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filed with the Securities and Exchange Commission on June 9, 2009</font></div>
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      No.
  333-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman, serif">UNITED
STATES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman, serif">SECURITIES
AND EXCHANGE COMMISSION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Washington,
D.C. 20549</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman, serif">FORM
S-8</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman, serif">Playboy
Enterprises, Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman, serif">(Exact
name of registrant as specified in its charter)</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Delaware</font></div>
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      or other jurisdiction of</font></div>
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      or organization)</font></div>
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      </font></td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">(I.R.S.
      Employer</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Identification
      No.)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">680
North Lake Shore Drive</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Chicago,
Illinois 60611</font></div>
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of principal executive offices)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman, serif">______________</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">EMPLOYMENT
AGREEMENT, dated as of June 1, 2009, between</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">PLAYBOY
ENTERPRISES, INC. AND SCOTT FLANDERS</font></div>
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title of the plan)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman, serif">______________</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Howard
Shapiro, Esq.</font></div>
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Vice President, Law and Administration, General Counsel and
Secretary</font></div>
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Enterprises, Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">680
North Lake Shore Drive</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Chicago,
Illinois 60611</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(312)
751-8000</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">&#160;(Name
and address, including zip code, and telephone number, including area code, of
agent for service)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman, serif">______________</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Copy
to:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="middle" width="45%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Rodd
      M. Schreiber, Esq.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Skadden,
      Arps, Slate, Meagher &amp; Flom LLP</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">333
      West Wacker Drive</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Chicago,
      Illinois 60606</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">(312)&#160;407-0700</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman, serif">______________</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 25pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 24pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting
company.&#160;&#160;See the definitions of &#8220;large accelerated filer,&#8221;
&#8220;accelerated filer&#8221; and &#8220;smaller reporting company&#8221; in Rule 12b-2 of the
Exchange Act.&#160;&#160;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div>
      <div align="left">
        <div align="left">
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              <tr>
                <td align="left" valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
                <td align="left" valign="top" width="53%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Large
      accelerated filer&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></font></div>
                </td>
                <td align="left" valign="top" width="23%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Accelerated
      filer&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: wingdings">x</font></font></div>
                </td>
                <td align="left" valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              </tr>
              <tr>
                <td align="left" valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
                <td align="left" valign="top" width="53%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Non-accelerated
      filer&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font>&#160;&#160;(Do
      not check if a smaller reporting company)</font></div>
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                <td align="left" valign="top" width="23%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Smaller
      reporting company&#160;&#160;<font style="DISPLAY: inline; FONT-FAMILY: wingdings">o</font></font></div>
                </td>
                <td align="left" valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              </tr>
          </table>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">CALCULATION
OF REGISTRATION FEE</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div>
      <div align="center">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom" width="39%" style="BORDER-TOP: black 4px double; BORDER-BOTTOM: transparent 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Title
      of each class of</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">securities
      to be registered</font></div>
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              <td valign="bottom" width="14%" style="BORDER-TOP: black 4px double; BORDER-BOTTOM: transparent 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Amount
      to be</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">registered
      (1)(2)</font></div>
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              <td valign="bottom" width="13%" style="BORDER-TOP: black 4px double; BORDER-BOTTOM: transparent 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Proposed
      maximum</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">offering
      price</font></div>
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              <td valign="bottom" width="14%" style="BORDER-TOP: black 4px double; BORDER-BOTTOM: transparent 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Proposed
      maximum</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">aggregate</font></div>
              </td>
              <td valign="bottom" width="11%" style="BORDER-TOP: black 4px double; BORDER-BOTTOM: transparent 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Amount
      of</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">registration</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">fee
      (4)</font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div>
      <div align="center">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="top" width="39%" style="BORDER-TOP: black 4px double; BORDER-BOTTOM: transparent 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="14%" style="BORDER-TOP: black 4px double; BORDER-BOTTOM: transparent 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="13%" style="BORDER-TOP: black 4px double; BORDER-BOTTOM: transparent 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">per
      share<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">&#160;</font>(3)</font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-TOP: black 4px double; BORDER-BOTTOM: transparent 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">offering
      price<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">&#160;</font>(3)</font></div>
              </td>
              <td valign="top" width="11%" style="BORDER-TOP: black 4px double; BORDER-BOTTOM: transparent 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="39%" style="BORDER-BOTTOM: transparent 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Class
      B common stock, par value $0.01 per share</font></div>
              </td>
              <td valign="top" width="14%" style="BORDER-BOTTOM: transparent 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">1,350,000</font></div>
              </td>
              <td valign="top" width="13%" style="BORDER-BOTTOM: transparent 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">$2.81</font></div>
              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">$3,793,500</font></div>
              </td>
              <td valign="top" width="11%" style="BORDER-BOTTOM: transparent 0.5pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">$211.68</font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" valign="top" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">(1)</font></div>
            </td>
            <td align="left" valign="top" width="97%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Represents
      the maximum number of shares of Class B Common Stock, par value $0.01 per
      share (the &#8220;Class B Shares&#8221;), issuable under the Employment Agreement,
      dated as of June 1, 2009, between Playboy Enterprises, Inc. and Scott
      Flanders (the &#8220;Employment Agreement&#8221;).</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="97%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">(2)</font></div>
            </td>
            <td align="left" valign="top" width="97%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">This
      Registration Statement shall also cover any additional Class B Shares
      which become issuable under the Employment Agreement by reason of any
      stock dividend, stock split, recapitalization or any other similar
      transaction effected without the receipt of consideration which results in
      an increase in the number of the Registrant&#8217;s outstanding Class B
      Shares.</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="97%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">(3)</font></div>
            </td>
            <td align="left" valign="top" width="97%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Estimated
      solely for the purpose of calculating the registration fee in accordance
      with Rules 457(c) and 457(h) under the Securities Act of 1933, as amended
