PLA » Topics » Executive Resignations

This excerpt taken from the PLA DEF 14A filed Mar 30, 2009.
Executive Resignations
On December 8, 2008, we announced that Ms. Hefner would resign from her position as Chief Executive Officer effective January 31, 2009. In connection with her resignation, we entered into an agreement with Ms. Hefner that provides her with, among other things, a severance payment of $2.0 million and a one-time grant of 30,000 shares of the Company’s Class B stock. Pursuant to the agreement, Ms. Hefner also agreed to a 12 month noncompetition and nonsolicitation covenant and to provide transition and other assistance.
On March 18, 2009, we announced that Mr. Meyers would resign from his position as Executive Vice President and President, Media, effective April 16, 2009. Pursuant to the terms of his employment agreement, Mr. Meyers will be entitled to receive a severance payment in an amount equal to his current annual base salary in connection with his resignation.
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