Exhibit 10.6

                                FOURTH AMENDMENT
                        TO THE PLAYBOY ENTERPRISES, INC.
                        EMPLOYEES INVESTMENT SAVINGS PLAN
               (As Amended and Restated Effective January 1, 1997)

      WHEREAS,  Playboy Enterprises,  Inc. (the "Company") maintains the Playboy
Enterprises,  Inc.  Employees  Investment  Savings  Plan,  as  amended  and most
recently  restated  effective January 1, 1997 and amended three times thereafter
(the "Plan"), and

      WHEREAS,  the Company  wishes to further  amend the Plan,  effective as of
January 1, 2006,  to comply with final 401(k)  regulations  concerning  QNEC and
QMAC corrective contribution limits, safe harbor hardship withdrawal events, and
converting  employees to leased employee  status,  and to further amend the Plan
eligibility  provisions  retroactively  to comply with recent  Internal  Revenue
Service guidance (in a Quality  Assurance  Bulletin issued on February 14, 2006)
regarding the need to apply the 1,000 hour rule under Code Section 410(a) to all
part-time and limited time employees;

      NOW THEREFORE,  pursuant to its authority  under Section 9.01 of the Plan,
the Company hereby amends the Plan in the following respects:

      1. Section  3.06,  Excess  Contributions  Under the ADP and ACP Tests,  is
hereby  amended,  effective for the testing of Plan Years that begin on or after
January 1, 2006, by adding the  following new  paragraphs to the end of part (b)
thereof:

            "Notwithstanding  any  provisions  of Section  3.06(b) or (c) to the
            contrary,  any  supplemental  contribution  made to correct  for ADP
            testing   (a  "QNEC"   contribution)   or  ACP   testing  (a  "QMAC"
            contribution)  shall comply with the further  provisions of this and
            the  following  two  paragraphs  in  order  to  satisfy   applicable
            regulations under Code Sections 401(k) and 401(m).  Any QNEC or QMAC
            contribution  for a  particular  Plan Year shall be  credited to the
            affected  Participant's  Accounts  as of the last  day of that  Plan
            Year,  and  shall  be made no  later  than  the last day of the next
            following Plan Year. The amount of QNEC and QMAC  contributions made
            for any Plan  Year  shall  not  discriminate  in  violation  of

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            Code  Section  401(a)(4).  The QNEC and QMAC limits  stated in these
            three  paragraphs are intended to satisfy  Treasury  Regulations ss.
            1.401(k)-2(a)(6) and ss.  1.401(m)-2(a)(6) and so shall be construed
            and administered in compliance therewith.

            The aggregate  amount of QNEC or QMAC  contributions  credited for a
            Plan Year to the Account of any Participant  cannot separately (with
            respect to either QNEC or QMAC contributions)  exceed the product of
            the  Participant's  Compensation  for the  Plan  Year  being  tested
            multiplied  by the  greater  of (i) 5% or (ii) two times the  Plan's
            Representative   Contribution   Rate  for  that   Plan   Year.   The
            Representative   Contribution   Rate   is  the   lowest   Applicable
            Contribution Rate for the group of Non-Highly  Compensated Employees
            consisting  of the  half  of all  Non-Highly  Compensated  Employees
            counted for ADP testing  for the Plan Year whose  lowest  Applicable
            Contribution Rate is the highest.  Such  determination of the Plan's
            Representative  Contribution  Rate may be made by  ranking  all such
            Non-Highly  Compensated  Employees for the Plan Year from lowest (or
            zero percent) to highest  respective  Applicable  Contribution Rate,
            then identifying the Applicable Contribution Rate for the Non-Highly
            Compensated  Employee whose Applicable  Contribution  Rate is lowest
            within  the  top  half  (the  half  with  the   highest   Applicable
            Contribution Rates) of all Non-Highly  Compensated Employees on that
            list. A Participant's Applicable Contribution Rate, for all purposes
            under  this  Section  3.06,  shall  be the sum of the  QNEC and QMAC
            contributions  allocated  to the  Participant  for  the  Plan  Year,
            divided by the Participant's Compensation for the Plan Year.

