Document:

Exhibit 4.31

THIS SECURITY AND THE OBLIGATIONS EVIDENCED
HEREBY ARE SUBORDINATED ON THE TERMS AND CONDITIONS SET FORTH HEREIN TO ALL
OBLIGATIONS ARISING UNDER OR IN CONNECTION WITH SENIOR INDEBTEDNESS, AS DEFINED
IN THIS SECURITY. NO HOLDER SHALL EXERCISE ANY RIGHT OR REMEDY THAT COULD
CONTRAVENE OR IMPAIR THE RIGHTS OF THE HOLDERS OF THE SENIOR INDEBTEDNESS.

THIS SECURITY AND THE COMMON STOCK INTO WHICH
IT MAY BE CONVERTED HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, OR UNDER SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED,
SOLD OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SAID ACT AND
APPLICABLE STATE SECURITIES LAWS.

PAYMENT ON ACCOUNT OF THIS NOTE OR ON ACCOUNT
OF ANY BANKRUPTCY CLAIM ARISING IN RESPECT OF THIS NOTE IS STRICTLY SUBJECT TO
THE TERMS OF THAT CERTAIN SELLER NOTE SUBORDINATION AGREEMENT DATED DECEMBER 6,
2007 ENTERED IN TO BY AND AMONG INTERACTIVE NETWORK, INC. (“OBLIGOR”), ANDREW
B. CONRU TRUST AGREEMENT, AND MAPSTEAD TRUST, CREATED ON APRIL 16, 2002
(COLLECTIVELY, THE “SELLERS”), THE INITIAL SENIOR LIEN HOLDERS AND
INITIAL SECOND LIEN HOLDERS PARTY THERETO AND U.S. BANK NATIONAL ASSOCIATION,
AS SENIOR LIEN COLLATERAL AGENT, PURSUANT TO WHICH SELLERS HAVE AGREED THAT NO
PAYMENTS OF OR ON ACCOUNT OF PRINCIPAL OR INTEREST (OTHER THAN PAYMENT OF
INTEREST IN THE FORM OF ADDITIONAL NOTES (AS DEFINED IN THIS NOTE) WILL BE MADE
BY OBLIGOR OR ACCEPTED BY SELLERS UNTIL THE SENIOR DEBT, AS DEFINED IN THE
SELLER NOTE SUBORDINATION AGREEMENT, HAS BEEN PAID IN FULL IN CASH.

INTERACTIVE NETWORK, INC.

6% Subordinated Convertible Note due 2011

	
 

	
 

	
No. VAR-[__]

	
October __,
  2009

	
[$_____________]

	
Palo Alto,
  California

          Interactive
Network, Inc., a corporation duly organized and existing under the laws of
Nevada (herein called the “Issuer”), hereby promises to pay to
[_______________________], (“Holder”), the principal sum of
[_________________________] ($[_____________])] (such amount the “principal
amount” of this Note) on the earlier to occur of (i) December 6, 2011, (ii)
a Change in Control, as defined below or (iii) an Event of Default, as defined
below (the “Maturity Date”), and to pay interest thereon from June 30,
2009 or from the most recent Interest Payment Date to which interest has been
paid or duly provided for, payable in arrears on June 30 and December 31 in
each year, commencing December 31, 2009, at the rate of 6% per annum (“Interest
Rate”), until (x) the principal hereof is paid or made available for
payment, or (y) the outstanding principal amount of this Note has been
converted into Common Stock, as defined below. Interest so payable shall be
payable, at the Issuer’s election (a) in kind by the issuance of additional
securities (“Additional Notes”, and together with this Note and any
successor Note, the “Notes”) with terms identical to this Note (other
than date of issuance and denomination and 

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if the
“applicable Federal rate” under Internal Revenue Code §7520 is greater than six
percent (6%) for instruments having the date of issuance and term of such
Additional Notes, an interest rate equal to such applicable Federal rate) in
such principal amount as shall equal the amount of interest that is then due
and payable, or (b) in cash.

          This
Note is being issued to Holder by Issuer as assignee of the buyer’s interest
under, and pursuant to, the Stock Purchase Agreement, dated as of September 21,
2007, by and among Various, Inc., Andrew B. Conru Trust Agreement,
Mapstead Trust, created on April 16, 2002, Andrew B. Conru, individually,
Lars Mapstead, individually, and FriendFinder Networks Inc. (f/k/a Penthouse
Media Group, Inc.) (“FFN”), as amended (collectively, the “Stock
Purchase Agreement”). 

          This
Note replaces (i) the 6% Subordinated Convertible Note due 2011, No. VAR-[   ], in
the principal amount of $[               ] issued on December 6, 2007, (ii) the 6%
Subordinated Convertible Note due 2011, No. VAR-[   ], in the principal amount of
$[               ] issued on June 30, 2008 and (iii) the 6% Subordinated Convertible
Note due 2011, No. VAR-[   ], in the principal amount of $[               ] issued on
December 31, 2008, with the indebtedness evidenced thereby remaining due and
payable in accordance with this Note.

          The
following is a statement of the rights of the Holder of this Note and the
conditions to which this Note is subject:

          1.
Definitions. As used in this Note, the following terms, unless the
context otherwise requires, have the following meanings:

	
 

	
 

	
 

	
 

	
1.1

	
“Change
  in Control” means with respect to the Issuer, (i) a merger, consolidation
  or other transaction or series of transactions following which the Issuer’s
  stockholders immediately prior to the transaction do not own, directly or
  indirectly, more than 50% of the capital stock of the surviving corporation
  (or any parent thereof), provided that, the consummation of an underwritten
  initial public offering by Issuer or a related issuing entity which includes
  the Business shall not be a Change in Control for purposes of this Note, or
  (ii) the sale or transfer of all or substantially all of the assets of
  Issuer, provided that sales or transfers to any entity of which more than 50%
  of the capital stock is owned, directly or indirectly, by Issuer (or parent
  thereof), shall not constitute a Change in Control for purposes of this Note.

	
 

	
 

	
 

	
 

	
1.2

	
“Interest
  Payment Date” means the Stated Maturity of an installment of interest on
  this Note.

	
 

	
 

	
 

	
 

	
1.3

	
“Person”
  means an individual, corporation, limited liability company, partnership,
  association, joint-stock company, trust, unincorporated organization, joint
  venture or other enterprise or entity.

