Sample Business Contracts

Severance Agreement - Playboy Enterprises Inc. and Linda Havard

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Date: May 21, 2002

To: Linda Havard

From: Howard Shapiro

Subject: Severance

This will confirm that if you are terminated at any time during the course of
your employment not for cause (as defined below), you will be entitled to
receive 12 months severance pay based on your salary at that time. "For cause"
is defined as conviction of a crime involving dishonesty, fraud or breach of
trust, or engaging in conduct materially injurious to Playboy. In the event of
such termination you will have no duty to mitigate damages, and you will be free
to accept other employment at your discretion.

           /s/ Howard Shapiro
           Howard Shapiro