Christie Hefner Signs $2 Million Playboy Severance Package

Feb 12, 2009 1:00 PM PST
CHICAGO — Former Playboy Enterprises Inc. CEO and chairwoman Christie Hefner received a $2 million severance payment when she left the company, according to a regulatory filing.

She also received a one-time grant of 30,000 Class B common shares which, based on a Thursday trading price of $1.69 a share, are currently valued at more than $50,000.

Hefner also may have received further terms of the agreement, but Playboy said that its final severance deal with her won’t be disclosed until it releases its annual 10-K statement, which historically has been available in mid March.

With the agreement, Hefner will be bound to a 12-month non-competition and non-solicitation covenant and will provide transition and other assistance, the company said.

In addition, Hefner and Playboy have agreed to a reciprocal release of possible legal claims.

The severance agreement was finalized on Monday.

More Adult Industry News »
About / Contact