EXHIBIT 10.27(d)

Portions of this Exhibit have been omitted pursuant to a request for
confidential treatment filed with the Securities and Exchange Commission. The
omissions have been indicated by asterisks ("*****"), and the omitted text has
been filed separately with the Securities and Exchange Commission.

                                February 9, 2009

Christie Hefner
CAH LLC
628 North State Street
Chicago, IL 60610

Dear Christie:

This letter, when the enclosed copy has been signed,  dated and returned by you,
and the  revocation  period as set  forth in  paragraph  19.  has  passed,  will
evidence the agreement  (the  "Agreement")  between  Playboy  Enterprises,  Inc.
("Playboy")  and you,  regarding  your  separation as an employee and officer of
Playboy  and shall be binding  on  Playboy  and you.  You and  Playboy  agree as
follows:

1.a.  Your  employment  with  Playboy  ended  effective  January  31,  2009 (the
      "Employment  End  Date").  You  will  receive  severance  and  termination
      benefits only as described in this Agreement. In particular, and except as
      provided in paragraph 2., you will receive  severance pay in the amount of
      $2 million.  The total severance pay identified in this paragraph includes
      all  severance  pay you might  otherwise  be entitled to under any policy,
      plan or practice of Playboy and exceeds any  severance  pay that you might
      otherwise be entitled to in  consideration  of the terms and  covenants in
      this Agreement.

1.b.  The  severance  pay set out in paragraph  1.a.  will be made in a lump sum
      within 10 days after the revocation  period set forth in paragraph 19. has
      expired.

2.a.  *****

2.b.  You will  receive a one-time  grant of 30,000  Class B shares of Playboy's
      common  stock  within 10 days  after the  revocation  period  set forth in
      paragraph 19. has expired.

3.    You will receive, at the same time you receive the payment under paragraph
      1.b. above, a lump sum payment in the amount of $22,211.55, representing 7
      vacation  carryover  days as indicated on Playboy's  payroll  system.  You
      certify that the vacation reports submitted by you to payroll are complete
      and  accurate  insofar as the number of vacation  days taken by you during
      the period January 1, 2008 through the Employment End Date.

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4.    As of the Employment End Date, you will no longer remain covered by any of
      Playboy's  health  insurance plans, and you will have the right to convert
      your life insurance and long term disability  insurance,  applications for
      which must be made within 31 days  following the  Employment End Date. All
      other benefits,  including  participation  in Playboy's  401(k) plan, will
      cease as of the Employment End Date.

5.    After the  Employment  End Date,  you may elect to  continue  your  health
      insurance  coverage under the Consolidated  Omnibus Budget  Reconciliation
      Act (COBRA), paying premiums as they become due. Coverage may be continued
      for you under COBRA for up to 18 months. You may contact Katy O'Mahony, at
      312 373 2045 to discuss your coverage.

6.    Any stock  options  that were  granted to you and which were  vested as of
      January 31, 2009 are  exercisable  through the "Option  Expiration  Date,"
      which is the 90th day following  January 31, 2009.  ***** This paragraph 6
      shall apply  notwithstanding  any  provision  in any stock  option plan or
      agreement to the  contrary.  Your contact for any option  questions is Bob
      Campbell  at 312 373  2180.  Playboy  has  provided  you with  information
      regarding your stock options and the exercise thereof.

7.    *****

8.    Playboy will reimburse you for all reasonable  business  expenses incurred
      by you through  January 31, 2009,  and charged to your Diners Club Card or
      other  credit  cards prior to the  payment due date of such credit  cards,
      subject to  submission  of (I) the credit card bills and (ii)  invoices or
      other  supporting  documentation  indicating the business  purpose of each
      charge,

9.    *****

10.   You shall be under no duty to mitigate any of the amounts  received by you
      hereunder by securing  employment with a subsequent employer or otherwise,
      nor shall any amounts  received by you from any  subsequent  employment or
      otherwise,  if  applicable,  entitle  Playboy to any right to off-set  the
      amount of severance pay or any other amount it owes you in accordance with
      the terms of this Agreement.