      (the &#8220;Securities Act&#8221;), based on the average of the high and low prices of
      Class B Shares reported on the New York Stock Exchange on<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>June 4<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>,
      2009.</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="97%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">(4)</font></div>
            </td>
            <td align="left" valign="top" width="97%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Calculated
      pursuant to Section 6(b) of the Securities Act by multiplying 0.00005580
      by the proposed maximum aggregate offering price (as computed in
      accordance with Rule 457 under the Securities Act solely for the purpose
      of determining the registration fee of the securities registered
      hereby).</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
      <div>
        <div align="right">
          <div align="right">
            <table cellpadding="0" cellspacing="0" width="100%">
                <tr>
                  <td valign="top" width="46%" style="BORDER-BOTTOM: black 4pt double"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                  <td align="right" valign="top" width="46%" style="BORDER-BOTTOM: black 4pt double">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
                  </td>
                </tr>
            </table>
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br><br>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">PART
II</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Item
3.&#160;&#160;&#160;&#160; &#160;Incorporation of Documents by
Reference.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#160; The following documents
previously filed with the Securities and Exchange Commission (the &#8220;Commission&#8221;)
by the Registrant pursuant to the Securities Exchange Act of 1934, as amended
(the &#8220;Exchange Act&#8221;), are incorporated by reference in this Registration
Statement:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 1.25;">
            <td style="WIDTH: 106px">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 32px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(a)</font></div>
            </td>
            <td width="1100">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Annual
      Report on Form 10-K for the fiscal year ended December 31,
      2008;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 1.25;">
            <td style="WIDTH: 106px">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 32px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(b)</font></div>
            </td>
            <td width="1100">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Quarterly
      Report on Form 10-Q for the quarterly period ended March 31,
      2009;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 1.25;">
            <td style="WIDTH: 106px">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 32px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(c)</font></div>
            </td>
            <td width="1100">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Current
      Reports on Form 8-K, filed with the Commission on January 22, 2009,
      February 4, 2009, February 12, 2009, February 18, 2009, March 18, 2009,
      April 21, 2009, May 11, 2009 (2), and June 2, 2009;
  and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 1.25;">
            <td style="WIDTH: 106px">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 32px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(d)</font></div>
            </td>
            <td width="1100">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">The
      description of the Registrant&#8217;s Class B Common Stock, which is contained
      in the Registrant&#8217;s Registration Statement on Form S-3 filed with the
      Commission on June 10, 2005 (File No. 333-125725), including any
      amendments or reports filed with the Commission for the purpose of
      updating such description.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#160; All documents subsequently filed
by the Registrant pursuant to Sections&#160;13(a), 13(c), 14 and 15(d) of the
Exchange Act, prior to the filing of a post-effective amendment which indicates
that all securities offered have been sold or which deregisters all securities
then remaining unsold, shall be deemed to be incorporated by reference into this
Registration Statement and to be part hereof from the date of filing of such
documents.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#160; Any statement contained in a
document incorporated or deemed to be incorporated by reference into this
Registration Statement shall be deemed to be modified or superseded for purposes
of this Registration Statement to the extent that a statement contained in this
Registration Statement, or in any other subsequently filed document that also is
or is deemed to be incorporated by reference into this Registration Statement,
modifies or supersedes such prior statement. Any statement contained in this
Registration Statement shall be deemed to be modified or superseded to the
extent that a statement contained in a subsequently filed document that is or is
deemed to be incorporated by reference into this Registration Statement modifies
or supersedes such prior statement. Any <font size="+0">statement</font> so
modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Registration Statement.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Item
5.&#160;&#160;&#160;&#160;&#160; Interests of Named Experts and
Counsel.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>&#160;&#160; Howard Shapiro, Esq., will
issue an opinion regarding the validity of the Registrant&#8217;s Class B Common
Stock, par value $0.01 per share, offered hereby (the &#8220;Class B Shares&#8221;). Mr.
Shapiro is the Registrant&#8217;s Executive Vice President, Law and Administration,
General Counsel and Secretary and currently owns Class B Shares.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Item
6.&#160;&#160;&#160;&#160; &#160;&#160;Indemnification of Directors and
Officers.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
The following summary is qualified in its entirety by reference to the complete
text of any statutes referred to below and the Registrant&#8217;s Certificate of
Incorporation, as amended, and Third Amended and Restated Bylaws.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
Section 145 of the General Corporation Law of the State of Delaware (the &#8220;DGCL&#8221;)
grants corporations the power to indemnify any person who was or is a party or
is threatened to be made a party to any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or investigative
(other than an action by or in the right of the corporation) by reason of the
fact that the person is or was a director, officer, employee or agent of the
corporation, or is or was serving at the request of the corporation as a
director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise, against expenses (including attorneys&#8217;
fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred by the person in connection with such action, suit or proceeding if the
person acted in good faith and in a manner the person reasonably believed to be
in or not opposed to the best interests of the corporation, and, with respect to
any criminal action or proceeding, had no reasonable cause to believe the
person&#8217;s conduct was unlawful.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">1</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; In
the case of an action by or in the right of a corporation, Section 145 of the
DGCL grants corporations the power to indemnify any person who was or is a party
or is threatened to be made a party to any threatened, pending or completed
action or suit by reason of the fact that the person is or was a director,
officer, employee or agent of the corporation, or is or was serving at the
request of the corporation as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise, against
expenses (including attorneys&#8217; fees), judgments, fines and amounts paid in
settlement actually and reasonably incurred by the person in connection with
such action, suit or proceeding if the person acted in good faith and in a
manner the person reasonably believed to be in or not opposed to the best
interests of the corporation and except that no indemnification shall be made in
respect of any claim, issue or matter as to which such person shall have been
adjudged to be liable to the corporation unless and only to the extent that the
Court of Chancery or the court in which such action or suit was brought shall
determine upon application that, despite the adjudication of liability but in
view of all the circumstances of the case, such person is fairly and reasonably
entitled to indemnity for such expenses which the Court of Chancery or such
other court shall deem proper.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
Section 145 of the DGCL also empowers a corporation to purchase and maintain
insurance on behalf of any person who is or was a director, officer, employee or
agent of the corporation, or is or was serving at the request of the corporation
as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise against any liability asserted against
such person and incurred by such person in any such capacity, or arising out of
such person&#8217;s status as such, whether or not the corporation would have the
power to indemnify such person against such liability under Section 145 of the
DGCL.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; As
permitted by Delaware law, Article VII of the Registrant&#8217;s Third Amended and
Restated Bylaws provides that the Registrant shall, to the fullest extent
permitted by applicable law, indemnify each person who was or is a party or is
threatened to be made a party to any threatened, pending or completed action,
suit or proceeding by reason of the fact that he or she is or was, or has agreed
to become, a director or officer of the Registrant, or is or was serving at the
written request of the Registrant, as a director, officer, trustee, partner,
employee or agent of another corporation, partnership, joint venture, trust or
other enterprise. The indemnification provided for in Article VII of the
Registrant&#8217;s Third Amended and Restated Bylaws is expressly not exclusive of any
other rights to which those seeking indemnification may be entitled under any
law, agreement or vote of stockholders or disinterested directors or otherwise.
