Document:

Exhibit 10.3

                            PLAYBOY ENTERPRISES, INC.
                          EMPLOYEE STOCK PURCHASE PLAN
                       (as amended through April 25, 2006)

            SECTION 1. PURPOSE.

            This Employee Stock Purchase Plan (the "Plan") is intended to
advance the interests of Playboy Enterprises, Inc. (the "Company") and its
stockholders by allowing employees of the Company and those subsidiaries of the
Company that participate in the Plan the opportunity to purchase shares of the
Company's Class B Common Stock ("Class B Common Stock"). It is intended that the
Plan will constitute an "employee stock purchase plan" within the meaning of
Section 423 of the Internal Revenue Code of 1986, as amended from time to time
(the "Code").

            SECTION 2. ADMINISTRATION.

            The Plan shall be administered by the Compensation Committee (the
"Committee") of the Board of Directors, comprised of persons who are both
non-employee directors within the meaning of Rule 16b-3 which has been adopted
by the Securities Exchange Commission under the Securities Exchange Act of 1934,
as amended, as such rule or its equivalent is then in effect ("Rule 16b-3") and
"outside directors" within the meaning of Section 162(m) of the Code. The
majority of the Committee shall constitute a quorum, and the action of (a) a
majority of the members of the Committee present at any meeting at which a
quorum is present or (b) all members acting unanimously by written consent,
shall be the acts of the Committee.

            The interpretation and construction by the Committee of any
provision of the Plan or of any subscription to purchase shares under it shall
be final. The Committee may establish any policies or procedures which in the
discretion of the Committee are relevant to the operation and administration of
the Plan and may adopt rules for the administration of the Plan. The Committee
will, from time to time, designate the subsidiaries (as defined below) of the
Company whose employees will be eligible to participate in the Plan. No member
of the Committee shall be liable for any action or determination made in good
faith with respect to the Plan or any subscription to purchase shares under it.
For purposes of this Plan, the term "subsidiary" means any corporation in which
the Company directly or indirectly owns or controls more than 50 percent of the
total combined voting power of all classes of stock issued by the corporation.

            SECTION 3. ELIGIBILITY.

            Each employee of the Company or of a participating subsidiary of the
Company whose customary employment is a minimum of 20 hours per week may
subscribe to purchase shares of Class B Common Stock under the terms of the
Plan, except that no employee may subscribe to purchase shares on the
immediately following Purchase Date (as defined below) if, immediately after the
immediately preceding Subscription Date (as defined below), such employee would
own stock possessing 5 percent or more of the total combined voting power or

<PAGE>

value of all classes of stock of the Company or of any subsidiary of the
Company. For purposes of this paragraph, stock ownership of an individual shall
be determined under the rules of Section 424(d) of the Code.

            For purposes of the Plan:

            (a) The term  "Subscription  Date" means the first  business  day of
each fiscal quarter of the Company during which the Plan is effective or, in the
case of a participant  who is not an employee of the Company or a  participating
subsidiary  of the  Company  as of a  particular  Subscription  Date,  the  date
thereafter  on which such  participant  became an  employee  of the Company or a
participating  subsidiary of the Company.  The first Subscription Date under the
Plan will be July 1, 1996.

            (b) The term "Purchase Date" means the last business day of the
fiscal quarter in which the related Subscription Date occurs.

            SECTION 4. PARTICIPATION.

            (a) An eligible employee shall evidence his or her agreement to
subscribe for shares by completing a written agreement (the "Subscription and
Authorization Form") provided by the Committee and filing it as directed by the
Committee. A Subscription and Authorization Form will take effect within a
reasonable time after it has been filed with the Company. Once an employee
provides the Committee with the Subscription and Authorization Form, he or she
continues as a participant in the Plan on the terms provided in such form until
he or she provides a new form or withdraws from the Plan.

            (b) In the Subscription and Authorization Form, an eligible employee
shall designate any whole dollar amount to be withheld from such employee's
compensation in each pay period and used to purchase shares of Common Stock on
the next Purchase Date, subject to the following limitations: (i) the whole
dollar amount (on an annualized basis) shall not exceed 10 percent of his or her
compensation (as defined below) on an annualized basis; (ii) the maximum number
of shares of Class B Common Stock which can be purchased by any one employee on
any Purchase Date shall not exceed 1,000 shares of the Class B Common Stock; and
(iii) the Committee may establish from time to time minimum payroll deductions.
For purposes of this Plan, the term "compensation" means an eligible employee's
bi-weekly base salary.

            SECTION 5. STOCK.