11.   You acknowledge  that, as a result of your position with Playboy,  you had
      access to confidential information and trade secrets of Playboy, including
      customer and  employee  identification  and  contacts,  information  about
      customers  or  vendors,   business  relationships,   contract  provisions,
      pricing,   margins,  business  plans,  marketing  plans,  financial  data,
      business and customer strategy,  techniques,  models, software, solutions,
      discussion  guides,  personal or performance  information about employees,
      research  and  development,  patent  applications  and plans or  proposals
      related to the  foregoing,  which in each  instance  is: (a)  generated or
      collected by or utilized in the  operations of Playboy and relating to the
      actual or  anticipated  business or research or  development of Playboy or
      Playboy's  actual or prospective  clients;  (b) not generally known within
      the  industry;  and (b) of  commercial  value  to  Playboy  ("Confidential
      Information").  You will not, without Playboy's prior written  permission,
      disclose  Confidential  Information to anyone outside

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<PAGE>

      of Playboy,  either during or after your employment with Playboy,  as long
      as  such  matters  remain  trade  secrets  or  confidential.  Confidential
      Information  shall not include any  information  that: (a) is, or becomes,
      generally  known  to the  public  without  breach  of the  terms  of  this
      Agreement;  (b) was known to you prior to your  employment with Playboy or
      learned by you  independently  of your  employment  with  Playboy;  (c) is
      lawfully  obtained from a third party with no duty of  confidentiality  to
      Playboy;  or is required to be disclosed by law,  provided that, you shall
      if permitted by law promptly  inform  Playboy of any such  situations  and
      shall, if permitted by law, take reasonable  steps, at Playboy's  expense,
      to prevent  disclosure of confidential  information or trade secrets until
      Playboy  has  been  informed  of such  required  disclosure  and has had a
      reasonable  opportunity to seek a protective  order.  For purposes of this
      paragraph:

12.a. (i)   You  agree that, at all times following the Employment End Date, you
            will not (a) engage in any public  vilification  of, or (b) make any
            false or disparaging public statements  concerning Playboy or any of
            its officers,  directors,  shareholders or employees of Playboy,  or
            any of their respective  products,  brands or trademarks,  including
            management style, methods of doing business, the quality of products
            and services, role in the community or treatment of employees.

      (ii)  Playboy agrees that, at all times following the Employment End Date,
            its directors  and executive  officers will not and Playboy will not
            knowingly  authorize  any  employee  of Playboy to (a) engage in any
            public vilification of, or (b) make any false, or disparaging public
            statements concerning you or your management style, methods of doing
            business, role in the community or treatment of employees.

      (iii) The  restrictions  set forth in  paragraphs  12.a.(i) and  12.a.(ii)
            shall not apply to truthful or factual statements made as the result
            of  an  order  from  a  court,  arbitration  panel  or  governmental
            authority  to  make  such  statements,  or to  truthful  or  factual
            statements  made  in the  course  of  your  participation  in  legal
            proceedings, or as otherwise required by law.

12.b. For a period of twelve (12) months after the Employment End Date, you will
      not directly or indirectly:

      (i)   *****

      (ii)  (a) raid,  hire,  solicit,  or attempt to persuade  any  employee of
            Playboy  (except  Deb  Parry) to leave the  employ of  Playboy;  (b)
            interfere  with the  performance by any such persons of their duties
            for  Playboy;  or (c)  communicate  with  any such  persons  for the
            purposes described in items (a) and (b) in this paragraph;

      (iii) interfere with Playboy's relationship with any person or entity that
            was a vendor or supplier of  Playboy's  during  your  employment  at
            Playboy; or

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<PAGE>

      (iv)  on behalf  of  yourself  or in  conjunction  with any other  person,
            company  or  entity,  own (other  than less than 3%  ownership  in a
            publicly traded  company),  manage,  operate,  or participate in the
            ownership,  management,  operation, or control of, or be employed by
            any Adult Entertainment Company.

      For  purposes  of this  paragraph  12 and  paragraph  15 hereof,  the term
      "Playboy" includes any of Playboy's subsidiaries and affiliated companies,
      and its and their officers, directors, employees and agents.

12.c. You agree that, at all times  following the  Employment End Date, you will
      not make  commercial use of Playboy's  intellectual  property  without the
      prior consent of Playboy.