Article VII of the Registrant&#8217;s Third Amended and Restated Bylaws also provides
that the Registrant shall have the power to purchase and maintain insurance to
protect the Registrant and any director, officer, employee or agent of the
Registrant or other corporation, partnership, joint venture, trust or other
enterprise against any such expense, liability or loss, whether or not the
Registrant would have the power to indemnify such persons against such expense,
liability or loss under the DGCL.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
The Registrant maintains an insurance policy on behalf of the Registrant and
certain of its subsidiaries, and on behalf of the directors and officers
thereof, covering certain liabilities which may arise as a result of the actions
of such directors and officers.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
Section 102(b)(7) of the DGCL allows a corporation to eliminate or limit the
personal liability of directors to a corporation or its stockholders for
monetary damages for a breach of fiduciary duty as a director, except where the
director breached the duty of loyalty, failed to act in good faith, engaged in
intentional misconduct or knowingly violated a law, authorized the payment of a
dividend or approved a stock repurchase or redemption in violation of Delaware
corporate law or obtained an improper personal benefit.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 40pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160; As
permitted by Delaware law, Article Twelfth of the Registrant&#8217;s Certificate of
Incorporation, as amended, eliminates a director&#8217;s personal liability for
monetary damages to the Registrant and its stockholders for a breach of
fiduciary duty as a director, except in circumstances involving a breach of a
director&#8217;s duty of loyalty to the Registrant or its stockholders, acts or
omissions not in good faith or which involve intentional misconduct or knowing
violations of the law, the unlawful payment of dividends or repurchase of stock
or self-dealing.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" valign="top" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Item
      8.</font></div>
            </td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Exhibits.</font></div>
            </td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="88%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="88%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Exhibit</font></div>
            </td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="88%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Number</font></font></div>
            </td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="88%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Description</font></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="88%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">4.1</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
            </td>
            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="88%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Certificate
      of Incorporation of Playboy Enterprises, Inc. (incorporated by reference
      to Exhibit 3 to Playboy Enterprises, Inc.&#8217;s quarterly report on Form 10-Q
      for the quarter ended March 31,
2003)</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">2</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br>&#160;</div>
    <div>
      <div align="left">
        <div align="left">
          <div align="left">
            <div align="left">
              <div align="left">
                <div align="left">
                  <div align="left">
                    <div align="left">
                      <table cellpadding="0" cellspacing="0" width="100%">
                          <tr>
                            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                            <td align="left" valign="top" width="5%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">4.2</font></div>
                              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                            </td>
                            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                            <td align="left" valign="top" width="88%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Certificate
      of Amendment of the Amended and Restated Certificate of Incorporation of
      Playboy Enterprises, Inc. (incorporated by reference to Exhibit 3.2 to
      Playboy Enterprises, Inc.&#8217;s quarterly report on Form 10-Q for the quarter
      ended June 30, 2004)</font></div>
                            </td>
                          </tr>
                          <tr>
                            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                            <td valign="top" width="88%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                          </tr>
                          <tr>
                            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                            <td align="left" valign="top" width="5%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">4.3</font></div>
                            </td>
                            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                            <td align="left" valign="top" width="88%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Third
      Amended and Restated Bylaws of Playboy Enterprises, Inc. (incorporated by
      reference to Exhibit 3.1 to Playboy Enterprises, Inc.&#8217;s Current Report on
      Form 8-K dated December 16, 2008)</font></div>
                            </td>
                          </tr>
                          <tr>
                            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            <td align="left" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
                            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            <td align="left" valign="top" width="88%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
                          </tr>
                          <tr>
                            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                            <td align="left" valign="top" width="5%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">4.4</font></div>
                              <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
                            </td>
                            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                            <td align="left" valign="top" width="88%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Specimen
      certificate representing the Class B common stock of Playboy Enterprises,
      Inc. (incorporated by reference to Exhibit 4.3 to Playboy Enterprises,
      Inc.&#8217;s Registration Statement on Form S-3 dated June 10,
    2005)</font></div>
                            </td>
                          </tr>
                          <tr>
                            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            <td align="left" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
                            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            <td align="left" valign="top" width="88%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
                          </tr>
                          <tr>
                            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                            <td align="left" valign="top" width="5%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">5.1</font></div>
                            </td>
                            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                            <td align="left" valign="top" width="88%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Opinion
      of Howard Shapiro, Esq.</font></div>
                            </td>
                          </tr>
                          <tr>
                            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            <td align="left" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
                            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            <td align="left" valign="top" width="88%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
                          </tr>
                          <tr>
                            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                            <td align="left" valign="top" width="5%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">10.1</font></div>
                            </td>
                            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                            <td align="left" valign="top" width="88%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Employment
      Agreement, dated as of June 1, 2009, between Playboy Enterprises, Inc.
