CHICAGO, July 1 /PRNewswire-FirstCall/ -- Playboy Enterprises, Inc. today said that Scott N. Flanders was granted an employment inducement award of 150,000 restricted stock units of the company's Class B common stock and options to purchase 1,200,000 shares of Class B common stock. The restricted stock units and stock options will both vest over a period of four years in equal installments, subject to accelerated vesting in the event of a change in control. The exercise price of the stock options is $2.71, the closing price today of the company's Class B common stock. As previously announced, Mr. Flanders became the company's chief executive officer and a member of the company's board of directors effective today.
Playboy is one of the most recognized and popular consumer brands in the world. Playboy Enterprises, Inc. is a media and lifestyle company that markets the brand through a wide range of media properties and licensing initiatives. The company publishes Playboy magazine in the United States and abroad and creates content for distribution via television networks, websites, mobile platforms and radio. Through licensing agreements, the Playboy brand appears on a wide range of consumer products in more than 150 countries as well as retail stores and entertainment venues.
Playboy Enterprises, Inc.
CONTACT: Investors/Media, Martha Lindeman of Playboy Enterprises, Inc.,
+1-312-373-2430, marthal@playboy.com