	
 

	
 

	
 

	
 

	
1.4

	
“Senior
  Indebtedness” means (i) indebtedness owed by FFN, the parent of Issuer,
  evidenced by the 15% Senior Secured Notes due 2010 in the aggregate principal
  amount of approximately $44.5 million as of September 1, 2009, and (ii) any 

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remaining
  indebtedness owed by Issuer and incurred by Issuer to finance the purchase of
  the Business in December 2007, (iii) debt instruments evidencing any of the
  indebtedness, or refinancing of the indebtedness, described in foregoing
  items (i) or (ii), and (iv) any guaranty of any of the foregoing by Issuer,
  any of Issuer’s subsidiaries, FFN or any of FFN’s subsidiaries.

	
 

	
 

	
 

	
 

	
1.5

	
“Stated
  Maturity” when used with respect to any Note or any installment of
  interest thereon, means the date specified in such Note as the fixed date on
  which the principal of such Note or such installment of interest is due and
  payable.

          Capitalized
terms used in this Note but not defined herein shall have the meaning assigned
to such term in the Stock Purchase Agreement.

          2.
Default Interest. To the extent permitted by law, upon the occurrence
and during the continuance of an Event of Default, the principal of, and all
accrued and unpaid interest on, this Note shall bear interest, from the date
such Event of Default occurred until the date such Event of Default is cured or
waived in writing in accordance herewith, at a rate of fourteen percent (14%)
per annum (the “Default Interest Rate”).

          3.
Prepayment; Right to Offset. 

          3.1
The Issuer may prepay the principal of or interest on this Note, in whole or in
part, at any time without premium or penalty upon fifteen (15) Business Days’
prior notice to Holder, which notice must be accompanied by evidence reasonably
satisfactory to the Holder of the Issuer’s financial capability to make such
prepayment, at which time, if after the effective date of an IPO, as defined
below, Holder may exercise Holder’s conversion rights as provided in Section 4
below, and subject to the provisions thereof, in lieu of accepting prepayment.
Prepayment under the Notes shall be made proportionally among all outstanding
Notes of Holders not exercising such Holders’ conversion rights in lieu of
accepting prepayment based upon the principal amount of such Notes. Any
prepayment shall be applied as follows: first to unpaid accrued interest; and
second to principal.

          4.
Conversion; Conversion Price.

          4.1
Subject to the provisions of this Section 4, at any time during the period
commencing with the consummation of the first firm-commitment underwritten
public offering by Issuer or a related issuing entity which includes the
Business (in either case, the “Publicly Traded Entity”) of its common
stock pursuant to an effective registration statement under the Securities Act
of 1933, as amended (an “IPO”), the Holder of this Note may choose to
convert the outstanding principal amount of this Note, in whole or in part,
plus any unpaid accrued interest into common stock (the “Common Stock”)
of such Publicly Traded Entity; provided that each such conversion shall be in
an amount of not less than $10,000,000.

          4.2
In order to exercise the conversion option, the Holder shall surrender this
Note to the Issuer together with a written notice of election to convert,
completed and signed by Holder and such instruments of transfer as may be
reasonably required by Issuer. As promptly as practicable after the surrender
by Holder of this Note, the Issuer shall issue additional shares of 

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Issuer’s
common stock to the Publicly Traded Entity in exchange for shares of Common
Stock of such Publicly Traded Entity, which Common Stock evidenced by a
certificate or certificates for the whole number of shares of Common Stock
issuable upon the conversion of this Note in accordance with the provisions of
this Section 4, will be delivered by Issuer to Holder or on Holder’s written
order, Holder’s transferees.

          4.3
The rights of the Holder of this Note to exercise such conversion option are
limited to the extent that such conversion, together with any prior or
concurrent conversion of Notes, will result in the issuance of Common Stock
representing, in the aggregate, more than seventeen percent (17%) of the fully
diluted equity of the Publicly Traded Entity calculated at the time of the
first such conversion.

          4.4
The conversion price shall be the per share offering price for the Common Stock
of the Publicly Traded Entity in the IPO (the “Conversion Price”).

          4.5
It is understood that the certificates evidencing the Common Stock issuable
upon the conversion of the Note may bear legends pursuant to the provisions of
Section 7.09 of the Stock Purchase Agreement.

          5.
Reservation of Stock Issuable Upon Conversion. Commencing on the
effective date of the IPO, the Issuer shall, or shall cause the Publicly Traded
Entity (if such entity is an entity other than the Issuer) to, at all times, reserve
and keep available out of its authorized but unissued shares of Common Stock,
solely for the purpose of effecting the conversion of the Note, a number of its
shares of Common Stock as shall from time to time be sufficient to effect the
conversion of the Note; up to that number of shares equal to seventeen percent
(17%) of the fully diluted equity of the Publicly Traded Entity, and if at any
time the number of authorized but unissued shares of Common Stock shall not be
sufficient to effect the conversion of the entire outstanding principal amount
of this Note, subject to the aforementioned limitation, in addition to such
other remedies as shall be available to the holder of this Note, the Company
will use reasonable efforts to take such corporate action as may, in the
opinion of its counsel, be necessary to increase its authorized but unissued
shares of Common Stock to such number of shares as shall be sufficient for such
purposes.

          6.
Default; Events of Default. The outstanding balance of the Notes shall
be immediately due, without notice or demand by Holder, in the case of an Event
of Default. “Event of Default”, wherever used, means any one of the
following events for Issuer (whatever the reason for such Event of Default and
whether it shall be voluntary or involuntary or be effected by operation of law
or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body):

	
 

	
 

	
 

	
 

	
(a)

	
failure to
  pay principal of any Note when due (upon acceleration or otherwise);

	
 

	
 

	
 

	
 

	
(b)

	
failure to
  pay interest on any Note when due, and such default continues for a period of
  10 days;

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(c)

	
failure to
  perform any other covenant or agreement of the Issuer under any Note and such
  failure continues for 60 days after written notice to the Issuer by the
  Holder;

	
 

	
 

	
 

	
 

	
(d)

	
Issuer’s (i)
  dissolution, (ii) Change in Control, (iii) termination of existence, or (iv)
  suspension or discontinuance of business, provided that none of the foregoing
  shall constitute an Event of Default as long as Issuer’s obligations
  hereunder are assumed by an entity, more than 50% of the capital stock of
  which is owned, directly or indirectly by Issuer;

	
 

	
 

	
 

	
 

	
(e)