      and&#160;Scott Flanders</font></div>
                            </td>
                          </tr>
                          <tr>
                            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            <td align="left" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
                            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            <td align="left" valign="top" width="88%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
                          </tr>
                          <tr>
                            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                            <td align="left" valign="top" width="5%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">23.1</font></div>
                            </td>
                            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                            <td align="left" valign="top" width="88%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Consent
      of Howard Shapiro, Esq. (included in Exhibit 5.1
hereto)</font></div>
                            </td>
                          </tr>
                          <tr>
                            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            <td align="left" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
                            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            <td align="left" valign="top" width="88%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
                          </tr>
                          <tr>
                            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                            <td align="left" valign="top" width="5%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">23.2</font></div>
                            </td>
                            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                            <td align="left" valign="top" width="88%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Consent
      of Ernst &amp; Young LLP</font></div>
                            </td>
                          </tr>
                          <tr>
                            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            <td align="left" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
                            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                            <td align="left" valign="top" width="88%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
                          </tr>
                          <tr>
                            <td valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                            <td align="left" valign="top" width="5%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">24.1</font></div>
                            </td>
                            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                            <td align="left" valign="top" width="88%">
                              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Power
      of Attorney (included on the signature pages
  hereto)</font></div>
                            </td>
                          </tr>
                      </table>
                    </div>
                  </div>
                </div>
              </div>
            </div>
          </div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman Bold, Times New Roman, serif">Item
9.&#160;&#160;&#160;&#160;&#160;Undertakings.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top" style="LINE-HEIGHT: 1.25;">
              <td style="WIDTH: 66px">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(a)&#160;</font></div>
              </td>
              <td width="1172">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">The
      undersigned Registrant hereby
undertakes:</font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 1.25;">
            <td style="WIDTH: 66px">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 32px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(1)</font></div>
            </td>
            <td width="1140">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">To
      file, during any period in which offers or sales are being made, a
      post-effective amendment to this Registration
  Statement:</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 1.25;">
            <td style="WIDTH: 98px">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 36px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(i)</font></div>
            </td>
            <td width="1104">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">To
      include any prospectus required by Section 10(a)(3) of the Securities
      Act;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 1.25;">
            <td style="WIDTH: 98px">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 35px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(ii)</font></div>
            </td>
            <td width="1105">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">To
      reflect in the prospectus any facts or events arising after the effective
      date of this Registration Statement (or the most recent post-effective
      amendment thereof) which, individually or in the aggregate, represent a
      fundamental change in the information set forth in the Registration
      Statement.&#160;&#160;Notwithstanding the foregoing, any increase or
      decrease in volume of securities offered (if the total dollar value of
      securities offered would not exceed that which was registered) and any
      deviation from the low or high end of the estimated maximum offering range
      may be reflected in the form of prospectus filed with the Commission
      pursuant to Rule 424(b) if, in the aggregate, the changes in volume and
      price represent no more than a 20 percent change in the maximum aggregate
      offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in
      the effective Registration
Statement;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 1.25;">
            <td style="WIDTH: 98px">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 35px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(iii)</font></div>
            </td>
            <td width="1105">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">To
      include any material information with respect to the plan of distribution
      not previously disclosed in the Registration Statement or any material
      change to such information in the Registration
  Statement;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <div align="center">
          <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
              <tr valign="top" style="LINE-HEIGHT: 1.25;">
                <td style="WIDTH: 66px">
                  <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></div>
                </td>
                <td style="WIDTH: 32px">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
                </td>
                <td width="1140">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-STYLE: italic">provided, however,</font> that
      paragraphs (1)(i) and (1)(ii) of this section do not apply if the
      information required to be included in a post-effective amendment by those
      paragraphs is contained in reports filed with or furnished to the
      Commission by the Registrant pursuant to Section 13 or 15(d) of the
      Exchange Act that are incorporated by reference in this Registration
      Statement.</font></div>
                </td>
              </tr>
              <tr valign="top" style="LINE-HEIGHT: 1.25;">
                <td style="WIDTH: 66px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td style="WIDTH: 32px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
                <td width="1140"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              </tr>
              <tr valign="top" style="LINE-HEIGHT: 1.25;">
                <td style="WIDTH: 66px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                <td style="WIDTH: 32px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">(2)</font></td>
                <td width="1140"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">That,
      for the purpose of determining any liability under the Securities Act,
      each such post-effective amendment shall be deemed to be a new
      Registration Statement relating to the securities offered therein, and the
      offering of such securities at that time shall be deemed to be the initial
      <font style="DISPLAY: inline; FONT-STYLE: italic">bona fide</font>
      offering thereof.</font></td>
              </tr>
          </table>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 1.25;">
            <td style="WIDTH: 66px">
              <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 32px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(3)</font></div>
            </td>
            <td width="1140">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">To
      remove from registration by means of a post-effective amendment any of the
      securities being registered which remain unsold at the termination of the
      offering.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">3</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 1.25;">
            <td style="WIDTH: 66px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(b)</font></div>
            </td>
            <td width="1172">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">The
      undersigned Registrant hereby undertakes that, for purposes of determining
      any liability under the Securities Act, each filing of the Registrant&#8217;s
      annual report pursuant to Section 13(a) or Section 15(d) of the Exchange
      Act that is incorporated by reference in the Registration Statement shall
      be deemed to be a new Registration Statement relating to the securities
      offered therein, and the offering of such securities at that time shall be
      deemed to be the initial <font style="DISPLAY: inline; FONT-STYLE: italic">bona fide</font> offering
      thereof.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top" style="LINE-HEIGHT: 1.25;">
            <td style="WIDTH: 66px">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">(c)</font></div>
            </td>
            <td width="1172">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Insofar
      as indemnification for liabilities arising under the Securities Act may be
      permitted to directors, officers and controlling persons of the Registrant
      pursuant to the foregoing provisions, or otherwise, the Registrant has
      been advised that in the opinion of the Commission such indemnification is
      against public policy as expressed in the Securities Act and is,
      therefore, unenforceable.&#160;&#160;In the event that a claim for
      indemnification against such liabilities (other than the payment by the
      Registrant of expenses incurred or paid by a director, officer or
      controlling person of the Registrant in the successful defense of any
      action, suit or proceeding) is asserted by such director, officer or
      controlling person in connection with the securities being registered, the
      Registrant will, unless in the opinion of its counsel the matter has been
      settled by controlling precedent, submit to a court of appropriate
      jurisdiction the question whether such indemnification by it is against
      public policy as expressed in the Securities Act and will be governed by
      the final adjudication of such
issue.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">4</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">SIGNATURES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Pursuant to the requirements of the
Securities Act of 1933, the registrant certifies that it has reasonable grounds
to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the city of Chicago, state of
Illinois, on<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>June&#160;9,
2009.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 220pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><br></div>
    <div>
      <div align="left">
        <div align="left">
          <div align="left">
            <div align="left">
              <div align="left">
                <div align="left">
                  <div align="left">
                    <table cellpadding="0" cellspacing="0" width="100%">
                        <tr>
                          <td align="left" valign="top" width="52%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
                          <td align="left" colspan="3" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">PLAYBOY ENTERPRISES,
      INC.</font></font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="top" width="52%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
                          <td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
                          <td align="left" colspan="2" valign="top" width="45%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="top" width="52%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
                          <td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
                          <td align="left" colspan="2" valign="top" width="45%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
                        </tr>
                        <tr>
                          <td align="left" valign="top" width="52%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
                          <td align="left" valign="top" width="3%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">By:</font></div>
                          </td>
                          <td align="left" colspan="2" valign="top" width="45%" style="BORDER-BOTTOM: transparent 0.5pt solid">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">/s/
      Howard Shapiro</font></div>
                          </td>
                        </tr>
                        <tr>
                          <td valign="top" width="52%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                          <td align="left" valign="top" width="5%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Name:</font></div>
                          </td>
                          <td align="left" valign="top" width="40%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Howard
      Shapiro</font></div>
                          </td>
                        </tr>
                        <tr>
                          <td valign="top" width="52%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
                          <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
                          <td align="left" valign="top" width="5%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Title:</font></div>
                          </td>
                          <td align="left" valign="top" width="40%">
                            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Executive
      Vice President,</font></div>
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Secretary</font></div>
                          </td>
                        </tr>
                    </table>
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                </div>
              </div>
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OF ATTORNEY</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>KNOW ALL PERSONS BY THESE PRESENTS,
that each person whose signature appears below constitutes and appoints Linda G.