            The stock purchased under the Plan shall be shares of authorized but
unissued or reacquired Class B Common Stock. Subject to the provisions of
Section 6(h), the aggregate number of shares which may be purchased under the
Plan shall not exceed 140,000 shares of Class B Common Stock. In the event that
the dollar amount of shares subscribed for in any quarter exceeds the number of
shares available to be purchased under the Plan, the shares available to be
purchased shall be allocated on a pro rata basis among the subscriptions.

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<PAGE>

            SECTION 6. TERMS AND CONDITIONS OF SUBSCRIPTIONS.

            Subscriptions shall be evidenced by a Subscription and Authorization
Form in such form as the Committee shall from time to time approve, provided
that all employees subscribing to purchase shares shall have the same rights and
privileges (except as otherwise provided in Section 4(b) and subparagraph (d)
below), and provided further that such subscriptions shall comply with and be
subject to the following terms and conditions:

            (a) Purchase Price. The purchase price shall be an amount equal to
85 percent of the fair market value of such stock on the Purchase Date. During
such time as the Class B Common Stock is traded on the New York Stock Exchange,
the fair market value per share shall be the closing price of the Class B Common
Stock (as reported in the record of Composite Transactions for New York Stock
Exchange listed securities and printed in The Wall Street Journal) on such
Purchase Date (or on the next regular business date on which shares of the Class
B Common Stock of the Company shall be traded in the event that no shares of the
Class B Common Stock shall have been traded on the Purchase Date). Subject to
the foregoing, the Committee shall have full authority and discretion in fixing
the purchase price.

            (b) Medium and Time of Payment. The purchase price shall be payable
in full in United States dollars, pursuant to uniform policies and procedures
established by the Committee. The funds required for such payment will be
derived by withholding from an employee's compensation. An employee shall have
the right at any time to terminate the withholding from his or her compensation
of amounts to be paid toward the purchase price. An employee shall have the
right, one time in each quarter, to change the amount so withheld, by submitting
a written request to the Company at least 15 business days before any Purchase
Date. An employee shall have the right to cancel his or her subscription in
whole and to obtain a refund of amounts withheld from his or her compensation by
submitting a written request to the Company at least 15 business days before any
Purchase Date. Any cancellation of a subscription in whole will constitute a
withdrawal under Section 4(a) of the Plan. Such amounts shall thereafter be paid
to the employee within a reasonable period of time.

            (c) No Interest on Employee Funds. No interest shall accrue on any
amounts withheld from an employee's compensation.

            (d) Accrual Limitation. No subscription shall permit the rights of
an employee to purchase stock under all "employee stock purchase plans" (as
defined in the Code) of the Company to accrue, under the rules set forth in
Section 423(b)(8) of the Code, at a rate which exceeds $25,000 of fair market
value of such stock (determined at the time of subscription) for each calendar
year.

            (e) Termination of Employment. If an employee who has subscribed for
shares ceases to be employed by the Company or a participating subsidiary before
any applicable Purchase Date:

                  i. Because of retirement or disability, he or she may elect to
continue making payments equal to the rate of payroll deductions made before
retirement or disability

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<PAGE>

until the first Purchase Date following retirement or disability; or otherwise
the accumulated payment in his or her account at the time of retirement or
disability will be applied to purchase shares at the applicable purchase price
on the first Purchase Date following such retirement or disability, unless the
Company is otherwise notified in writing.

                  ii. For any other reason, he or she may elect to have the
accumulated payment in his or her account at the time of termination applied to
purchase shares at the applicable purchase price on the first Purchase Date
following such termination; or otherwise the total unused payments credited to
his or her account on the date of termination will be refunded within a
reasonable time without interest, unless the Company is otherwise notified in
writing.

            (f) Transferability. Neither payments credited to an employee's
account nor any rights to subscribe to purchase shares of Class B Common Stock
under the Plan may be transferred by an employee except by the laws of descent
and distribution. Any such attempted transfer will be without effect, except
that the Company may treat such act as an election by the employee to withdraw
in accordance with Section 6(b). Shares of Class B Common Stock may be purchased
under the Plan only by subscribing employees who have legal capacity as
determined under applicable state law or, in the event of the employee's legal
incapacity, by his or her guardian or legal representative acting in a fiduciary
capacity on behalf of the employee under state law or court supervision.

            (g) Death and Designation of Beneficiary. An employee may file with
the Company a written designation of beneficiary and may change such designation
of beneficiary at any time by written notice to the Company. On the death of an
employee, the elections provided on termination of employment for retirement or
disability may be exercised by the employee's beneficiary, executor,
administrator, or other legal representative.