	
(i) any
  default by the Issuer in the payment of the principal or interest has
  occurred with respect to amounts in excess of $10.0 million under any
  agreement, indenture or instrument evidencing debt, which is pari passu with
  or senior to the Notes in right of payment, when such amounts shall become
  due and payable in full and such default shall have continued after any
  applicable grace period and shall not have been cured or waived and, if not
  already matured at its final maturity in accordance with its terms, the
  holders of such debt shall have the right to accelerate such debt, or (ii)
  any event of default as defined in any agreement, indenture or instrument of
  the Issuer evidencing debt in excess of $10.0 million shall have occurred and
  the debt thereunder, if not already matured at its final maturity in
  accordance with its terms, shall have been accelerated;

	
 

	
 

	
 

	
 

	
(f)

	
the
  rendering of a final judgment or judgments against the Issuer in an amount in
  excess of $10.0 million which remains undischarged or unstayed for a period
  of 60 days after the date on which the right to appeal has expired;

	
 

	
 

	
 

	
 

	
(g)

	
the entry by
  a court having jurisdiction in the premises of (A) a decree or order for
  relief in respect of the Issuer in an involuntary case or proceeding under
  any applicable U.S. Federal or State or other applicable bankruptcy,
  insolvency, reorganization or other similar law or (B) a decree or order
  adjudging the Issuer as bankrupt or insolvent, or approving as properly filed
  a petition seeking reorganization, arrangement, adjustment or composition of
  or in respect of the Issuer under any applicable U.S. Federal or State, or
  other applicable law, or appointing a custodian, receiver, liquidator,
  assignee, agent, sequestrator or other similar official of the Issuer or of
  any substantial part of the property of the Issuer, or ordering the winding
  up or liquidation of the affairs of the Issuer, and the continuance of any
  such decree or order for relief or any such other decree or order unstayed
  and in effect for a period of 90 consecutive days;

	
 

	
 

	
 

	
 

	
(h)

	
the
  commencement by the Issuer of a voluntary case or proceeding under any
  applicable U.S. Federal or State, or other applicable bankruptcy, insolvency,
  reorganization or other similar law or of any other case or proceeding to be
  adjudicated as bankrupt or insolvent, or the consent by the Issuer to the
  entry of a decree or order for relief in respect of the Issuer in an
  involuntary case or proceeding under any applicable U.S. Federal or State, or
  other applicable bankruptcy, insolvency, reorganization or other similar law
  or to the commencement of any bankruptcy or insolvency case or proceeding
  against the 

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Issuer, or
  the filing by the Issuer of a petition or answer or consent seeking
  reorganization or relief under any applicable U.S. Federal or State, or other
  applicable law, or the consent by the Issuer or any Subsidiary to the filing
  of such petition or to the appointment of or taking possession by a
  custodian, receiver, liquidator, assignee, agent, sequestrator or similar
  official of the Issuer or of substantially all of the property of the Issuer,
  or the making by the Issuer of an assignment for the benefit of creditors, or
  the admission by the Issuer in writing of its inability to pay its debts
  generally as they become due, or the taking of corporate action by the Issuer
  in furtherance of any such action; or

	
 

	
 

	
 

	
 

	
(i)

	
any material
  default by Issuer of the Stock Purchase Agreement, or any material default by
  Issuer or FFN of Section 1(b) or 1(c) of that certain letter agreement dated
  October __, 2009 which provided for the issuance of this Note in the form
  hereof.

          7.
Subordination; Priority. The indebtedness evidenced by this Note is
hereby expressly subordinated, to the extent and in the manner hereinafter set
forth, in right of payment to the prior payment in full of all the Senior
Indebtedness, and such subordination is for the benefit and enforceable by the
holders of the Senior Indebtedness. 

          7.1
Default on Senior Indebtedness. If there should occur any receivership,
insolvency, assignment for the benefit of creditors, bankruptcy, reorganization
or arrangements with creditors (whether or not pursuant to bankruptcy or other
insolvency laws) sale of all or substantially all of the assets, dissolution,
liquidation or any other marshaling of the assets and liabilities of the
Issuer, or if this Note shall be declared due and payable upon the occurrence
of an event of default with respect to any Senior Indebtedness, then (i) no
amount shall be paid by the Issuer in respect of the principal of or interest
on this Note at the time outstanding, unless and until the principal of and
interest on the Senior Indebtedness then outstanding shall be paid in full, and
(ii) no claim or proof of claim shall be filed with the Issuer by or on behalf
of the Holder of this Note that shall assert any right to receive any payments
in respect of the principal of and interest on this Note, except subject to the
payment in full of the principal of and interest on all of the Senior
Indebtedness then outstanding. If there occurs an event of default that has
been declared in writing with respect to any Senior Indebtedness, or in the
instrument under which any Senior Indebtedness is outstanding, permitting the
holder of such Senior Indebtedness to accelerate the maturity thereof, then,
unless and until such event of default shall have been cured or waived or shall
have ceased to exist, or all Senior Indebtedness shall have been paid in full,
no payment shall be made in respect of the principal of or interest on this
Note, unless within 60 days after the happening of such event of default, the
maturity of such Senior Indebtedness shall not have been accelerated.

          7.2
Effect of Subordination. Subject to the rights, if any, of the holders
of Senior Indebtedness under this Section 7 to receive cash, securities or
other properties otherwise payable or deliverable to the Holder of this Note,
nothing contained in this Section 7 shall impair, as between the Issuer and the
Holder, the obligation of the Issuer, subject to the terms and conditions
hereof, to pay to the Holder the principal hereof and interest hereon as and
when the same become due and payable, or shall prevent the Holder of this Note,
upon default hereunder, from exercising all rights, powers and remedies
otherwise provided herein or by applicable law.

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          7.3
Subrogation. Subject to the payment in full of all Senior Indebtedness
and until this Note shall be paid in full, the Holder shall be subrogated to
the rights of the holders of Senior Indebtedness (to the extent of payments or
distributions previously made to such holders of Senior Indebtedness pursuant
to the provisions of Section 6 above) to receive payments or distributions of
assets of the Issuer applicable to the Senior Indebtedness. No such payments or
distributions applicable to the Senior Indebtedness shall, as between the
Issuer and its creditors, other than the holders of Senior Indebtedness and the
Holder, be deemed to be a payment by the Issuer to or on account of this Note;
and for the purposes of such subrogation, no payments or distributions to the
holders of Senior Indebtedness to which the Holder would be entitled except for
the provisions of this Section 7 shall, as between the Issuer and its
creditors, other than the holders of Senior Indebtedness and the Holder, be
deemed to be a payment by the Issuer to or on account of the Senior
Indebtedness.

