        

Class B stock and the right to receive up to 15,000 shares of Class B stock     
under the Company's restricted stock plan, which is triggered by the Company's  
achieving operating income of $15 million and $20 million according to the terms
and conditions of the 1995 Playboy Enterprises, Inc. Stock Incentive Plan.      

To assist in the disposition of your New York condominium sublease, the Company 
will reimburse you for brokerage commissions and up to three months rent. If you
choose to purchase a new residence in Chicago, you will be reimbursed for       
customary and reasonable closing costs, to include title costs and attorney or  
escrow office fees. You will also be reimbursed for the relocation of your      
household goods.                                                                

To assist in your transition, the Company will also provide you with temporary  
furnished housing for up to three months. The Company will also reimburse you   
for airline travel back/forth from Chicago/New York for you and/or your spouse. 

If you are terminated at any time not for cause (as defined below), you will be 
entitled to receive 12 months severance pay based on your salary at that time.  
"For cause" is defined as conviction of a crime involving dishonesty, fraud or  
breach of trust, or engaging in conduct materially injurious to Playboy.        

In the event of such termination you will have no duty to mitigate damages, and 
you will be free to accept other employment at your discretion.                 

If the above is acceptable, please sign, date and return the enclosed copy of   
this letter.                                                                    

EX-10.27(R)
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September 6, 1996                                                               
To: Bob Perkins                                                                 
Page Three                                                                      

Once again, welcome to the Playboy family. I look forward to working with you.  

        Sincerely,

                 /s/ Christie Hefner

             Christie Hefner

ACCEPTED:                                                                       

/s/ Bob Perkins                                                                 
-----------------------                                                         
Bob Perkins                                                                     

Date 11 Sept 1996                                                               
-------------------                                                     

Dates Referenced Herein

				Referenced-On Page
This ‘10-K’ Filing		Date		First		Last			Other Filings
Filed on:		9/24/97							None on these Dates
For Period End:		6/30/97
		9/6/96		1		3
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