Playboy Enterprises International Inc – ‘10-K’ for 6/30/95 – EX-10.19D

As of:  Wednesday, 9/27/95   ·   For:  6/30/95   ·   Accession #:  950131-95-2672   ·   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                                         31    178K 
 2: EX-3.1      Restated Cert. of Incorp.                             18     36K 
 7: EX-10.10    02/22/94 Drct Mrktng Agmt                             38    194K 
 8: EX-10.11    02/22/94 Drct Mrktng Agmt                             32    153K 
 9: EX-10.12A   02/10/95 Credit Agreement                             65    279K 
10: EX-10.12B   02/10/95 Am.To Credit Agreement                       22     66K 
11: EX-10.15B   10/26/89 Am. to 4/7/88 L                               8     34K 
12: EX-10.15D   08/30/93 Am. to 4/7/88 Le                             16     49K 
13: EX-10.18A   07/11/93 Exec. Car Lease                               2     14K 
14: EX-10.18C   03/01/90 Exec. Protection                              2     13K 
15: EX-10.19A   A Lewis V Playboy Indemif                              1      9K 
16: EX-10.19C   1989 Stock Option Agreem.                              9     33K 
17: EX-10.19D   07/18/90 Letter Re. 7/7/9                              1     10K 
18: EX-10.19J   09/12/94 Am. to Employment                             1     12K 
19: EX-10.19K   07/18/95 Am. to Employment                             2±    13K 
 3: EX-10.3A    05/15/95 Print Agmt.                                  31     68K 
 4: EX-10.3B    04/11/90 Letter Agmt.                                  2     15K 
 5: EX-10.8     03/24/95 Dist Agmt.                                   13     58K 
 6: EX-10.9     01/12/95 Agreement                                   237    618K 
20: EX-11       Net Income/Share Coumpta                               2     16K 
21: EX-13       Annual Report                                         42±   200K 
22: EX-21       Parent & Subsidiaries                                  1     12K 
23: EX-23       Coopers & Lybrand Consel                               1      9K 
24: EX-27       Financial Data Schedule                                2     10K 

EX-10.19D   —   07/18/90 Letter Re. 7/7/9

EX-10.19D
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PLAYBOY ENTERPRISES, INC. 

Office of the General Counsel 

                                   July 18, 1990

Christie Hefner                                                                 
680 North Lake Shore Drive                                                      
Chicago, Illinois 60611                                                         

Dear Christie:                                                                  

   As you know, the Company completed its recapitalization into a dual class
common stock structure on June 7, 1990, with each two shares of common stock    
issued prior to that date becoming one share of Class A Common Stock ("Class A  
Stock") having one vote per share, and three shares of Class B Common Stock     
("Class B Stock") without voting rights. Because the recapitalization created a 
second class of stock and approximately doubled the total number of common      
shares outstanding, the Company's Stock Option Committee (the "Committee"),     
consistent with the terms of Section 4.6 of the Plan and Section 2.4 of your    
stock option agreement with the Company, has made the following adjustments to  
your option:                                                                    

Existing Option             Option as Adjusted
---------------             ------------------

             100,000 shares               50,000 shares of Class A Stock
                                         150,000 shares of Class B Stock

Exercise Price                                                                  
per share        13-3/8 ($13.375)            6-11/16 ($6.6875) per share of     
                                         Class A Stock and Class B Stock

Your option will continue to be exercisable in four equal annual installments   
beginning November 9, 1990 with respect to each class of shares covered thereby.

     Please call me if you have any questions about the terms of your option, as
revised.                                                                        

                           Very truly yours,

                                   PLAYBOY ENTERPRISES, INC.

                            /s/ Howard Shapiro
                                   -------------------------
                        Howard Shapiro

HS:gg                                                                           

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