            Any QMAC contributions taken into account for ACP testing compliance
            shall not be taken into  account  for  purposes of  determining  the
            Plan's Representative Contribution Rate for purposes of ADP testing.
            Similarly, any QNEC contributions taken into account for ADP testing
            compliance   shall  not  be  taken  into  account  for  purposes  of
            determining the Plan's Representative Contribution Rate for purposes
            of ACP testing."

      2. Section 5.04, Vesting and Termination of Employment, is hereby amended,
effective as of January 1, 2006, by adding the following new sentence to the end
of part (a) thereof:

            "In accordance with final regulations under Code Section 401(k), any
            change in a  Participant's  status  from a W-2  Employee to a Leased
            Employee  that takes effect on or after January 1, 2006 shall not be
            treated as a  termination  of the  Participant's  employment  and so
            shall not constitute a distributable event under this Plan."


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<PAGE>

      3. Section 7.02, Hardship Withdrawals,  is hereby amended, effective as of
January 1, 2006, by rewriting  the second  paragraph of part (d) thereof to read
as follows:

            "Unless  the Plan  Administrator  decides,  from  time to  time,  to
            determine  financial  need on the  basis of all  relevant  facts and
            circumstances,  a  Participant's  financial  need  shall  be  deemed
            sufficiently  immediate  and heavy to justify a hardship  withdrawal
            under this Section only with respect to:

                  (i)         expenses for (or necessary to obtain) medical care
                              that would be deductible under Code Section 213(d)
                              (determined without regard to whether the expenses
                              exceed  7.5% of  adjusted  gross  income  or other
                              applicable    dollar   limit   for   deductibility
                              thereunder);

                  (ii)        costs  directly  related  to  the  purchase  of  a
                              principal residence for the Participant (excluding
                              mortgage payments);

                  (iii)       payment of tuition,  related educational fees, and
                              room  and  board  expenses,  for up to the next 12
                              months  of   post-secondary   education   for  the
                              Participant,  his spouse,  children or  dependents
                              (as defined in Code Section 152 and without regard
                              to Sections  152(b)(1),  (b)(2) and  (d)(1)(B)  of
                              that statute);

                  (iv)        payments  necessary to prevent the eviction of the
                              Participant   from  his  principal   residence  or
                              foreclosure on the mortgage on that residence;

                  (v)         payments  for burial or funeral  expenses  for the
                              Participant's deceased parent, spouse, children or
                              dependents  (as  defined in Code  Section  152 and
                              without  regard to  Section  152(d)(i)(B)  of that
                              statute);

                  (vi)        expenses   for  the   repair   of  damage  to  the
                              Participant's   principal   residence  that  would
                              qualify  for the  casualty  deduction  under  Code
                              Section 165 (determined  without regard to whether
                              the loss  exceeds 10% of adjusted  gross income or
                              other  applicable  dollar limit for  deductibility
                              thereunder);


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<PAGE>

                  (vii)       emergency or restorative  expenses incurred by the
                              Participant  directly  as a result  of a  disaster
                              that has been  recognized  by the President of the
                              United   States  in  an   emergency   or  disaster
                              declaration; provided that the Participant applies
                              for the withdrawal  within a reasonable  time (not
                              to exceed 6 months,  unless  good  cause for later
                              application   is  shown)  after  the   President's
                              declaration; or

                  (viii)      any other circumstances determined by the Internal
                              Revenue Service to constitute  immediate and heavy
                              financial need for this purpose."

      4. Section 12.13,  Eligible Employee,  is hereby amended,  effective as of
January 1, 1997, by rewriting part (iii) thereof to read as follows:

                  "(iii)      A Class X Employee  (as  defined in Section  12.14
                              below) shall be  considered  an Eligible  Employee
                              only upon completion of a Year of Service;"

      IN WITNESS WHEREOF, this Fourth Amendment, having been first duly adopted,
is hereby executed below by a duly authorized  officer of the Company on this 30
day of August 2006, to take effect as provided herein.

                                                PLAYBOY ENTERPRISES, INC.

                                                By: Robert Campbell
                                                    ---------------

                                                Title: Treasurer
                                                       ---------


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