Havard and Howard Shapiro, jointly and severally, as his or her true and lawful
attorney-in-fact and agent, acting alone, with full power of substitution and
resubstitution, for him or her and in his or her name, place and stead, in any
and all capacities, to sign any and all amendments (including post-effective
amendments) to this Registration Statement, and to file the same, with all
exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said attorney-in-fact and
agent full power and authority to do and perform each and every act and thing
requisite or necessary to be done in and about the premises, as fully to all
intents and purposes as he or she might or could do in person, hereby ratifying
and confirming all that said attorney-in-fact and agent, or his or her
substitute or substitutes, may lawfully do or cause to be done by virtue
hereof.</font></div>
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Securities Act of 1933, this Registration Statement has been signed by the
following persons in the capacities indicated on<font style="DISPLAY: inline; FONT-SIZE: 11pt">&#160;</font>June&#160;9,
2009.</font></div>
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              <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
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            <tr>
              <td valign="top" width="31%">
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            <tr>
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              <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="49%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
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              <td valign="top" width="31%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
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              <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="49%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
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      /s/ <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Linda
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              <td valign="top" width="31%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
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              <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="49%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
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            </tr>
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              <td valign="top" width="31%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
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              <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="49%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
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              <td valign="top" width="31%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
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              <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="49%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
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              <td valign="top" width="31%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
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              <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            </tr>
            <tr>
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                <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">/s/&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Sol
      Rosenthal</font></font></div>
              </td>
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              </td>
            </tr>
            <tr>
              <td valign="top" width="31%">
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      Rosenthal</font></div>
              </td>
              <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="49%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
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    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      <div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">EXHIBIT
INDEX</font></div>
      <div align="center">&#160;</div>
    </div>
    <div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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              <td style="WIDTH: 48px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td style="WIDTH: 74px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Exhibit</font></font>
      </font>

                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Number</font>&#160;&#160;&#160;</font></font></div>
              </td>
              <td valign="bottom" width="1116"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif; TEXT-DECORATION: underline"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Description</font></font></td>
            </tr>
            <tr valign="top" style="LINE-HEIGHT: 1.25;">
              <td style="WIDTH: 48px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td style="WIDTH: 74px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td width="1116"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            </tr>
            <tr valign="top" style="LINE-HEIGHT: 1.25;">
              <td style="WIDTH: 48px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td style="WIDTH: 74px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">4.1</font></font></td>
              <td width="1116"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Certificate
      of Incorporation of Playboy Enterprises, Inc. (incorporated by reference
      to Exhibit 3 to Playboy Enterprises, Inc.&#8217;s quarterly report on Form 10-Q
      for the quarter ended March 31, 2003)</font></font></td>
            </tr>
            <tr valign="top" style="LINE-HEIGHT: 1.25;">
              <td style="WIDTH: 48px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td style="WIDTH: 74px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td width="1116"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            </tr>
            <tr valign="top" style="LINE-HEIGHT: 1.25;">
              <td style="WIDTH: 48px">
                <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 74px">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">4.2</font></div>
              </td>
              <td width="1116">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Certificate
      of Amendment of the Amended and Restated Certificate of Incorporation of
      Playboy Enterprises, Inc. (incorporated by reference to Exhibit 3.2 to
      Playboy Enterprises, Inc.&#8217;s quarterly report on Form 10-Q for the quarter
      ended June 30, 2004)</font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <div align="center">
      </div>
    </div>
    <div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top" style="LINE-HEIGHT: 1.25;">
              <td style="WIDTH: 48px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td style="WIDTH: 74px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">4.3</font></font></td>
              <td width="1116"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Third
      Amended and Restated Bylaws of Playboy Enterprises, Inc. (incorporated by
      reference to Exhibit 3.1 to Playboy Enterprises, Inc.&#8217;s Current Report on
      Form 8-K dated December 16, 2008)</font></font></td>
            </tr>
            <tr valign="top" style="LINE-HEIGHT: 1.25;">
              <td style="WIDTH: 48px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td style="WIDTH: 74px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td width="1116"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            </tr>
            <tr valign="top" style="LINE-HEIGHT: 1.25;">
              <td style="WIDTH: 48px">
                <div><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 74px">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">4.4</font></div>
              </td>
              <td width="1116">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Specimen
      certificate representing the Class B common stock of Playboy Enterprises,
      Inc. (incorporated by reference to Exhibit 4.3 to Playboy Enterprises,
      Inc.&#8217;s Registration Statement on Form S-3 dated June 10,
    2005)</font></div>
              </td>
            </tr>
            <tr valign="top" style="LINE-HEIGHT: 1.25;">
              <td style="WIDTH: 48px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td style="WIDTH: 74px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td width="1116"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            </tr>
            <tr valign="top" style="LINE-HEIGHT: 1.25;">
              <td style="WIDTH: 48px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td style="WIDTH: 74px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">5.1&#160;&#160;&#160;</font></td>
              <td width="1116"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Opinion
      of Howard Shapiro, Esq.</font></td>
            </tr>
            <tr valign="top" style="LINE-HEIGHT: 1.25;">
              <td style="WIDTH: 48px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td style="WIDTH: 74px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td width="1116"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            </tr>
            <tr valign="top" style="LINE-HEIGHT: 1.25;">
              <td style="WIDTH: 48px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td style="WIDTH: 74px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">10.1&#160;&#160;&#160;&#160;</font></td>
              <td width="1116"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Employment
      Agreement, dated as of June 1, 2009, between Playboy Enterprises, Inc.
      and&#160;Scott Flanders</font></td>
            </tr>
            <tr valign="top" style="LINE-HEIGHT: 1.25;">
              <td style="WIDTH: 48px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td style="WIDTH: 74px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td width="1116"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <tr valign="top" style="LINE-HEIGHT: 1.25;">
              <td style="WIDTH: 48px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td style="WIDTH: 74px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">23.1&#160;</font></td>
              <td width="1116"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Consent
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              <td style="WIDTH: 48px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td style="WIDTH: 74px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td width="1116"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <tr valign="top" style="LINE-HEIGHT: 1.25;">
              <td style="WIDTH: 48px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td style="WIDTH: 74px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">23.2&#160;</font></td>
              <td width="1116"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">Consent
      of Ernst &amp; Young LLP</font></td>
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              <td style="WIDTH: 48px"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td style="WIDTH: 74px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td width="1116"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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              <td style="WIDTH: 74px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman, serif">24.1&#160;</font></td>
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playboy_s-8.htm
As
filed with the Securities and Exchange Commission on June 9, 2009
Registration
      No.
