Document:

Exhibit 10.39

EXECUTION COPY

AMENDMENT NO. 1 TO INDEPENDENT CONTRACTOR
AGREEMENT

          THIS
AMENDMENT TO THE INDEPENDENT CONTRACTOR AGREEMENT (the “Amendment”), dated as
of October 8, 2009, amends that certain Independent Contractor Agreement by and
between Various, Inc., a California corporation (the “Company”) and Legendary
Technology Inc. (the “Consultant”), dated as of September 21, 2007 (the
“Independent Contractor Agreement”).

          WHEREAS,
the Company and the Consultant desire to amend the Independent Contractor
Agreement.

          NOW,
THEREFORE, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

          1.
Definitions. All capitalized terms used herein and not otherwise defined
herein shall have the respective meanings set forth in the Independent
Contractor Agreement.

          2.
Amendments. The Independent Contractor Agreement is hereby amended as
follows:

          (a)
All references to “Penthouse Media Group Inc.” in the Independent Contractor
Agreement are hereby deleted and replaced with “FriendFinder Networks Inc.”

          (b)
Section 2 of the Independent Contractor Agreement is hereby amended by
replacing the phrase “for a period of one (1) year” in the first sentence with
“until and including March 31, 2013”.

          (c)
Section 5.a of the Independent Contractor Agreement is hereby amended and
restated in its entirety as follows:

          “a.
Compensation (i) In addition to the amounts to be paid to Consultant as
provided in Section 5.a(ii) below, Company shall compensate Consultant for its
Services at the rate of $9,615.38 twice per month, with payments made on
or about the 15th and last day of each calendar month during the
Term. 

          (ii)
For the period from January 1, 2010 to March 31, 2013 (the “Increased
Compensation Period”) the Consultant’s aggregate compensation earned shall be
increased as follows (the “Increased Consulting Fees”): by $90,000 for the year
ended 2010; by $90,000 for the year ended 2011; by $90,000 for the year ended
2012; and by $22,500 for the quarter ended March 31, 2013; provided, however,
that all payments of the Increased Consulting Fees to the Consultant will be
subject to and conditioned upon the repayment in full of the 15% Senior Secured Notes due 2010 of FriendFinder Networks Inc.
f/k/a Penthouse Media Group Inc. 

and the Senior
Secured Notes due 2011 of Interactive Network, Inc. (the “Debt Repayment”). If
the Debt Repayment is not completed by January 1, 2010, then once such Debt
Repayment has occurred, if at all, the Company shall, within ten business days
of the Debt Repayment date, pay Consultant all Increased Consulting Fees earned
and due for the period from January 1, 2010 to the date of the then most recent
payment due to Consultant prior to the Debt Repayment in accordance with
Section 5.a(i). For the avoidance of doubt, any earned but unpaid Increased
Consulting Fees will not bear interest. The Increased Consulting Fees are
earned pro rata over the Increased Compensation Period on a twice per month
basis. Subject to the foregoing terms of payment as to the Increased Consulting
Fees (including, without limtiation, the condition that the Debt Repayment has
occurred), the Increased Consulting Fees will be payable to Consultant,
regardless of whether or not this Agreement remains in full force and effect
and notwithstanding any other provisions of this Agreement to the contrary
(other than the condition that the Debt Repayment has occurred).” 

          (d)
Section 5.b of the Independent Contractor Agreement is hereby amended by
replacing the phrase “fmatasavage@pmgi” in the last sentence with
“fmatasavage@ffn.com”.

          3.
Counterparts; Facsimile Signatures. This Amendment may be executed in
any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed an
original, but all such counterparts together shall constitute but one and the
same instrument; signature pages may be detached from multiple separate
counterparts and attached to a single counterpart so that all signature pages
are physically attached to the same document. Facsimile signatures shall be
considered originals for all purposes.

          4.
Independent Contractor Agreement Remains in Effect. Except as amended
hereby, the Independent Contractor Agreement remains in full force and effect. 

[Remainder of page left blank intentionally.]

          IN
WITNESS WHEREOF, the parties hereto have executed this
Amendment as of the day and year first written above.