            (h) Adjustments. The Committee may make or provide for such
adjustments in the purchase price and in the number or kind of shares of the
Class B Common Stock or other securities covered by outstanding subscriptions,
or specified in the second sentence of Section 5 of the Plan, as the Committee
in its sole discretion, exercised in good faith, may determine is equitably
required to prevent dilution or enlargement of the rights of employees that
would otherwise result from (i) any stock dividend, stock split, combination of
shares, recapitalization or other change in the capital structure of the
Company; (ii) any merger, consolidation, spin-off, split-off, spin-out,
split-up, separation, reorganization, partial or complete liquidation, or other
distribution of assets, issuance of rights or warrants to purchase stock; or
(iii) any other corporate transaction or event having an effect similar to any
of the foregoing. Moreover, in the event of any such transaction or event, the
Committee, in its discretion, may provide in substitution for any or all
outstanding subscriptions under this Plan such alternative consideration as it,
in good faith, may determine to be equitable in the circumstances.

            (i) Rights as a Stockholder. An employee shall have no rights as a
stockholder with respect to any Class B Common Stock covered by his or her
subscription until the Purchase Date following payment in full. No adjustment
shall be made for dividends (ordinary or extraordinary, whether in cash,
securities or other property) or distributions or other rights for which the
record date is prior to the date of such purchase, except as provided in Section
6(h) of the Plan.

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<PAGE>

            (j) Fractional Shares. Fractional shares may be purchased under the
Plan and credited to an account for the employee. The Company, however, shall
have the right to pay cash in lieu of any fractional shares of Class B Common
Stock to be distributed from an employee's account under the Plan.

            (k) Other Provisions. The Subscription and Authorization Form
authorized under the Plan shall contain such other provisions as the Committee
may deem advisable, provided that no such provisions may in any way be in
conflict with the terms of the Plan.

            SECTION 7. TERM OF PLAN.

            Eligible employees may subscribe for shares under the Plan until
April 25, 2016; provided, however, that the Committee may terminate or suspend
the Plan if at any time there are less than 5 percent of the eligible employees
participating in the Plan.

            SECTION 8. AMENDMENT OF THE PLAN.

            The Plan may be amended from time to time by the Committee, but
without further approval of the stockholders, no such amendment shall (a)
increase the aggregate number of shares of Class B Common Stock that may be
issued and sold under the Plan (except that adjustments authorized by Section
6(h) of the Plan shall not be limited by this provision) or (b) materially
modify the requirements as to eligibility for participation in the Plan.

            SECTION 9. APPROVAL OF STOCKHOLDERS.

            The Plan shall take effect upon adoption by the Board of Directors;
provided, however, that any subscriptions and purchases under the Plan shall be
null and void unless the Plan is approved by a vote of the holders of a majority
of the total number of outstanding shares of voting stock of the Company present
in person or by proxy at a meeting at which a quorum is present in person or by
proxy, which approval must occur within the period of 12 months after the date
the Plan is adopted by the Board of Directors.

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<PAGE>

                            PLAYBOY ENTERPRISES, INC.
                        UNANIMOUS CONSENT OF MEMBERS OF
                             THE BOARD OF DIRECTORS

      Pursuant  to the  provisions  of Section  141(f) of the  Delaware  General
Corporation Law, the undersigned  Directors,  constituting all of the members of
the Board of Directors  (the "Board") of Playboy  Enterprises,  Inc., a Delaware
corporation (the  "Corporation"),  hereby consent to the taking of the following
action  without  the holding of a meeting  and hereby  adopt  these  resolutions
effective as of April 25, 2006.

      WHEREAS,  the  Board  has  determined  that it is in the  interest  of the
Corporation to amend the Playboy Enterprises,  Inc. Employee Stock Purchase Plan
(the "Plan") to extend the term thereof; and

      WHEREAS,  Section 8 of the Plan permits the Board to amend the Plan in its
discretion  (subject to certain  restrictions  not applicable in this instance);
and

      NOW, THEREFORE, BE IT RESOLVED,  that, effective as of April 25, 2006, the
Plan is hereby  amended to extend the term  thereof  until April 25, 2016 and to
make certain conforming changes to the Plan document; and

      RESOLVED, FURTHER, that the officers of the Corporation, and each of them,
be, and they hereby are,  authorized  and directed to execute these  resolutions
and are authorized and directed to execute such other documents and to take such
further action as they or any of them, determines to be necessary,  desirable or
appropriate to accomplish the purpose of the foregoing resolutions.

