Playboy Enterprises (PLA) Announces Employment Award to New CEO, Flanders
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Playboy Enterprises, Inc. (NYSE: PLA) 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.
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