	
   
  	
   
  	
   
  
	
   
  	
  COMPANY:
  
	
   
  	
   
  
	
   
  	
  VARIOUS, INC.
  
	
   
  	
   
  
	
   
  	
  By: 
  	
  /s/ Ezra
  Shashoua
  
	
   
  	
   
  	   	 
	
   
  	
   
  	
  Name: Ezra
  Shashoua
  
	
   
  	
   
  	
  Title: Chief
  Financial Officer
  
	
   
  	
   
  	
   
  
	
   
  	
  CONSULTANT 
  
	
   
  	
   
  
	
   
  	
  LEGENDARY TECHNOLOGY INC.
  
	
   
  	
   
  
	
   
  	
  By: 
  	
  /s/ Lars
  Mapstead
  
	
   
  	
   
  	   	 
	
   
  	
   
  	
  Name: Lars
  Mapstead
  
	
   
  	
   
  	
  Title:
  President
  

[Signature Page to Amendment to Independent
Contractor Agreement]Exhibit 10.62

EXECUTION VERSION

FRIENDFINDER NETWORKS INC.

15.0% SENIOR SECURED NOTES DUE 2010 (ISSUED
2005) 

15.0% SENIOR SECURED NOTES DUE 2010 (ISSUED
2006) 

THIRD AMENDMENT AND LIMITED WAIVER TO 

SECURITIES PURCHASE AGREEMENTS 

October 8, 2009

          This
THIRD AMENDMENT AND LIMITED WAIVER (this
“Amendment and Waiver”), effective
as of the Effective Date (as defined below), is entered into by and among
FriendFinder Networks Inc., formerly known as Penthouse Media Group Inc., a
Nevada corporation (the “Issuer”),
the guarantors whose names appear on the signature pages hereto (the “Guarantors”), the holders whose names
appear on the signature pages hereto (the “Holders”)
of the Issuer’s outstanding (a) notes originally issued as 11.0% Senior Secured
Notes due 2010 (as heretofore amended and restated as 15.0% Senior Secured
Notes due 2010, the “2005 Notes”),
and (b) 15.0% Senior Secured Notes due 2010 (as heretofore amended and
restated, the “2006 Notes”) and
U.S. Bank National Association, as Administrative Agent and Collateral Agent
under each of SPAs hereinafter referred to. 

RECITALS

          WHEREAS, this Amendment and Waiver is being
entered into with reference to (i) the Securities Purchase Agreement (11.0%
Senior Secured Notes Due 2010) dated as of August 17, 2005, among the Issuer,
the “Guarantors” defined therein and party thereto, the Holders as “Holders”
defined therein and party thereto, and U.S. Bank National Association (the “Agent”), as “Administrative
Agent” and
“Collateral Agent” defined therein and party thereto (as heretofore amended,
the “2005 SPA”) and the 2005 Notes
issued pursuant thereto, and (ii) the Securities Purchase Agreement (15.0%
Senior Secured Notes Due 2010) dated as of August 28, 2006, among the Issuer,
the “Guarantors” defined therein and party thereto, the Holders as “Holders”
defined therein and party thereto, and the Agent, as “Administrative Agent” and
“Collateral Agent” defined therein and party thereto (as heretofore amended,
the “2006 SPA” and, collectively
with the 2005 SPA, the “SPAs”) and
the 2006 Notes issued pursuant thereto. 

          WHEREAS, the Issuer has advised the holders
of the 2005 Notes and the 2006 Notes that the Issuer and/or its Subsidiaries
are seeking waivers from the respective holders, which waivers are effective as
of the date hereof, of (a) the Senior Secured Notes due 2011 of Interactive
Network, Inc. (the “INI First Lien Notes”),
(b) the Subordinated Secured Notes due 2011 of Interactive Network, Inc. (the “INI Second Lien Notes”) and (c) the
13%
Subordinated Term Loan Notes due 2011 of FriendFinder Networks Inc. (the “FFN Subordinated Notes”) in the forms
attached hereto as Exhibits A, B and C respectively (all such waivers,
collectively, the “Other Waivers”);