          8.
Miscellaneous. 

          8.1
Subject to any limitations set forth in the Stock Purchase Agreement, the
rights and remedies herein reserved to any party shall be cumulative and in
addition to any other or further rights and remedies available at law or in
equity. The waiver by any party hereto of any breach of any provision of this
Note shall not be deemed to be a waiver of the breach of any other provision or
any subsequent breach of the same provision.

          8.2
This Note shall be governed by and construed in accordance with the laws of the
State of California applicable to contracts entered into and wholly to be
performed in the State of California.

          8.3
If any provision of this Note, or the application of such provision to any
person or circumstance, is held invalid or unenforceable, the remainder of this
Note, or the application of such provisions to persons or circumstances other
than those as to which it is held invalid or unenforceable, shall not be
affected thereby.

          8.4
This Note and its terms may not be changed, waived or amended except by written
instrument executed by the Issuer and the Holder. 

          8.5
In case any provision contained herein (or part thereof) shall for any reason
be held to be invalid, illegal, or unenforceable in any respect, such
invalidity, illegality, or other unenforceability shall not affect any other
provision (or the remaining part of the affected provision) hereof; but this
Note shall be construed as if such invalid, illegal, or unenforceable provision
(or part thereof) had never been contained herein, but only to the extent that
such provision is invalid, illegal, or unenforceable. 

          8.6
Notices. Any notice or other communication required or permitted
hereunder shall be delivered in accordance with the provisions of Section 12.09
of the Stock Purchase Agreement.

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          8.7
No Stockholder Rights. Nothing contained in this Note shall be construed
as conferring upon the Holder or any other person the right to vote or to
consent or to receive notice as a stockholder in respect of meetings of
stockholders for the election of directors of the Issuer, or Publicly Traded
Entity, as the case may be, or any other matters or any rights whatsoever as a
stockholder of the Issuer or Publicly Traded Entity, and no dividends or other
distributions shall be payable or accrued in respect of this Note or the
interest represented hereby or the shares of Common Stock to be obtained upon
conversion hereunder until, and only to the extent that, this Note shall have
been converted.

          8.8
This Note and the Common Stock issuable upon its conversion may not be assigned
or otherwise transferred except in accordance with the provisions of Section
7.09(a) of the Stock Purchase Agreement.

          8.9
In case any Note shall be mutilated, lost, stolen or destroyed, the Issuer
shall issue a new Note of like date, tenor and denomination and deliver the
same in exchange and substitution for and upon surrender and cancellation of
any mutilated Note, or in lieu of any Note lost, stolen or destroyed, upon
receipt of evidence satisfactory to the Issuer of the loss, theft or
destruction of such Note.

Signature Page Follows.

8

          The
Issuer has caused this Note to be duly executed and delivered by its authorized
representative as of the date first above written.

	
 

	
 

	
 

	
 

	
ISSUER:

	
 

	
 

	
 

	
INTERACTIVE
  NETWORK, INC.

	
 

	
 

	
 

	
By:

	
 

	
 

	 

	
 

	
Name:

	
 

	
 

	 

	
 

	
Title:

	
 

	
 

	 

[Signature
Page for Subordinated Convertible Note]

9 

GUARANTY

          Effective
as of the date first written above, FFN (“Guarantor”) hereby
unconditionally and irrevocably guaranties to the Holder, and the Holder’s
successors and assigns, the punctual payment by Issuer when due, whether at
stated maturity, by acceleration or otherwise, of all indebtedness now or in
the future evidenced by or owed under the foregoing 6% Subordinated Convertible
Note due 2011 (the “Note”), whether for principal, interest, fees,
expense reimbursements or otherwise (the “Guaranteed Obligations”), and
agrees to pay any and all expenses (including reasonable counsel fees and
expenses) incurred by the Holder in enforcing any rights under the terms of the
guaranty set forth herein (the “Guaranty”).

          Guarantor
guaranties that the Guaranteed Obligations will be paid strictly in accordance
with the terms of the Note. The obligations of the Guarantor under this
Guaranty are independent of the Guaranteed Obligations, and a separate action
or actions may be brought and prosecuted against Guarantor to enforce such
obligations, irrespective of whether any action is brought against Issuer or
whether Issuer is joined in any such action or actions. The liability of
Guarantor under this Guaranty shall be irrevocable, absolute and unconditional
irrespective of, and Guarantor hereby irrevocably waives any defenses it may
now or hereafter have in any way relating to, any or all of the following:

                    (a)
any lack of validity or enforceability of the Note;

                    (b)
any change in the time, manner or place of payment of, or in any other term of,
all or any of the Guaranteed Obligations, or any other amendment or waiver of
or any consent to departure from the terms of the Note, including, without
limitation, any increase in the Guaranteed Obligations resulting from the
extension of additional credit to Issuer or otherwise;

                    (c)
any change, restructuring or termination of the corporate existence of Issuer; 

                    (d)
any law which provides that the obligation of a surety or guarantor must
neither be larger in amount nor in other respects more burdensome than that of
the principal or which reduces a surety’s or guarantor’s obligation in
proportion to the principal obligation;

                    (e)
any failure of the Holder to file or enforce a claim in any bankruptcy or other
proceeding with respect to Issuer or any other person or entity;

                    (f)
any extension of credit or the grant of any liens under Section 364 of the
United States Bankruptcy Code;

                    (g)
any use of cash collateral under Section 363 of the United States
Bankruptcy Code;

                    (h)
any agreement or stipulation with respect to the provision of adequate
protection in any bankruptcy proceeding of Issuer or any other person or
entity;

1

                    (i)
any bankruptcy, insolvency, reorganization, arrangement, readjustment of debt,
liquidation or dissolution proceeding commenced by or against Issuer or any
other person or entity, including any discharge of, or bar or stay against
collecting, all or any of the Guaranteed Obligations (or any interest thereon)
in or as a result of any such proceeding; or

                    (j)
any other circumstance whatsoever (including, without limitation, any statute
of limitations) or any existence of or reliance on any representation by the
Holder that might otherwise constitute a defense available to, or a discharge
of, Issuer.

          The
foregoing waivers shall continue to be effective or be reinstated, as the case
may be, if at any time any payment of any of the Guaranteed Obligations is
rescinded or must otherwise be returned by the Holder, all as though such
payment had not been made.