      Upon the execution of this  Unanimous  Consent of the Members of the Board
of Directors,  in one or more  counterparts  by all of the members of the Board,
the adoption of these  resolutions shall be effective as of the date first above
written.

Dated as of April 25, 2006

/s/ Christie Hefner                        /s/ Dennis Bookshester
--------------------------                 ---------------------------------
Christie Hefner                            Dennis Bookshester

/s/ David Chemerow                         /s/ Donald Drapkin
--------------------------                 ---------------------------------
David Chemerow                             Donald Drapkin

/s/ Jerome Kern                            /s/ Russell Pillar
--------------------------                 ---------------------------------
Jerome Kern                                Russell Pillar

/s/ Sol Rosenthal                          /s/ Richard Rosenzweig
--------------------------                 ---------------------------------
Sol Rosenthal                              Richard Rosenzweig

                                       6Exhibit 10.63

                                 TRUST AGREEMENT
                                       OF
                           BLUEGREEN STATUTORY TRUST V

      THIS  TRUST  AGREEMENT  OF  BLUEGREEN   STATUTORY  TRUST  V  (this  "Trust
Agreement") is dated as of July 19, 2006 by and among Bluegreen  Corporation,  a
Massachusetts  corporation,  as depositor (the  "Depositor"),  Wilmington  Trust
Company,  a Delaware  banking  corporation,  as trustee (in such  capacity,  the
"Delaware   Trustee"),   and  Wilmington  Trust  Company,   a  Delaware  banking
corporation,  as trustee (in such capacity, the "Property Trustee" and, together
with the Delaware  Trustee,  the  "Trustees").  The  Depositor  and the Trustees
hereby agree as follows:

      1. The trust created hereby shall be known as "Bluegreen  Statutory  Trust
V" (the  "Trust"),  in which name the Trustees or the  Depositor,  to the extent
provided  herein,  may  conduct  the  business  of the Trust,  make and  execute
contracts, and sue and be sued.

      2. The Depositor hereby assigns,  transfers,  conveys and sets over to the
Trust the sum of $10. The Trustees hereby acknowledge  receipt of such amount in
trust from the Depositor.  Such amount shall constitute the initial trust estate
of the Trust.  The Trustees  hereby declare that they will hold the trust estate
in trust for the  Depositor.  It is the intention of the parties hereto that the
Trust created hereby  constitute a statutory  trust under Chapter 38 of Title 12
of the Delaware Code, 12 Del. C. ss. 3801, et seq. (the "Statutory  Trust Act"),
and that this document  constitute  the governing  instrument of the Trust.  The
Trustees are hereby authorized and directed to execute and file a certificate of
trust with the  Secretary  of State of the State of Delaware in such form as the
Trustees may approve.

      3. The  Depositor and the Trustees will enter into an amended and restated
Trust Agreement  satisfactory to each such party to provide for the contemplated
operation  of the Trust  created  hereby  and the  issuance  by the Trust of the
Preferred Securities and Common Securities as may be referred to therein.  Prior
to the execution and delivery of such amended and restated Trust Agreement,  (i)
the Trustees shall not have any duty or obligation  hereunder or with respect to
the trust estate of the Trust,  except as otherwise  contemplated  by this Trust
Agreement,  and (ii) the Depositor  shall take or cause to be taken on behalf of
the trust all actions as may be necessary to obtain prior to such  execution and
delivery any  licenses,  consents or  approvals  required by  applicable  law or
otherwise.  Notwithstanding  the foregoing,  the Trustees are authorized to take
all  actions,   as  instructed  by  the  Depositor,   necessary  to  effect  the
transactions contemplated herein.

      4. The Depositor,  on behalf of the Trust,  is hereby  authorized,  in its
discretion,  (i) to  prepare,  file and  execute  on behalf  of the  Trust  such
applications,  reports,  surety bonds,  irrevocable  consents,  appointments  of
attorney  for service of process and other  papers and  documents  that shall be
necessary  or  desirable  to  register  or  establish  the  exemption  from  the
registration  of the Preferred  Securities of the Trust under the  securities or
"Blue Sky" laws of such jurisdictions as the Depositor,  on behalf of the Trust,
may deem necessary or desirable; (ii) to prepare, negotiate, execute and deliver
letters or documents to, or instruments  for filing with, a

<PAGE>

depositary relating to the sale and issuance of the Preferred  Securities of the
Trust as it deems  necessary  or  desirable;  and (iii) to  negotiate,  execute,
deliver  and  perform on behalf of the Trust one or more  placement  agreements,
purchase agreements,  subscription agreements, dealer manager agreements, escrow
agreements and other similar or related agreements  providing for or relating to
the sale of the Preferred Securities of the Trust.