          WHEREAS, the Issuer, Interactive Network,
Inc. and the holders of the 6% Subordinated Convertible Notes due 2011 of
Interactive Network, Inc. (the “INI
Convertible Notes”) are executing the letter agreement attached
hereto as Exhibit D (the “INI
Convertible Notes Agreement”) and the Issuer is seeking to amend and
restate the INI Convertible Notes in the form attached hereto as Exhibit E
(the “INI Convertible Notes Amendment”);

1

          WHEREAS, the Issuer has advised the holders
of the 2005 Notes and the 2006 Notes that the Issuer is seeking the consent of
the requisite stockholders of the Issuer to (a) the amendment and restatement
of the Certificate of Designations, Preferences and Rights of Series A
Convertible Preferred Stock of the Issuer in substantially the form of Exhibit
F-1 attached hereto (the “Series A
Amendment”), and (b) the amendment and restatement of the
Certificate of Designations, Preferences and Rights of Series B Convertible
Preferred Stock of the Issuer in substantially the form of Exhibit F-2
attached hereto (the “Series B Amendment”);

          WHEREAS, concurrently with the Other
Waivers and the INI Convertible Notes Agreement, the Issuer hereby solicits the
consents of the Holders to waive or amend certain provisions of the SPAs on the
terms and conditions set forth herein, which signatories hereto constitute all
of the Holders (and consequently, the Required Holders); and 

          WHEREAS, Section 12.02 of each of the SPAs
permits the Holders to waive or amend the provisions of each of the SPAs
described herein; 

          NOW, THEREFORE, in consideration of the
foregoing premises, the agreements herein contained and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows: 

          Section
1. Definitions. 

                    Capitalized
terms used herein without other definition shall have the respective meanings
herein assigned to such terms in the applicable SPA. 

          Section
2.  Limited Waiver of Certain Provisions
of the SPAs. 

                    The
Holders hereby waive the provisions of the following Sections of each of the
SPAs and, where specified, other agreements to which the Issuer is a party,
solely to the extent specified below: 

                    2.1
Section 7.01(a)(2) to the extent necessary to permit the Issuer to deliver no
later than five calendar days after the Effective Date the financial
information required to be delivered thereby for its Fiscal Year ended December
31, 2007 and its Fiscal Year ended December 31, 2008; 

                    2.2
Section 7.01(a)(4) to the extent necessary to permit the Issuer to deliver no
later than five calendar days after the Effective Date the Officer’s
Certificates required to be delivered thereby for its fiscal quarters ended
March 31, 2008, June 30, 2008, September 30, 2008, March 31, 2009 and June 30,
2009; 

                    2.3
Section 7.01(a)(6) with respect to matters waived by this Amendment and Waiver;

2

                    2.4
Sections 7.01(a)(12) and 7.02(l) to the extent necessary to permit the Issuer
and Friendfinder Network, Inc. to change their names to “FriendFinder Networks
Inc.” and “FriendFinder California Inc.,” respectively, as effected on July 1,
2008 and reflected in the certified amendments to their respective Articles of
Incorporation attached hereto as Exhibit G; 

                    2.5
Section 7.02(l) to the extent necessary to permit (1) the Articles of
Incorporation of the Issuer to be amended and restated in substantially the
form of Exhibit H attached hereto (and the filing thereof with the
Nevada Secretary of State) and (2) a reverse stock split of the Series A
Preferred Stock of the Issuer, a reverse stock split of the Series B
Convertible Preferred Stock of the Issuer and a reverse stock split of the
Common Stock of the Issuer, each in the range of 15:1 to 25:1, as determined by
the Board of Directors of the Issuer to be in the best interests of the Issuer,
in each case in connection with the consummation of a Qualified Initial Public
Offering; 

                    2.6
Section 7.02(l) to the extent necessary to permit (1) the amendment and
restatement of the bylaws of the Issuer in substantially the form of Exhibit
I attached hereto, (2) the Series A Amendment (and the filing thereof with
the Nevada Secretary of State), or, if all shares of Series A Convertible
Preferred Stock of the Issuer have been converted into common stock of the
Issuer, the withdrawal of the Certificate of Designations, Preferences and
Rights of Series A Convertible Preferred Stock of the Issuer and (3) the Series
B Amendment (and the filing thereof with the Nevada Secretary of State), or, if
all shares of Series B Convertible Preferred Stock of the Issuer have been
converted into common stock of the Issuer, the withdrawal of the Certificate of
Designations, Preferences and Rights of Series B Convertible Preferred Stock of
the Issuer, in each case in connection with the consummation of a Qualified
Initial Public Offering; 