  333-
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
S-8
REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933
Playboy
Enterprises, Inc.
(Exact
name of registrant as specified in its charter)
Delaware
(State
      or other jurisdiction of
incorporation
      or organization)
36-4249478
(I.R.S.
      Employer
Identification
      No.)
______________
680
North Lake Shore Drive
Chicago,
Illinois 60611
(Address
of principal executive offices)
______________
EMPLOYMENT
AGREEMENT, dated as of June 1, 2009, between
PLAYBOY
ENTERPRISES, INC. AND SCOTT FLANDERS
(Full
title of the plan)
______________
Howard
Shapiro, Esq.
Executive
Vice President, Law and Administration, General Counsel and
Secretary
Playboy
Enterprises, Inc.
680
North Lake Shore Drive
Chicago,
Illinois 60611
(312)
751-8000
(Name
and address, including zip code, and telephone number, including area code, of
agent for service)
______________
Copy
to:
Rodd
      M. Schreiber, Esq.
Skadden,
      Arps, Slate, Meagher & Flom LLP
333
      West Wacker Drive
Chicago,
      Illinois 60606
(312) 407-0700
______________
Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting
company.  See the definitions of "large accelerated filer,"
"accelerated filer" and "smaller reporting company" in Rule 12b-2 of the
Exchange Act.
Large
      accelerated filer
o
Accelerated
      filer
x
Non-accelerated
      filer
o
(Do
      not check if a smaller reporting company)
Smaller
      reporting company
o
CALCULATION
OF REGISTRATION FEE
Title
      of each class of
securities
      to be registered
Amount
      to be
registered
      (1)(2)
Proposed
      maximum
offering
      price
Proposed
      maximum
aggregate
Amount
      of
registration
fee
      (4)
per
      share
(3)
offering
      price
(3)
Class
      B common stock, par value $0.01 per share
1,350,000
$2.81
$3,793,500
$211.68
(1)
Represents
      the maximum number of shares of Class B Common Stock, par value $0.01 per
      share (the "Class B Shares"), issuable under the Employment Agreement,
      dated as of June 1, 2009, between Playboy Enterprises, Inc. and Scott
      Flanders (the "Employment Agreement").
(2)
This
      Registration Statement shall also cover any additional Class B Shares
      which become issuable under the Employment Agreement by reason of any
      stock dividend, stock split, recapitalization or any other similar
      transaction effected without the receipt of consideration which results in
      an increase in the number of the Registrant's outstanding Class B
      Shares.
(3)
Estimated
      solely for the purpose of calculating the registration fee in accordance
      with Rules 457(c) and 457(h) under the Securities Act of 1933, as amended
      (the "Securities Act"), based on the average of the high and low prices of
      Class B Shares reported on the New York Stock Exchange on
June 4
,
      2009.
(4)
Calculated
      pursuant to Section 6(b) of the Securities Act by multiplying 0.00005580
      by the proposed maximum aggregate offering price (as computed in
      accordance with Rule 457 under the Securities Act solely for the purpose
      of determining the registration fee of the securities registered
      hereby).
PART
II
INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT
Item
3.      Incorporation of Documents by
Reference.
The following documents
previously filed with the Securities and Exchange Commission (the "Commission")
by the Registrant pursuant to the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), are incorporated by reference in this Registration
Statement:
(a)
Annual
      Report on Form 10-K for the fiscal year ended December 31,
      2008;
(b)
Quarterly
      Report on Form 10-Q for the quarterly period ended March 31,
      2009;
(c)
Current
      Reports on Form 8-K, filed with the Commission on January 22, 2009,
      February 4, 2009, February 12, 2009, February 18, 2009, March 18, 2009,
      April 21, 2009, May 11, 2009 (2), and June 2, 2009;
  and
(d)
The
      description of the Registrant's Class B Common Stock, which is contained
      in the Registrant's Registration Statement on Form S-3 filed with the
      Commission on June 10, 2005 (File No. 333-125725), including any
      amendments or reports filed with the Commission for the purpose of
      updating such description.
All documents subsequently filed
by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Exchange Act, prior to the filing of a post-effective amendment which indicates
that all securities offered have been sold or which deregisters all securities
then remaining unsold, shall be deemed to be incorporated by reference into this
Registration Statement and to be part hereof from the date of filing of such
documents.
Any statement contained in a
document incorporated or deemed to be incorporated by reference into this
Registration Statement shall be deemed to be modified or superseded for purposes
of this Registration Statement to the extent that a statement contained in this
Registration Statement, or in any other subsequently filed document that also is
or is deemed to be incorporated by reference into this Registration Statement,
modifies or supersedes such prior statement. Any statement contained in this
Registration Statement shall be deemed to be modified or superseded to the
extent that a statement contained in a subsequently filed document that is or is
deemed to be incorporated by reference into this Registration Statement modifies
or supersedes such prior statement. Any
statement
so
modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Registration Statement.
Item
5.      Interests of Named Experts and
Counsel.
Howard Shapiro, Esq., will
issue an opinion regarding the validity of the Registrant's Class B Common
Stock, par value $0.01 per share, offered hereby (the "Class B Shares"). Mr.
Shapiro is the Registrant's Executive Vice President, Law and Administration,
General Counsel and Secretary and currently owns Class B Shares.
Item
6.       Indemnification of Directors and
Officers.
The following summary is qualified in its entirety by reference to the complete
text of any statutes referred to below and the Registrant's Certificate of
Incorporation, as amended, and Third Amended and Restated Bylaws.