      In the event that any filing  referred to in this Section 4 is required by
the rules  and  regulations  of the  Securities  and  Exchange  Commission  (the
"Commission")  or any state  securities or Blue Sky laws or by any depositary to
be  executed on behalf of the Trust by the  Trustees,  the  Trustees  are hereby
authorized  and, to the extent so required,  directed to join in any such filing
and to  execute  on behalf of the Trust any and all of the  foregoing,  it being
understood that the Trustees shall not be required to join in any such filing or
execute on behalf of the Trust any such  document  unless  required by the rules
and  regulations of the Commission and any state  securities or Blue Sky laws or
by any depositary.

      5. This Trust Agreement may be executed in one or more counterparts,  each
of which shall be deemed an original but all of which together shall  constitute
one and the same instrument.

      6.  The  number  of  trustees  of the  Trust  initially  shall  be two and
thereafter  the number of trustees of the Trust shall be such number as shall be
fixed from time to time by a written  instrument signed by the Depositor,  which
may increase or decrease the number of trustees of the Trust; provided,  that to
the extent  required by the Statutory  Trust Act, one trustee of the Trust shall
either be a natural person who is a resident of the State of Delaware or, if not
a natural  person,  an entity  that has its  principal  place of business in the
State of Delaware  and  otherwise  meets the  requirements  of  applicable  law.
Subject to the foregoing, the Depositor is entitled to appoint or remove without
cause any trustee of the Trust at any time.  Any trustee of the Trust may resign
upon thirty days' prior written notice to the Depositor.

      7. The  Depositor  hereby  agrees to (i)  reimburse  the  Trustees for all
reasonable expenses (including reasonable fees and expenses of counsel and other
experts),  (ii) to the fullest extent  permitted by law,  indemnify,  defend and
hold  harmless the Trustees and any of the  officers,  directors,  employees and
agents of the Trustees (the "Indemnified  Persons") from and against all losses,
damages,  liabilities,  claims, actions,  suits, costs, expenses,  disbursements
(including the reasonable fees and expenses of counsel),  taxes and penalties of
any kind and nature whatsoever  (collectively,  "Expenses"),  to the extent that
such  Expenses  arise out of or are imposed upon or asserted at any time against
such  Indemnified  Persons  with  respect  to  the  performance  of  this  Trust
Agreement, the creation,  operation,  administration or termination of the Trust
or the transactions  contemplated hereby; provided, that the Depositor shall not
be required to indemnify any Indemnified  Person for Expenses to the extent such
Expenses  result from the willful  misconduct,  bad faith or  negligence of such
Indemnified  Person and (iii) to the fullest extent permitted by law, advance to
each such Indemnified  Person Expenses  incurred by such  Indemnified  Person in
defending  any claim,  demand,  action,  suit or  proceeding  prior to the final
disposition of such claim,  demand,  action,  suit or proceeding upon receipt by
the Depositor of an undertaking,  by or on behalf of such Indemnified Person, to
repay such amount if it shall be determined that such Indemnified  Person is not
entitled to be indemnified therefor under this Section 7. The obligations of the
Depositor  under this Section 7 shall survive the  resignation or

                                      -2-
<PAGE>

removal of the Trustee,  shall survive the termination,  amendment,  supplement,
and/or  restatement of this Trust  Agreement,  and shall survive the transfer by
the Depositor of any or all of its interest in the Trust.

      8. The Trust may be dissolved  and  terminated  before the issuance of the
Preferred Securities of the Trust at the election of the Depositor.

      9. This Trust  Agreement  shall be governed by, and construed and enforced
in  accordance  with,  the laws of the  State of  Delaware  (without  regard  to
conflict of laws principles).

                                      -3-
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Trust Agreement to
be duly executed as of the day and year first above written.

                                  BLUEGREEN CORPORATION, as Depositor

                                  By:
                                         ---------------------------------------
                                  Name:
                                         ---------------------------------------
                                  Title:
                                         ---------------------------------------

                                  WILMINGTON TRUST COMPANY, as Property Trustee

                                  By:
                                         ---------------------------------------
                                  Name:
                                         ---------------------------------------
                                  Title:
                                         ---------------------------------------

                                  WILMINGTON TRUST COMPANY, as Delaware Trustee

                                  By:
                                         ---------------------------------------
                                  Name:
                                         ---------------------------------------
                                  Title:
                                         ---------------------------------------

                                      -4-

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