                    2.7
Sections 7.01(b) and 7.03 to the extent of any Default or Event of Default
arising from, or in connection with, any VAT Liability of the Issuer,
Interactive Network, Inc. or any Subsidiary of the Issuer or Interactive
Network, Inc. through the Effective Date that relates to activities of Various,
Inc. or its Subsidiaries prior to July 1, 2008; 

                    2.8
Section 7.01(j) with respect to any change in the location of any Collateral in
connection with the leased locations at 220 Humboldt Ct., Sunnyvale, CA 94089
and 19749 Dearborn Street, Chatsworth, CA 91311; 

                    2.9
Sections 7.01(i) and (m) to the extent necessary to permit the Issuer to have
delivered the executed joinder agreements, and such other documents,
instruments and agreements required thereby, of FriendFinder United Kingdom
Ltd., Streamray Processing Ltd., Tan Door Media, Inc., Streamray Studios Inc.,
Wight Enterprise Limited and Ventnor Enterprise Limited more than 10 Business
Days after the acquisition of such Subsidiaries but prior to the Effective
Date; 

                    2.10
Sections 7.01(i) and (m) with respect to FriendFinder Processing (India)
Private Limited, FriendFinder GmbH, Streamray Processing Philippines, Inc.,
FriendFinder Processing Philippines, Inc. and FriendFinder (Switzerland) AG; 

3

                    2.11
Sections 7.01(i) and (m) with respect to the applicable Obligor’s failure
through the Effective Date to enter into Account Control Agreements with
respect to all accounts listed on Schedule 7.01(u); 

                    2.12
Section 7.01(q) with respect to the Issuer’s failure through the Effective Date
to cease production of all films immediately upon breach of Section 7.01(s) of
such SPA; 

                    2.13
Section 7.01(s)(1) with respect to the Issuer’s failure to cause the
Distributor to sell an average of at least 4,000 units per film within 90 days
after “street date” release, with such sales generating average net revenue to
the Obligors of at least $6.50 per unit, through the Effective Date; 

                    2.14
Section 7.01(s)(2) with respect to the Issuer’s failure to cause the
Distributor to sell an average of at least 10,000 units per film within three
years after “street date” release, through the Effective Date; 

                    2.15
Solely as it concerns frozen assets not exceeding €610,343 with respect to that
certain Various, Inc. credit card processing account administered by Global
Collect, NV located in the Netherlands, the obligation of any Obligor not to
create, incur, assume or suffer to exist any Liens other than permitted by
Section 7.02(a); 

                    2.16
With respect to the payments made to Bell & Staton, Inc. or any of its
affiliates set forth on Schedule 1-A, any obligation of any Obligor
pursuant to Section 7.02(h) not to make payments except as set forth on
Schedule 7.02(h) to the Securities Purchase Agreement and pursuant to Section
7.02(j) not to make any payments to Affiliates other than as permitted by
Section 7.02(h), to the extent that the management payments listed on Schedule
1-A were made during the continuance of an Event of Default; 

                    2.17
With respect to the payments made to Hinok Media Inc. (and payments made to
YouMu, Inc. in lieu of Hinok Media Inc. in violation of Section 10 of the
Independent Contractor Agreement, dated September 21, 2007, between Hinok Media
Inc. and Various, Inc. which prohibits such assignment) and Legendary
Technology Inc. set forth on Schedule 1-B, the obligation of any Obligor
pursuant to Section 7.02(h) not to make payments to any stockholder or equity
holder except as set forth on Schedule 7.02(h) to the Securities Purchase
Agreement and pursuant to Section 7.02(j) not to enter into transactions with
Affiliates other than permitted by Section 7.02(h)(v); 

