Sample Business Contracts

Employment Agreement [Amendment] - Playboy Enterprises Inc. and James L. English

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      WHEREAS Playboy Enterprises, Inc. ("Playboy") and James F. Griffiths
("Griffiths") have entered into an employment relationship where Griffiths has
been named Senior Executive Vice President of Playboy,

      WHEREAS Playboy has changed Jim English's reporting requirements as of
January 20, 2004 so that English reports to Griffiths,

      WHEREAS this change in reporting requirements by Playboy constitutes a
"Constructive Termination Without Cause," as defined by Playboy's October 8,
2003 employment agreement ("Agreement") with Jim English,

      WHEREAS English has the immediate right to invoke the "Constructive
Termination Without Cause" provisions of that Agreement and receive the benefits
and protections thereof,


      (1) English shall have a period of six months, up to July 20, 2004, to
elect to declare the January 20, 2004 reporting change as a Constructive
Termination Without Cause;

      (2) If at any time up to July 20, 2004, English elects to declare the
January 20, 2004 Constructive Termination Without Cause, he shall notify Playboy
by written notice delivered to Playboy's CEO or its General Counsel;

      (3) On receipt of notice, English will be immediately entitled to receive
and Playboy shall pay a lump sum payment equal to twelve months base salary at
the salary he was receiving as of January 20, 2004;

      (4) If English has not elected to declare a Constructive Termination
Without Cause by July 20, 2004, he waives the right as to the reporting
relationship to Jim Griffiths.

      (5) Thereafter, if English is not employed full-time after twelve months
of his Notice, he will also be entitled to receive immediately at that twelve
month anniversary and Playboy shall pay an additional lump sum payment equal to
six months base salary at the salary he was receiving at the time of the
Constructive Termination Without Cause;

      (6) No other rights or provisions are affected or limited by this

Playboy Enterprises, Inc.

By /s/ Howard Shapiro                   /s/ James L. English
   ---------------------------          ------------------------------
Title: Executive Vice President         James L. English
Dated: Feb. 6, 2004                     Dated: Feb. 10, 2004