          Guarantor
hereby waives promptness, diligence, notice of acceptance, all setoffs and
counterclaims and all presentments, demands for payment or performance, notices
of nonpayment or nonperformance, protests, notices of protest, notices of
dishonor and any other notice with respect to any of the Guaranteed Obligations
and this Guaranty, and all notices of the existence, creation or incurring of
new or additional Guaranteed Obligations and any requirement that the Holder
exhaust any right or take any action against Issuer. Guarantor acknowledges
that (i) Holder would not have been obligated, and would not have agreed, to
close the transaction under the Stock Purchase Agreement and accept the Note as
partial payment of the purchase price thereunder without Guarantor’s execution
and delivery of this Guaranty, and (ii) Guarantor will receive direct and
indirect benefits from the extension of credit evidenced by the Note and that
the waiver set forth in this paragraph is knowingly made in contemplation of
such benefits. Guarantor hereby waives any right to revoke this Guaranty, and
acknowledges that this Guaranty is continuing in nature and applies to all
Guaranteed Obligations, whether existing now or in the future. Guarantor
warrants and agrees that each of the waivers and consents set forth herein is
made with full knowledge of its significance and consequences, with the
understanding that events giving rise to any defense waived may diminish,
destroy or otherwise adversely affect rights which such Guarantor otherwise may
have against Issuer, the Holders or others, and that, under the circumstances,
the waivers and consents herein given are reasonable and not contrary to public
policy or law. If any of the waivers or consents herein are determined to be
contrary to any applicable law or public policy, such waivers and consents
shall be effective to the maximum extent permitted by law.

          This
Guaranty is a continuing guaranty and shall (a) remain in full force and
effect until the cash payment in full of the Guaranteed Obligations,
(b) be binding upon Guarantor, its successors and assigns and
(c) inure to the benefit of and be enforceable by the Holder and Holder’s
successors, pledgees, transferees and assigns. Without limiting the generality
of the foregoing clause (c), any Holder may pledge, assign or otherwise
transfer all or any portion of its rights and obligations under this Guaranty
to any other person or entity, and such other person or entity shall thereupon
become vested with all the benefits in respect hereof granted the Holder
herein.

          Guarantor
will not be entitled to exercise, and will not exercise, any rights that it may
now or hereafter acquire against Issuer that arise from the existence, payment,
performance or enforcement of the Guarantor’s obligations under this Guaranty,
including, without limitation, any right of subrogation, reimbursement,
exoneration, contribution or indemnification and any right to participate in
any claim or remedy of the Holder against Issuer, whether or not such 

2

claim, remedy
or right arises in equity or under contract, statute or common law, including,
without limitation, the right to take or receive from Issuer, directly or
indirectly, in cash or other property or by setoff or in any other manner,
payment or security solely on account of such claim, remedy or right, unless
and until all of the Guaranteed Obligations and all other amounts payable under
this Guaranty shall have been paid in full in cash. If any amount shall be paid
to Guarantor in violation of the immediately preceding sentence at any time
prior to the payment in full in cash of the Guaranteed Obligations and all
other amounts payable under this Guaranty, such amount shall be held in trust
for the benefit of the Holder and shall forthwith be paid to the Holder to be
credited and applied to the Guaranteed Obligations and all other amounts
payable under this Guaranty, whether matured or unmatured, in accordance with
the terms of the Note. If (i) Guarantor shall make payment to the Holder of all
or any part of the Guaranteed Obligations and (ii) all of the Guaranteed
Obligations and all other amounts payable under this Guaranty shall be paid in
full in cash, the Holder will, at such Guarantor’s request and expense, execute
and deliver to Guarantor appropriate documents, without recourse and without
representation or warranty, necessary to evidence the transfer by subrogation
to Guarantor of an interest in the Guaranteed Obligations resulting from such
payment by Guarantor.

          Guarantor
further agrees that it shall issue, or cause the Publicly Traded Entity (if
other than the Guarantor) to issue shares of Common Stock, and that it will
accept, or cause the Publicly Traded Entity to accept, the issuance of shares
from the Issuer in exchange for such shares of Common Stock in order to carry
out the intent and purposes of the terms and provisions of Section 4 of the
Note.

          Guarantor
represents and warrants to the Holder that Guarantor has established adequate
means of obtaining from Issuer and its subsidiaries, on a continuing basis,
financial and other information pertaining to the businesses, operations and
condition (financial and otherwise) of each of Issuer and its subsidiaries and
their properties, and s Guarantor now is and hereafter will be completely
familiar with the businesses, operations and condition (financial and
otherwise) of Issuer and its subsidiaries and their properties. Guarantor
hereby expressly waives and relinquishes any duty on the part of the Holder to
disclose to Guarantor any matter, fact or thing related to the businesses,
operations or condition (financial or otherwise) of Issuer or its subsidiaries
or their properties, whether now known or hereafter known by the Holder. With
respect to any of the Guaranteed Obligations, the Holder need not inquire into
the powers of Issuer or any of its subsidiaries or the officers or employees
acting or purporting to act on their behalf, and all Guaranteed Obligations
made or created in good faith reliance upon the professed exercise of such
powers shall be secured hereby.

Signature Page Follows.

3

	
 

	
 

	
 

	
 

	
GUARANTOR:

	
 

	
 

	
 

	
FRIENDFINDER
  NETWORKS INC.

	
 

	
 

	
 

	
By:

	
 

	
 

	 

	
 

	
Name:

	
 

	
 

	 

	
 

	
Title:

	
 

	
 

	 

[Signature Page for Subordinated Convertible Note]

4Exhibit 4.34

EXECUTION
VERSION

FRIENDFINDER
NETWORKS INC.

6800
Broken Sound Parkway

Boca Raton, Florida 33487

October
8, 2009

To the Investors
Identified
Below:

          Re:
Limitation on Ability to Acquire Common Stock

          Our
records indicate that as of the date hereof the undersigned investors (each, an
“Investor” and collectively, the “Investors”)
hold the warrants
to acquire shares of voting common stock of FriendFinder Networks Inc. (f/k/a
Penthouse Media Group Inc.), a Nevada corporation (“FFN”), par
value $0.01
per share (the “Common Stock”) identified on Schedule A
attached
hereto (collectively, the “Warrants”). 