                    2.18
Solely with respect to the entry by the Issuer into agreements with each of
Marc H. Bell, Daniel C. Staton, Andrew Conru and Lars Mapstead or their
affiliates as described in Section 7 of the INI Convertible Notes Agreement,
any obligation of the Issuer pursuant to SPA Section 7.02(j) not to enter into
transactions with Affiliates other than permitted by SPA Section 7.02(h);
provided, for the avoidance of doubt, that no payments of any kind under such
agreements will be made until the prior repayment in full in cash of the 2005
Notes and 2006 Notes; 

                    2.19
Solely as concerns the legal entity name change from Penthouse Media Group Inc.
to FriendFinder Networks Inc., the obligation pursuant to Issuer Pledge and Security
Agreement Section 4 to not change its name, organizational structure or
jurisdiction of organization in any manner, without providing at least 15 days’
prior written notice to Agent; 

4

                    2.20
Solely as concerns the legal entity name change from FriendFinder Network, Inc.
to FriendFinder California Inc., the obligation pursuant to the Guarantor
Pledge and Security Agreement Section 4 to not change its name, organizational
structure or jurisdiction of organization in any manner, without providing at
least 15 days’ prior written notice to Agent; 

                    2.21
Section 7.02(l) solely with respect to the amendments set forth in the INI
Convertible Notes Amendment in the form attached hereto as Exhibit E
(which, for the avoidance of doubt, shall not permit the granting of any
security interests with respect to the INI Convertible Notes until the 2005
Notes and 2006 Notes have been repaid in full) and Sections 7.02(b) and 7.03(e)
solely to the extent that the adjustment in principal amount reflected in the
INI Convertible Notes Amendment or any adjustment in principal amount made in
accordance with Section 4(a) of the INI Convertible Notes Agreement in the form
attached hereto as Exhibit D constitutes an increase in Indebtedness;  

                    2.22
Sections 7.02(l) and 7.02(q) solely with respect to the amendments set forth in
the Other Waivers in the respective forms attached hereto and the amendment and
waiver agreements with respect to the FFN Subordinated Notes dated December 19,
2008 and March 20, 2009 (provided that such waiver is given with respect to the
FFN Subordinated Notes amendment and waiver agreement dated December 19, 2008,
only provided that the amendment fee described therein has been amended and
restated pursuant to the Other Waiver pertaining to the FFN Subordinated Notes
to provide that such fee will be paid in additional FFN Subordinated Notes
rather than in 2005 Notes and 2006 Notes); 

                    2.23
Sections 7.02(b), 7.02(l), and 7.03(e) to the extent necessary to permit the
payment of (i) the Amendment Fee set forth in Section 4 of this
Amendment and Waiver and (ii) the amendment fee provided in the Other Waiver
that pertains to the FFN Subordinated Notes, which amendment fees described in
(i) and (ii) above are to be paid in additional Indebtedness; 

                    2.24
Section 9.01(e) with respect to defaults arising under the INI First Lien
Notes, the INI Second Lien Notes and the FFN Subordinated Notes, solely to the
extent such defaults have been duly waived pursuant to the Other Waivers and
the amendment and waiver agreements with respect to the FFN Subordinated Notes
dated December 19, 2008 and March 20, 2009; 

                    2.25
Section 9.01(n) solely as it concerns the consummation of a Qualified Initial
Public Offering; and 

                    2.26
Section 9.04 with respect to the Issuer’s failure to hold a meeting of the
Board of Directors for the fiscal quarter ended March 31, 2008 and for the
fiscal quarter ended September 30, 2008. 