13.   From  and  after  the  Employment  End  Date  and  subject  to your  other
      employment  and vacation  commitments,  you will make yourself  reasonably
      available  to Playboy  by  telephone  or as  otherwise  provided  below to
      provide  reasonable  cooperation and assistance to Playboy with respect to
      (i) transition  advice to the new chief executive  officer of Playboy (ii)
      current litigation concerning Playboy (including attendance at out-of-town
      proceedings  for which  travel may be  required at the request of Playboy,
      although  satellite or telephone  conferences will be used in lieu of such
      travel where  available  and  practical),  and (iii) pending or threatened
      litigation concerning Playboy which involves areas or matters in which you
      were involved  during your  employment.  Playboy agrees to pay in advance,
      either to you or  directly,  the  actual  expenses  you  incur  (including
      reasonable  travel expenses while traveling) as a result of your complying
      with  this  paragraph  13.,  subject  to your  submission  to  Playboy  of
      documentation  substantiating  such  expenses  as Playboy  may  reasonably
      require. It is expressly agreed,  however, that notwithstanding  Playboy's
      policy in  connection  therewith,  you shall be entitled  to fly  business
      class when  traveling  for Playboy  and shall be  entitled to  first-class
      accommodations, and meals.

14.   Should you die  before all the cash  payments  including  wire  transfers,
      checks or similar forms of payment due hereunder  have been made,  Playboy
      shall pay the  remainder  of such  amounts to such other  person or entity
      indicated  by you to Playboy in  writing  (with the last such  designation
      prior to your death being the governing  election).  The treatment of your
      stock options in the event of your death shall be governed by the terms of
      the applicable stock option plans and agreements.

15.a. For and in consideration  of your promises made hereunder,  Playboy hereby
      agrees not to sue or make any claim of any kind against  you,  your heirs,
      agents, assignees, executors, administrators, beneficiaries, trustees, and
      personal and legal representatives and anyone who could claim through you,
      both past and present, and either personally or in any other capacity (the
      "HEFNER  RELEASEES") before any agency,  court or other forum, and Playboy
      releases and discharges the HEFNER  RELEASEES,  and each of them, from all
      manner  of  action  and  actions,  cause or  causes of action in law or in
      equity,  administrative proceedings,  suits, claims, debts, liens, sums of
      money,  accounts,   reckonings,   bonds,  bills,   covenants,   contracts,
      controversies,   agreements,  promises,  variances,  trespasses,  damages,
      judgments,  executions,  claims and demands  whatsoever,  whether known or
      unknown,  arising from acts or omissions  of you in  connection  with your
      employment and the

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<PAGE>

      termination thereof (except those relating to any breach of this Agreement
      by you). In addition,  for and in  consideration of the payments and other
      benefits provided to you hereunder, you agree not to sue or make any claim
      of  any  kind  against  Playboy,   its  subsidiaries  and  affiliated  and
      predecessor  companies,  its and their  successors and assigns and all its
      and their past and  present  directors,  officers,  employees,  agents and
      attorneys, either personally or in their capacity as directors,  officers,
      employees,  agents and  attorneys  (the  "PLAYBOY  RELEASEES")  before any
      agency,  court or other forum,  and you release and  discharge the PLAYBOY
      RELEASEES,  and each of them, from all manner of action and actions, cause
      or  causes  of action  in law or in  equity,  administrative  proceedings,
      suits, claims, debts, liens, sums of money, accounts,  reckonings,  bonds,
      bills,  covenants,   contracts,   controversies,   agreements,   promises,
      variances,  trespasses, damages, judgments, executions, claims and demands
      whatsoever,  whether now known or unknown,  arising from acts or omissions
      of the  PLAYBOY  RELEASEES  in  connection  with your  employment  and the
      termination  thereof.  This includes  without  limitation any and all wage
      claims, tort claims,  contract claims, ERISA claims,  wrongful termination
      claims,  retaliation claims, defamation claims, fraud claims, claims under
      the Age  Discrimination in Employment Act, 29 U.S.C.  Section 621 at seq.,
      claims  under Title VII of the Civil  Rights Act of 1964,  as amended,  42
      U.S.C. Section 2000, et seq., the Americans with Disabilities Act of 1990,
      42 U.S.C.  Section 12101, et seq., and the Family and Medical Leave Act of
      1993, 29 U.S.C. Section 2601, et seq., as well as all other federal, state
      and local statutes and regulations,  presently or hereafter  enacted,  and
      any other  claims,  demands or causes of action for  monetary or equitable
      relief,  including  back  pay,  front  pay,  reinstatement,   compensatory
      damages,  punitive  damages,   attorneys'  fees,  expenses  and  costs  of
      litigation. Notwithstanding any other provision of this Agreement, neither
      this release nor any other  provision of this  Agreement  shall operate to
      release  Playboy  from (i) any such  payments or  benefits  required to be
      provided under this Agreement, (ii) any such claims relating to any breach
      of this  Agreement by Playboy,  or (iii) to the extent arising out of your
      service  as an  employee,  officer  or  director  of Playboy or any of its
      subsidiaries  or  affiliates  on or prior to January  31,  2009,  any such
      claims or  potential  claims for  indemnification,  advancement  or to the
      benefits  of  Playboy's   directors'  and  officers'  liability  insurance
      policies  as in effect from time to time,  in  accordance  with  Playboy's
      charter  or by laws,  or under  any  separate  agreement  between  you and
      Playboy.