          In
consideration of the mutual covenants contained herein, as well as other good
and valuable consideration, the receipt of which is hereby acknowledged, FFN
and the Investors hereby agree as follows:

          1.
Extension of the Warrants. FFN and the
Investors hereby agree to amend each of the Warrants with an exercise price of
$0.00001 (the “Nominal Warrants”) such that no such Nominal
Warrant
shall expire or terminate upon (or otherwise in respect of) the consummation of
a Qualified IPO (as defined in the Nominal Warrants), and that the definition
of the term “Expiration Date” as set forth in the Nominal Warrants
shall be
modified to reference solely the date certain contained in such definition
without reference to the consummation of a Qualified IPO. In addition each
Nominal Warrant will be further amended limiting the effect of Sections 4(f)
and 4(b)(i) to the time period prior to a Qualified IPO (as defined in the
Warrants) so that after the consummation of a Qualified IPO, the Nominal
Warrants’ rights upon certain dilutive events will more closely resemble
the
rights afforded to Common Stock. The parties agree that each such amendment
shall be in the form of Exhibit A attached hereto and that a duly
executed copy of such amendment shall be delivered to the Investors
concurrently with the execution and delivery hereof.

          2.
Exercise Requirement. 

               (a)
Subject to Section 3 hereof, the Investors hereby covenant to exercise,
simultaneously with the consummation of a Qualified IPO (as defined in the
Warrants), that number of Warrants equal to the lesser of (i) the number of
Warrants that would be required such that the Investors (including their
respective affiliates) beneficially own 4.75% of the shares of the Common Stock
outstanding immediately prior to the consummation of such Qualified IPO or (ii)
all of the Warrants then held by the Investors (the “Exercise
Requirement”).
As used herein, beneficial ownership shall be determined in accordance with
Rule 13d-3 promulgated under Section 13(d) of the Securities Exchange Act of
1934, as amended. In achieving the Exercise Requirement, the Investors shall
first exercise Warrants with an exercise price of approximately $0.30972 (the
“Value
Warrants”). To the extent that all Value Warrants owned by the
Investors or
their affiliates have already been exercised and the Exercise Requirement has
not yet been met, the Investors shall next exercise that number of Nominal
Warrants necessary to meet the Exercise Requirement. FFN and the Investors
shall comply with Section 3(b) regarding the mechanics of effecting the
exercise of Warrants pursuant to the Exercise Requirement.

1

               (b)
If upon the date of exercise of the Warrants in satisfaction of the Exercise
Requirement, the Fair Market Value (as defined in the Value Warrants to be
exercised) of one share of the Common Stock of FFN does not exceed the exercise
price of the Value Warrants to be exercised, the Investors may elect (an
“Election”)
not to exercise any Value Warrants. Upon an Election, that number of Value
Warrants equal to the lesser of (i) all Value Warrants owned by the Investor
and (ii) that number of Value Warrants which, if exercised, would fulfill the
Exercise Requirement, will be counted towards fulfilling the Exercise
Requirement as if they had been exercised pursuant to Section 2(a) hereof (the
“Election Value Warrants”); however, such Election Value
Warrants shall
expire unexercised upon a Qualified IPO. If the Investors make an Election, so
long as the Investors exercise all Nominal Warrants, if any, required to be
exercised in order to fulfill the Exercise Requirement after applying the
Election Value Warrants towards the Exercise Requirement, the Exercise
Requirement shall be deemed satisfied. 

               (c)
Upon satisfaction (or deemed satisfaction pursuant to Section 2(b) above) of
the Exercise Requirement, to the extent the Investors continue to hold any
unexercised Value Warrants that were not subject to an Election (i.e. Value
Warrants that were never required to be exercised pursuant to the terms of
Section 2(a) above, “Excess Value Warrants”), such Excess Value
Warrants
shall be amended so that no such Excess Value Warrant shall expire or terminate
upon (or otherwise in respect of) the consummation of a Qualified IPO, and that
the definition of the term “Expiration Date” as set forth in such
Excess Value
Warrants shall be modified to reference solely the date certain contained in
such definition without reference to the consummation of a Qualified IPO. In
addition each Excess Value Warrant will be further amended limiting the effect
of Sections 4(f) and 4(b)(i) to the time period prior to a Qualified IPO so
that after the consummation of a Qualified IPO, the Excess Value Warrants’
rights upon certain dilutive events will more closely resemble the rights
afforded to Common Stock. The parties agree that each such amendment shall be
in the form of Exhibit A attached hereto.

          3.
Limitation on Conversion and Exercise. 

               (a)
Notwithstanding any provision of the Warrants, and notwithstanding Section 2
hereof, none of the Investors may, in any case (i) exercise its right to acquire
shares of Common Stock under the Warrants or (ii) convert into shares of Common
Stock or exercise its right to acquire shares of Common Stock pursuant to any
other security of FFN subsequently acquired by such Investor that is
convertible into or exercisable for Common Stock to the extent that such
conversion or exercise would result in any Investor or any of the
Investors’
affiliates beneficially owning more than 4.99% of the outstanding shares of the
Common Stock. As used herein, beneficial ownership shall be determined in
accordance with Rule 13d-3 promulgated under Section 13(d) of the Securities
Exchange Act of 1934, as amended. 

2

               (b)
FFN shall, promptly upon its receipt of a conversion notice tendered by an
Investor (or its designee) under any securities of FFN convertible into Common
Stock, upon its receipt of a notice of exercise under the terms of any of the
Warrants and upon its receipt of a notice of exercise under the terms of any
other securities of FFN exercisable for Common Stock, notify such Investor by
telephone and by facsimile of the number of shares of Common Stock outstanding
on such date and the number of shares of Common Stock which would be issuable
to the Investor (or its designee) if
the conversion requested in such conversion notice or exercise requested in
such exercise notice were effected in full, whereupon, notwithstanding
anything to the contrary set forth in the Warrants or the other relevant FFN
securities, such Investor shall within
one business day of its receipt of the FFN notice required by this paragraph
revoke such conversion or exercise by telephone or by facsimile to the extent
that it determines
that such conversion or exercise would result in the Investors (including their
affiliates) beneficially owning in excess of 4.99% of the outstanding shares of
Common Stock. If the converting or exercising Investor does not so revoke in
whole or in part such conversion or exercise, FFN shall honor such conversion
or exercise as submitted and shall be entitled to rely on the Investor’s
submission of the conversion and/or exercise notice as a representation that
the Investor is in compliance with this paragraph; provided,
however,
that FFN shall not knowingly honor any conversion notice or notice of exercise
tendered by an Investor (or its designee) to the extent that such conversion or
exercise would result in the Investors or any of their affiliates beneficially
owning more than 4.99% of the outstanding shares of the Common Stock. It is
agreed that FFN shall have no liability whatsoever should any Investor or any
of their affiliates be found to have beneficial ownership of FFN’s Common
Stock
in excess of 4.99% of the outstanding shares of Common Stock. 