5

                    2.27
The parties hereto agree and acknowledge that (i) for purposes of Section 9 of
the Seller Note Subordination Agreement dated as of December 6, 2007 (the “Seller Note Subordination Agreement”), the
execution by U.S. Bank National Association of this Amendment and Waiver
constitutes the prior written consent of the 2005 Agent and the 2006 Agent for
purposes of Section 9 of the Seller Note Subordination Agreement with respect
to the modifications set forth in the INI Convertible Notes Amendment (which
INI Convertible Notes Amendment does not require the grant of any security
interest to secure the INI Convertible Notes until repayment in full of the
2005 Notes and 2006 Notes without the consent of the Required Holders), (ii)
for purposes of Section 5.5(b) of the Intercreditor and Subordination Agreement
(PMGI Senior Lien Notes/Subordinated Guaranty by PMGI of Interactive Notes/Marc
Bell Notes/Various Seller Notes Guaranties) dated as of December 6, 2007 (the “PMGI Guaranty Intercreditor
Agreement”)
the execution by the Holders of this Amendment and Waiver constitutes the
written consent of the Senior Lien Claimholders for purposes of Section 5.5(b)
of the PMGI Guaranty Intercreditor Agreement with respect to the modifications
set forth in the Other Waiver attached as Exhibit C hereto, and (iii)
payment of the amendment and waiver fees pursuant to the Other Waivers, payment
in kind of any interest on the FFN Subordinated Notes and payment in kind of
any interest pursuant to the INI Convertible Notes Amendment are not subject to
the payment subordination provisions of Section 4.1 of the PMGI Guaranty
Intercreditor Agreement; provided, for the avoidance of doubt, that no interest
on the FFN Subordinated Notes or INI Convertible Notes will be paid in cash
until the prior repayment in full in cash of the 2005 Notes and 2006 Notes. 

          Section
3. Amendments to Certain Covenants of the SPAs. 

                    Subject
to all of the terms and conditions hereof, the Holders hereby consent to the
amendments set forth below, effective on the Effective Date: 

                    3.1
All references to “Penthouse Media Group Inc.” and “PMGI” in each of the SPAs
are hereby deleted and replaced with “FriendFinder Networks Inc. (f/k/a
Penthouse Media Group Inc.)” and “FFN”, respectively. 

                    3.2
The definition of “Affiliate” in Section 1.01 of each of the SPAs is amended by
deleting the last sentence thereof and replacing it with the following: 

          “For
the purposes of this Agreement, Marc H. Bell, Daniel Staton, Andrew B. Conru
Trust Agreement, Andrew B. Conru Trustee, Mapstead Trust, created on April 16,
2002, Lars and Marin Mapstead Trustees, Andrew B. Conru and Lars Mapstead, and
their respective Affiliates and family members shall be considered Affiliates
of the Obligors.” 

                    3.3
The definition of “Consolidated Interest Expense” in Section 1.01 of each of
the SPAs is amended to include any Amendment Fee provided for in Section 4
hereof. 

                    3.4
The definition of “Consolidated Coverage Ratio” in Section 1.01 of the 2006 SPA
is amended in its entirety to read as follows: 

          ““Consolidated
Coverage Ratio” means, with respect to the Issuer on any Determination Date,
the ratio of: 

               (a)
Consolidated EBITDA for the applicable Measurement Period, to 

6

               (b)(i)
Consolidated Interest Expense of the Issuer during such Measurement Period plus
(ii) dividends or distributions on or in respect of any Capital Stock of any
Obligor paid during such Measurement Period (except dividends or distributions
paid to the Issuer or another Obligor); provided that the Consolidated Coverage
Ratio shall be calculated giving pro forma effect, as of the beginning of the
applicable Measurement Period, to any acquisition, incurrence, permanent
repayment or redemption of Indebtedness (including the Notes), issuance or
redemption of Disqualified Capital Stock, acquisition, Asset Sale, or purchases
of assets that were previously leased, at any time during or subsequent to such
Measurement Period, but on or prior to the applicable Determination Date. 

          In
making such computation, Consolidated Interest Expense: 

               (a)
attributable to any Indebtedness bearing a floating interest rate shall be
computed on a pro forma basis as if the rate in effect on the date of
computation had been the applicable rate for the entire Measurement Period, 

               (b)
attributable to interest on any Indebtedness under a revolving Credit Facility
shall be computed on a pro forma basis based upon the average daily balance of
such Indebtedness outstanding during the applicable Measurement Period, 

               (c)
attributable to non-cash interest expense resulting from the amortization of
the original issue discount on the Notes, the Existing Notes and the
Subordinated Notes in accordance with GAAP shall be excluded from such
computation, and 

               (d)
excludes any Amendment Fees provided in Section 4 of Third Amendment and
Limited Waiver to Securities Purchase Agreements dated as of October 8, 2009. 