15.b. THIS MEANS THAT, BY SIGNING THIS AGREEMENT, OTHER THAN AS SPECIFICALLY SET
      FORTH HEREIN,  YOU AND PLAYBOY EACH WILL HAVE WAIVED ANY RIGHT YOU OR THEY
      MAY  HAVE HAD TO  BRING A  LAWSUIT  OR MAKE  ANY  CLAIM,  AS SET  FORTH IN
      PARAGRAPH 15.(a) ABOVE, AGAINST THE PLAYBOY RELEASEES OR HEFNER RELEASEES,
      RESPECTIVELY,  BASED ON ANY ACTS OR OMISSIONS OF THE PLAYBOY  RELEASEES OR
      HEFNER  RELEASEES,  RESPECTIVELY,  UP TO THE DATE OF THE  SIGNING  OF THIS
      AGREEMENT.  EXCLUDED  FROM YOUR  AGREEMENT  TO RELEASE AND  DISCHARGE  THE
      PLAYBOY  RELEASEES ARE ANY CLAIMS OR RIGHTS WHICH CANNOT BE WAIVED BY LAW,
      INCLUDING  YOUR  RIGHT  TO  FILE  A  CHARGE  OF  DISCRIMINATION   WITH  AN
      ADMINISTRATIVE  AGENCY OR  PARTICIPATE IN ANY AGENCY  INVESTIGATIONS.  YOU
      ARE,  HOWEVER,  WAIVING YOUR RIGHT TO RECOVER ANY MONEY IN CONNECTION WITH
      SUCH A CHARGE OR INVESTIGATION. YOU ARE ALSO WAIVING YOUR RIGHT TO RECOVER
      MONEY IN CONNECTION WITH A CHARGE FILED BY ANY OTHER  INDIVIDUAL OR BY THE
      EQUAL  EMPLOYMENT  OPPORTUNITY  COMMISSION OR ANY OTHER FEDERAL,  STATE OR
      LOCAL AGENCY THAT INVESTIGATES CLAIMS OF DISCRIMINATION.

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16.   All payments due to you hereunder shall be subject only to such income tax
      withholding, payroll taxes and any other withholdings required by law.

17.   All payments due to you hereunder shall be made, at your election, by wire
      transfer to an account  designated by you in writing,  and if you elect to
      provide such  instructions,  shall be considered to have been  "received,"
      for purposes of this Agreement,  when credited to such account.  Until and
      unless you notify  Playboy  otherwise in writing,  Playboy shall make wire
      transfers in accordance with the written instructions you provide to us.

18.   If Playboy  assigns this  Agreement  to any other  person or entity,  such
      other   person  or  entity  must  assume   this   Agreement   in  writing.
      Notwithstanding such assignment, Playboy shall remain primarily liable for
      all  obligations  under this  Agreement  (and Playboy may only assign this
      Agreement in its entirety). Playboy shall give you contemporaneous written
      notice of any such assignment.