Section 145 of the General Corporation Law of the State of Delaware (the "DGCL")
grants corporations the power to indemnify any person who was or is a party or
is threatened to be made a party to any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative or investigative
(other than an action by or in the right of the corporation) by reason of the
fact that the person is or was a director, officer, employee or agent of the
corporation, or is or was serving at the request of the corporation as a
director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise, against expenses (including attorneys'
fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred by the person in connection with such action, suit or proceeding if the
person acted in good faith and in a manner the person reasonably believed to be
in or not opposed to the best interests of the corporation, and, with respect to
any criminal action or proceeding, had no reasonable cause to believe the
person's conduct was unlawful.
1
In
the case of an action by or in the right of a corporation, Section 145 of the
DGCL grants corporations the power to indemnify any person who was or is a party
or is threatened to be made a party to any threatened, pending or completed
action or suit by reason of the fact that the person is or was a director,
officer, employee or agent of the corporation, or is or was serving at the
request of the corporation as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise, against
expenses (including attorneys' fees), judgments, fines and amounts paid in
settlement actually and reasonably incurred by the person in connection with
such action, suit or proceeding if the person acted in good faith and in a
manner the person reasonably believed to be in or not opposed to the best
interests of the corporation and except that no indemnification shall be made in
respect of any claim, issue or matter as to which such person shall have been
adjudged to be liable to the corporation unless and only to the extent that the
Court of Chancery or the court in which such action or suit was brought shall
determine upon application that, despite the adjudication of liability but in
view of all the circumstances of the case, such person is fairly and reasonably
entitled to indemnity for such expenses which the Court of Chancery or such
other court shall deem proper.
Section 145 of the DGCL also empowers a corporation to purchase and maintain
insurance on behalf of any person who is or was a director, officer, employee or
agent of the corporation, or is or was serving at the request of the corporation
as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise against any liability asserted against
such person and incurred by such person in any such capacity, or arising out of
such person's status as such, whether or not the corporation would have the
power to indemnify such person against such liability under Section 145 of the
DGCL.
As
permitted by Delaware law, Article VII of the Registrant's Third Amended and
Restated Bylaws provides that the Registrant shall, to the fullest extent
permitted by applicable law, indemnify each person who was or is a party or is
threatened to be made a party to any threatened, pending or completed action,
suit or proceeding by reason of the fact that he or she is or was, or has agreed
to become, a director or officer of the Registrant, or is or was serving at the
written request of the Registrant, as a director, officer, trustee, partner,
employee or agent of another corporation, partnership, joint venture, trust or
other enterprise. The indemnification provided for in Article VII of the
Registrant's Third Amended and Restated Bylaws is expressly not exclusive of any
other rights to which those seeking indemnification may be entitled under any
law, agreement or vote of stockholders or disinterested directors or otherwise.
Article VII of the Registrant's Third Amended and Restated Bylaws also provides
that the Registrant shall have the power to purchase and maintain insurance to
protect the Registrant and any director, officer, employee or agent of the
Registrant or other corporation, partnership, joint venture, trust or other
enterprise against any such expense, liability or loss, whether or not the
Registrant would have the power to indemnify such persons against such expense,
liability or loss under the DGCL.
The Registrant maintains an insurance policy on behalf of the Registrant and
certain of its subsidiaries, and on behalf of the directors and officers
thereof, covering certain liabilities which may arise as a result of the actions
of such directors and officers.
Section 102(b)(7) of the DGCL allows a corporation to eliminate or limit the
personal liability of directors to a corporation or its stockholders for
monetary damages for a breach of fiduciary duty as a director, except where the
director breached the duty of loyalty, failed to act in good faith, engaged in
intentional misconduct or knowingly violated a law, authorized the payment of a
dividend or approved a stock repurchase or redemption in violation of Delaware
corporate law or obtained an improper personal benefit.
As
permitted by Delaware law, Article Twelfth of the Registrant's Certificate of
Incorporation, as amended, eliminates a director's personal liability for
monetary damages to the Registrant and its stockholders for a breach of
fiduciary duty as a director, except in circumstances involving a breach of a
director's duty of loyalty to the Registrant or its stockholders, acts or
omissions not in good faith or which involve intentional misconduct or knowing
violations of the law, the unlawful payment of dividends or repurchase of stock
or self-dealing.
Item
      8.
Exhibits.
Exhibit
Number
Description
4.1
Certificate
      of Incorporation of Playboy Enterprises, Inc. (incorporated by reference
      to Exhibit 3 to Playboy Enterprises, Inc.'s quarterly report on Form 10-Q
      for the quarter ended March 31,
2003)
2
4.2
Certificate
      of Amendment of the Amended and Restated Certificate of Incorporation of
      Playboy Enterprises, Inc. (incorporated by reference to Exhibit 3.2 to
      Playboy Enterprises, Inc.'s quarterly report on Form 10-Q for the quarter
      ended June 30, 2004)
4.3
Third
      Amended and Restated Bylaws of Playboy Enterprises, Inc. (incorporated by
      reference to Exhibit 3.1 to Playboy Enterprises, Inc.'s Current Report on
      Form 8-K dated December 16, 2008)
4.4
Specimen
      certificate representing the Class B common stock of Playboy Enterprises,
      Inc. (incorporated by reference to Exhibit 4.3 to Playboy Enterprises,
      Inc.'s Registration Statement on Form S-3 dated June 10,
    2005)
5.1
Opinion
      of Howard Shapiro, Esq.
