Severance Agreement - Playboy Enterprises Inc. and Linda Havard
[LOGO] PLAYBOY ENTERPRISES, INC. INTEROFFICE CORRESPONDENCE
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
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Howard Shapiro