          4.
Restriction on Hedging Transactions. From
the date of consummation of a Qualified IPO (as defined in the Warrants) until
the date that neither the Investors nor their affiliates hold unexpired or
unexercised Warrants, neither the Investors nor any of their affiliates shall
enter into any swap, hedge, short sale, forward contract, credit default swap,
or any other agreement, transaction or series of transactions with respect to
FFN securities that hedges or transfers, in whole or in part, directly or
indirectly, any of the economic consequences of ownership of any Common Stock,
Warrants or other convertible or exercisable securities of FFN, whether any
such transaction, swap or series of transactions is to be settled by delivery
of securities, in cash or otherwise (each, a “Hedging
Transaction”).
Notwithstanding anything to the contrary, this provision does not restrict bona
fide actual long sales (e.g., not short sales) of securities issued by FFN (to
the extent such sales comply with any instructions contained in other
agreements or under securities laws).

          5.
Miscellaneous. 

               (a)
Successors and Assigns. This letter agreement is binding upon, inures to
the benefit of and is enforceable by the parties hereto and their respective
successors and assigns. As a condition to the sale, transfer or other
disposition of any of the Warrants or other convertible or exercisable
securities of FFN by an Investor, the transferee shall agree to be bound to the
terms and conditions of this letter agreement as if it were a party hereto and
any such transferee shall be considered an “Investor” for all purposes
under
this letter agreement (including, without limitation, for purposes of Section 4
hereof). 

3

               (b)
Amendments. The terms of this letter agreement may be amended only by
the written consent of the Investors and FFN. 

               (c)
Governing Law. This letter agreement shall be governed by and construed
in accordance with the laws of the State of New York (without regard to the
conflict of laws provisions thereof). 

               (d)
Counterparts. This letter agreement may be executed in any number of
counterparts, each of which will be deemed an original, but all of which
together will constitute one and the same instrument.

               (e)
Effectiveness. The provisions of Paragraph 3 of this letter agreement
shall, except as otherwise provided herein, remain in full force and effect
unless and until FFN withdraws or abandons its registration statement filed
with the Securities and Exchange Commission pertaining to a public offering of
the Common Stock or abandons such public offering, or the Investor or any of
its affiliates is listed as a beneficial owner of any class of capital stock of
FFN in such registration statement pursuant to Item 403 of Regulation
S-K.

               (f)
Fees and Expenses. FFN shall pay the fees and expenses incurred by the
Investors in connection with the preparation, negotiation and execution of this
Agreement. In any dispute relating to this Agreement, the prevailing party
shall be entitled to recover its costs and reasonable attorneys’ fees from
the
other party.

[signature
page follows]

4

          Please
evidence your agreement to the foregoing terms by delivering an executed copy
of this letter agreement to FFN. Thank you.

	
   
  	
   
  	
   
  
	
   
  	
  FRIENDFINDER NETWORKS INC.
  
	
   
  	
   
  	
   
  
	
   
  	
  By:
  	
  /s/ Ezra Shashoua
  
	
   
  	
   
  	   	 
	
   
  	
  Name: Ezra Shashoua
  
	
   
  	
  Title: Chief Financial
  Officer
  

	
   
  	
   
  	
   
  
	
  Accepted and agreed as of
  the date first written above:
  	
   
  
	
   
  	
   
  	
   
  
	
  DB DISTRESSED OPPORTUNITIES MASTER PORTFOLIO, LTD
	
   
  
	
   
  	
   
  	
   
  
	
  MW POST PORTFOLIO FUND, LTD.
  	
   
  
	
   
  	
   
  	
   
  
	
  By:
  	
  Beach Point Capital Management LP,
As Authorized
  Agent
  	
   
  
	
   
  	
   
  	
   
  
	
  By:
  	
  /s/ Carl Goldsmith
  	
   
  
	
   
  	   	 	
   
  
	
  Name:
  	
  Carl Goldsmith
  	
   
  
	
  Title:
  	
  Managing Partner
  	
   
  

5

	
   
  	
   
  	
   
  
	
  THE OPPORTUNITY FUND, LLC
  	
   
  
	
   
  	
   
  	
   
  
	
  POST DISTRESSED MASTER FUND, L.P.
  	
   
  
	
   
  	
   
  	
   
  
	
  POST TOTAL RETURN MASTER FUND, L.P.
  	
   
  
	
   
  	
   
  	
   
  
	
  POST STRATEGIC MASTER FUND, L.P.
  	
   
  
	
   
  	
   
  	
   
  
	
  BEACH POINT DISTRESSED MASTER FUND, L.P.
  	
   
  
	
   
  	
   
  	
   
  
	
  LMA SPC for and on behalf of the account of MAP 90
 	
   
  
	
  SEGREGATED
  PORTFOLIO FUND
  	
   
  
	
   
  	
   
  	
   
  
	
  By:
  	
  Beach Point Capital Management LP, 
  	
   
  
	
   
  	
  Its Investment
  Manager
  	
   
  
	
   
  	
   
  	
   
  
	
  By:
  	
  /s/ Carl Goldsmith
  	
   
  
	
   
  	   	 	
   
  
	
  Name:
  	
  Carl Goldsmith
  	
   
  
	
  Title:
  	
  Managing Partner
  	
   
  

6

SCHEDULE A

Warrants held by the Investors

					
	Warrant No.

	Holder

	Shares of Common Stock Issuable Upon Exercise

	Exercise Price Per Share

	Expiration Date (other than Qualified IPO)

	28-A

	The Opportunity Fund, LLC

	245,972

	$0.309719

	August 16, 2015

	564,169

	$0.00001

	August 16, 2015

	1,023,764

	$0.00001

	August 28, 2016

	3,201,297

	$0.00001

	December 6, 2017

	29-A

	Post Distressed Master Fund, L.P.

	266,446

	$0.309719

	August 16, 2015

	301,061

	$0.00001

	August 16, 2015

	546,318

	$0.00001

	August 28, 2016

	2,017,528

	$0.00001

	December 6, 2017

	30-A

	Post Total Return Master Fund, L.P.

	344,405

	$0.309719

	August 16, 2015

	677,294

	$0.00001

	August 16, 2015

	1,229,047

	$0.00001

	August 28, 2016

	3,955,485

	$0.00001

	December 6, 2017

	31-A

	MW Post Portfolio Fund, Ltd.

	247,687

	$0.309719

	August 16, 2015

	566,629

	$0.00001

	December 6, 2017

	32-A

	DB Distressed Opportunities Master Portfolio Ltd.

	908,081

	$0.309719

	August 16, 2015

	2,077,446

	$0.00001

	December 6, 2017

	33-A

	Post Strategic Master Fund, L.P.