10.1
Employment
      Agreement, dated as of June 1, 2009, between Playboy Enterprises, Inc.
      and Scott Flanders
23.1
Consent
      of Howard Shapiro, Esq. (included in Exhibit 5.1
hereto)
23.2
Consent
      of Ernst & Young LLP
24.1
Power
      of Attorney (included on the signature pages
  hereto)
Item
9.     Undertakings.
(a)
The
      undersigned Registrant hereby
undertakes:
(1)
To
      file, during any period in which offers or sales are being made, a
      post-effective amendment to this Registration
  Statement:
(i)
To
      include any prospectus required by Section 10(a)(3) of the Securities
      Act;
(ii)
To
      reflect in the prospectus any facts or events arising after the effective
      date of this Registration Statement (or the most recent post-effective
      amendment thereof) which, individually or in the aggregate, represent a
      fundamental change in the information set forth in the Registration
      Statement.  Notwithstanding the foregoing, any increase or
      decrease in volume of securities offered (if the total dollar value of
      securities offered would not exceed that which was registered) and any
      deviation from the low or high end of the estimated maximum offering range
      may be reflected in the form of prospectus filed with the Commission
      pursuant to Rule 424(b) if, in the aggregate, the changes in volume and
      price represent no more than a 20 percent change in the maximum aggregate
      offering price set forth in the "Calculation of Registration Fee" table in
      the effective Registration
Statement;
(iii)
To
      include any material information with respect to the plan of distribution
      not previously disclosed in the Registration Statement or any material
      change to such information in the Registration
  Statement;
provided, however,
that
      paragraphs (1)(i) and (1)(ii) of this section do not apply if the
      information required to be included in a post-effective amendment by those
      paragraphs is contained in reports filed with or furnished to the
      Commission by the Registrant pursuant to Section 13 or 15(d) of the
      Exchange Act that are incorporated by reference in this Registration
      Statement.
(2)
That,
      for the purpose of determining any liability under the Securities Act,
      each such post-effective amendment shall be deemed to be a new
      Registration Statement relating to the securities offered therein, and the
      offering of such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
(3)
To
      remove from registration by means of a post-effective amendment any of the
      securities being registered which remain unsold at the termination of the
      offering.
3
(b)
The
      undersigned Registrant hereby undertakes that, for purposes of determining
      any liability under the Securities Act, each filing of the Registrant's
      annual report pursuant to Section 13(a) or Section 15(d) of the Exchange
      Act that is incorporated by reference in the Registration Statement shall
      be deemed to be a new Registration Statement relating to the securities
      offered therein, and the offering of such securities at that time shall be
      deemed to be the initial
bona fide
offering
      thereof.
(c)
Insofar
      as indemnification for liabilities arising under the Securities Act may be
      permitted to directors, officers and controlling persons of the Registrant
      pursuant to the foregoing provisions, or otherwise, the Registrant has
      been advised that in the opinion of the Commission such indemnification is
      against public policy as expressed in the Securities Act and is,
      therefore, unenforceable.  In the event that a claim for
      indemnification against such liabilities (other than the payment by the
      Registrant of expenses incurred or paid by a director, officer or
      controlling person of the Registrant in the successful defense of any
      action, suit or proceeding) is asserted by such director, officer or
      controlling person in connection with the securities being registered, the
      Registrant will, unless in the opinion of its counsel the matter has been
      settled by controlling precedent, submit to a court of appropriate
      jurisdiction the question whether such indemnification by it is against
      public policy as expressed in the Securities Act and will be governed by
      the final adjudication of such
issue.
4
SIGNATURES
Pursuant to the requirements of the
Securities Act of 1933, the registrant certifies that it has reasonable grounds
to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the city of Chicago, state of
Illinois, on
June 9,
2009.
PLAYBOY ENTERPRISES,
      INC.
By:
/s/
      Howard Shapiro
Name:
Howard
      Shapiro
Title:
Executive
      Vice President,
Law
      and Administration,
General
      Counsel and
Secretary
POWER
OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS,
that each person whose signature appears below constitutes and appoints Linda G.
Havard and Howard Shapiro, jointly and severally, as his or her true and lawful
attorney-in-fact and agent, acting alone, with full power of substitution and
resubstitution, for him or her and in his or her name, place and stead, in any
and all capacities, to sign any and all amendments (including post-effective
amendments) to this Registration Statement, and to file the same, with all
exhibits thereto, and other documents in connection therewith, with the
Securities and Exchange Commission, granting unto said attorney-in-fact and
agent full power and authority to do and perform each and every act and thing
requisite or necessary to be done in and about the premises, as fully to all
intents and purposes as he or she might or could do in person, hereby ratifying
and confirming all that said attorney-in-fact and agent, or his or her
substitute or substitutes, may lawfully do or cause to be done by virtue
hereof.
Pursuant to the requirements of the
Securities Act of 1933, this Registration Statement has been signed by the
following persons in the capacities indicated on
June 9,
2009.
Signature
Title
/s/
Jerome
      Kern
Interim
      Chief Executive Officer and Director
Jerome
Kern
(Principal
      Executive Officer)
/s/
Linda
      G.
Havard
Executive
      Vice President and Chief Financial Officer
Linda
      G. Havard
(Principal
      Financial and Accounting Officer)
/s/
Richard
      S. Rosenzweig
Executive
      Vice President and Director
Richard
      S. Rosenzweig
/s/
Dennis
      S. Bookshester
Director
Dennis
      S. Bookshester
/s/
David
      I. Chemerow
Chairman
      of the Board and Director
David
      I. Chemerow
/s/
Charles
      Hirschhorn
Director
Charles
      Hirschhorn
/s/
Russell
      I. Pillar
Director
Russell
      I. Pillar
/s/
Sol
      Rosenthal
Director
Sol
      Rosenthal
EXHIBIT
INDEX
Exhibit
Number
Description
4.1
Certificate
      of Incorporation of Playboy Enterprises, Inc. (incorporated by reference
      to Exhibit 3 to Playboy Enterprises, Inc.'s quarterly report on Form 10-Q
      for the quarter ended March 31, 2003)
4.2
Certificate
      of Amendment of the Amended and Restated Certificate of Incorporation of
      Playboy Enterprises, Inc. (incorporated by reference to Exhibit 3.2 to
      Playboy Enterprises, Inc.'s quarterly report on Form 10-Q for the quarter
      ended June 30, 2004)
4.3
Third
      Amended and Restated Bylaws of Playboy Enterprises, Inc. (incorporated by
      reference to Exhibit 3.1 to Playboy Enterprises, Inc.'s Current Report on
      Form 8-K dated December 16, 2008)
4.4
Specimen
      certificate representing the Class B common stock of Playboy Enterprises,
      Inc. (incorporated by reference to Exhibit 4.3 to Playboy Enterprises,
      Inc.'s Registration Statement on Form S-3 dated June 10,
    2005)
5.1
Opinion
      of Howard Shapiro, Esq.
10.1
Employment
      Agreement, dated as of June 1, 2009, between Playboy Enterprises, Inc.
      and Scott Flanders
23.1
Consent
      of Howard Shapiro, Esq. (included in Exhibit 5.1 hereto)
23.2
Consent
      of Ernst & Young LLP
24.1
Power
      of Attorney (included on the signature pages hereto)