19.   You also agree that you have entered  into this  Agreement  knowingly  and
      voluntarily and that you have been  represented by and have consulted with
      an  attorney  in  connection  with the  negotiation  and  drafting of this
      Agreement. You understand that you may take up to 21 days to consider this
      Agreement before signing it. After you sign this Agreement,  you will have
      7 days to revoke it if you  change  your  mind.  If you want to revoke the
      Agreement,  you must  deliver a  written  revocation  to  Howard  Shapiro,
      General Counsel,  Playboy  Enterprises,  Inc., 680 North Lake Shore Drive,
      Chicago,  IL 60611  within 7 days  after you sign it. If you do not revoke
      this  Agreement,  the  payments  and  other  consideration  referenced  in
      paragraphs 1., 2., 3., and 9. hereof shall be paid as provided  herein and
      the payments  referenced in paragraphs 6. through 8., hereof shall be made
      at the times  provided  herein  irrespective  of whether  you revoke  this
      Agreement.

20.   No  waiver of any  breach  of any  provision  of this  Agreement  shall be
      effective unless it is in writing and no waiver shall be construed to be a
      waiver of any succeeding  breach or as a modification  of such  provision.
      The  provisions or any part thereof of this  Agreement  shall be severable
      and if any  provision  of this  Agreement  is  found  by any  court  to be
      unenforceable,  in whole or in part, the remainder of this Agreement shall
      nevertheless be enforceable and binding on the parties. A court may modify
      any invalid,  overbroad or  unenforceable  term of this  Agreement so that
      such term, as modified,  is valid and  enforceable  under  applicable law.
      Further,  you and Playboy each affirmatively state that you have not, will
      not and cannot rely on any  representations not expressly made herein. The
      terms of this  Agreement  shall not be amended by you or Playboy except by
      the  express   written  consent  of  Playboy  and  you.  You  and  Playboy
      acknowledge  that  each  was  represented  by  counsel  and  had an  equal
      opportunity  to review  and/or  modify  the  provisions  set forth in this
      Agreement.  Thus,  in the  event  of any  misunderstanding,  ambiguity  or
      dispute concerning this Agreement's provisions or their interpretation, no
      rule of  construction  shall be applied  that would  result in having this
      Agreement  interpreted  against any party.  This Agreement and all rights,
      remedies, and obligations hereunder including, but not limited to, matters
      of construction,  validity and performance,  shall be governed by the laws
      of the State of  Illinois  and any actions  arising out of this  Agreement
      shall exclusively be brought in the State of Illinois.  Finally, except to
      the  extent  specifically  otherwise  set  forth  herein,  this  Agreement
      embodies the complete  understanding  between the undersigned  parties. No
      other promises or agreements,  either express or implied, shall be binding
      unless in writing and signed by these parties.

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21.   In the event of a breach or a threatened  breach of this Agreement by you,
      you acknowledge  that Playboy could face  irreparable  injury which may be
      difficult to calculate in dollar terms and that Playboy  shall be entitled
      to seek, in addition to remedies otherwise  available at law or in equity,
      temporary  restraining  orders  and.  preliminary  injunctions  and  final
      injunctions  without  the  posting  of a bond  enjoining  such  breach  or
      threatened  breath. The prevailing party in any action taken by Playboy to
      enforce  any  portion  of this  Agreement  before a trier of fact shall be
      entitled to all of its  reasonable  attorney's  fees,  expenses  and costs
      incurred as a result of enforcing  or defending  the claim based upon such
      portion of this Agreement.

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<PAGE>

If the above is  acceptable  to you,  please  sign,  date and return an executed
original copy of this letter.

                                            Very truly yours,

                                            PLAYBOY ENTERPRISES, INC.

                                            /s/ Howard Shapiro
                                            -------------------------
                                            Howard Shapiro

ACCEPTED AND AGREED TO:

PLAYBOY ENTERPRISES, INC.

  /s/ Howard Shapiro
------------------------------------
By: Howard Shaprio
Title: Executive Vice President

ACCEPTED AND AGREED TO:

/s/ Christie Hefner
------------------------------------
Christie Hefner

Date: February 9, 2009
      ----------------

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