	87,742

	$0.309719

	August 16, 2015

	637,883

	$0.00001

	August 16, 2015

	1,157,529

	$0.00001

	August 28, 2016

	3,184,037

	$0.00001

	December 6, 2017

	46-A

	LMA SPC for and on behalf of the account of MAP 90

Segregated Portfolio

	106,378

	$0.309719

	August 16, 2015

	120,198

	$0.00001

	August 16, 2015

	218,116

	$0.00001

	August 28, 2016

	805,493

	$0.00001

	December 6, 2017

	47-A

	Beach Point Distressed Master Fund, LP

	483,032

	$0.309719

	August 16, 2015

	545,783

	$0.00001

	August 16, 2015

	990,401

	$0.00001

	August 28, 2016

	3,657,510

	$0.00001

	December 6, 2017

7

EXHIBIT A

Form of Amendment to Warrants

AMENDMENT TO WARRANTS

          FriendFinder
Networks Inc., a Nevada corporation (the “Company”), hereby
agrees to
the following:

          WHEREAS,
_________________ (the “Holder”) holds Detachable Warrant #____
to
purchase from the Company _____ shares of the Company’s voting common
stock,
par value $0.01 per share at an exercise price per share of common stock of
$___ (collectively the “Warrants”);

          WHEREAS,
the Warrants have an Expiration Date (as defined in the Warrants) of the
earlier to occur of (a) a date certain specified in the definition of
Expiration Date for each Warrant and (b) the consummation of a Qualified IPO
(as defined in the Warrants); and

          WHEREAS,
the Company and the Holder have agreed to amend the Expiration Date and make
such other amendments to the Warrants as are set forth herein;

          WHEREAS,
the Warrants contain anti-dilution provisions which create rights greater than
those afforded to holders of common stock of the Company;

          WHEREAS,
the Company and the Holder have agreed to amend certain anti-dilution
provisions so that upon the consummation of a Qualified IPO (as defined in the
Warrants) the Warrants’ rights upon certain dilutive events will more
closely
resemble the rights afforded to common stock of the Company;

          NOW,
THEREFORE, for good and valuable consideration, the receipt of which is hereby
acknowledged, the Company and the Holder hereby agree that:

          (a)
All references to “Penthouse Media Group Inc.” in the Warrants are
hereby
deleted and replaced with “FriendFinder Networks Inc. (f/k/a Penthouse
Media
Group Inc.).”

          (b)
Section 5(b) of each Warrant is hereby amended by deleting from clause (v)
thereof “(or, in the case of a Qualified IPO, at least thirty (30) days
before
the filing of a registration statement pertaining to such Qualified IPO)”
and
replacing such deleted language with “(or, in the case of a Qualified IPO,
at
least fifteen (15) days before effecting such Qualified IPO).”

          (c)
The definition of the term “Expiration Date” in each of the Warrants
is hereby
amended such that no Warrant shall expire or terminate upon (or otherwise in
respect of) the consummation of a Qualified IPO (as defined in the Warrants),
and each Warrant shall continue to be exercisable until the date certain
specified in the definition of Expiration Date (i.e., without reference to the
consummation of a Qualified IPO). In all other respects, the Warrants shall
remain
in full force and effect.

8

          (d) Section
1(a) and 1(o) of each Warrant is hereby
amended such that each instance of the text “Section 4(f)(ii)”
is
deleted and replaced with “Section 4(f)(iii)”.

          (e)
Section 4(b) of each Warrant is hereby amended such that the text “If,
pursuant
to the terms of such merger, consolidation or disposition of assets, any cash,
shares of stock or other securities or property of any nature whatsoever
(including warrants, options or other subscription or purchase rights) are to
be received by or distributed to the holders of Common Stock of the Company in
lieu of or in addition to common stock of the successor or acquiring
corporation, there shall be either, at the Holder’s option:” is
deleted in its
entirety and replaced with the following:

          “After
the consummation of a Qualified IPO, if, pursuant to the terms of such merger,
consolidation or disposition of assets, any cash, shares of stock or other
securities or property of any nature whatsoever (including warrants, options or
other subscription or purchase rights) are to be received by or distributed to
the holders of Common Stock of the Company in lieu of or in addition to common
stock of the successor or acquiring corporation, there shall be a distribution
to the Holder of such cash, shares of stock or other securities or property
that the Holder would have been entitled to receive had the Holder owned the
Warrant Shares of record immediately prior to the happening of such event.
Prior to the consummation of a Qualified IPO, if, pursuant to the terms of such
merger, consolidation or disposition of assets, any cash, shares of stock or
other securities or property of any nature whatsoever (including warrants,
options or other subscription or purchase rights) are to be received by or
distributed to the holders of Common Stock of the Company in lieu of or in
addition to common stock of the successor or acquiring corporation, there shall
be either, at the Holder’s option:”

          (f)
Section 4(f) of each Warrant is hereby amended by inserting the following
subsection (i) and renumbering the subsequent subsections accordingly:

          “(i)
Operation after a Qualified IPO. After a Qualified IPO, the remainder of
this Section 4(f) shall no longer apply.”

          (g)
Section 4(f)(i)(2) of each Warrant is hereby amended such that the text
“Section 4(f)(i)” is deleted and replaced with “Section
4(f)(ii)”.

          This
Amendment to Warrants shall be governed by and construed in accordance with the
laws of the State of New York (without regard to the conflict of laws
provisions thereof).

[signature
page follows]

9

          IN
WITNESS WHEREOF, the Company has caused this Amendment to Warrants to be
signed
in its name by its duly authorized officer.

Dated: ______________
___, 20__

	
   
  	
   
  	
   
  
	
   
  	
  FRIENDFINDER NETWORKS INC.
  
	
   
  	
   
  	
   
  
	
   
  	
  By:
  	
   
  
	
   
  	
   
  	   	 
	
   
  	
  Name:
  
	
   
  	
  Title:
  

The undersigned Holder
agrees with and consents to the foregoing Amendment to Warrants, as of
______________ ___, 20__:

	
   
  	
   
  	
   
  
	
  [HOLDER]
  	
   
  
	
   
  	
   
  	
   
  
	
  By:
  	
  Beach Point Capital
  Management LP,
its [_________________]
  	
   
  
	
   
  	
   
  	
   
  
	
  By:
  	
   
  	
   
  
	
   
  	   	 	
   
  
	
  Name: Carl Goldsmith
  	
   
  
	
  Title: Managing Partner
  	
   
  

10

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