               For
purposes of calculating Consolidated EBITDA of the Issuer for the applicable
Measurement Period, 

               
(a) any Person that is a Subsidiary on such Determination Date (or would become
a Subsidiary on such Determination Date in connection with the transaction that
requires the determination of the Consolidated Coverage Ratio) shall be deemed
to have been a Subsidiary at all times during such Measurement Period, 

               (b)
any Person that is not a Subsidiary on such Determination Date (or would cease
to be a Subsidiary on such Determination Date in connection with the
transaction that requires the determination of the Consolidated Coverage Ratio)
will be deemed not to have been a Subsidiary at any time during such
Measurement Period, 

               (c)
if any Obligor shall have in any manner 

                    (i)
acquired (including through an asset acquisition or the commencement of
activities constituting such operating business), or 

7

                    (ii)
disposed of (including by way of an Asset Sale or the termination or
discontinuance of activities constituting such operating business) any
operating business during such Measurement Period or after the end of such
Measurement Period and on or prior to the Determination Date, such calculation
shall be made on a pro forma basis in accordance with GAAP as if, in the case
of an asset acquisition or the commencement of activities constituting such
operating business, all such transactions had been consummated on the first day
of such Measurement Period and, in the case of an Asset Sale or termination or
discontinuance of activities constituting such operating business, all such
transactions had been consummated prior to the first day of such Measurement
Period; provided, however, that such pro forma adjustment shall not give effect
to the Consolidated EBITDA of any acquired Person to the extent that such
Person’s net income would be excluded pursuant to clauses (a) through (g) or
(i) of the definition of Consolidated Net Income; and 

               (d)
any Indebtedness incurred and proceeds thereof received and applied as a result
of the transaction giving rise to the need to calculate the Consolidated
Coverage Ratio will be deemed to have been so incurred, received and applied on
the first day of such Measurement Period.” 

                    3.5
The definition of “Consolidated Coverage Ratio” in Section 1.01 of the 2005 SPA
is amended in its entirety to read as follows: 

          ““Consolidated
Coverage Ratio” means, with respect to the Issuer on any Determination Date,
the ratio of: 

               (a)
Consolidated EBITDA for the applicable Measurement Period, to 

               (b)(i)
Consolidated Interest Expense of the Issuer during such Measurement Period plus
(ii) dividends or distributions on or in respect of any Capital Stock of any
Obligor paid during such Measurement Period (except dividends or distributions
paid to the Issuer or another Obligor); provided that the Consolidated Coverage
Ratio shall be calculated giving pro forma effect, as of the beginning of the
applicable Measurement Period, to any acquisition, incurrence, permanent
repayment or redemption of Indebtedness (including the Notes), issuance or
redemption of Disqualified Capital Stock, acquisition, Asset Sale, or purchases
of assets that were previously leased, at any time during or subsequent to such
Measurement Period, but on or prior to the applicable Determination Date. 

          In
making such computation, Consolidated Interest Expense: 

               (a)
attributable to any Indebtedness bearing a floating interest rate shall be
computed on a pro forma basis as if the rate in effect on the date of computation
had been the applicable rate for the entire Measurement Period, 

               (b)
attributable to interest on any Indebtedness under a revolving Credit Facility
shall be computed on a pro forma basis based upon the average daily balance of
such Indebtedness outstanding during the applicable Measurement Period, 

               (c)
attributable to non-cash interest expense resulting from the amortization of
the original issue discount on the Notes, the New Notes and the Subordinated
Notes in accordance with GAAP shall be excluded from such computation, and 

8

               (d)
excludes any Amendment Fees provided in Section 4 of Third Amendment and
Limited Waiver to Securities Purchase Agreements dated as of October 8, 2009. 

               For
purposes of calculating Consolidated EBITDA of the Issuer for the applicable
Measurement Period, 

               (a)
any Person that is a Subsidiary on such Determination Date (or would become a
Subsidiary on such Determination Date in connection with the transaction that
requires the determination of the Consolidated Coverage Ratio) shall be deemed
to have been a Subsidiary at all times during such Measurement Period, 

               (b)
any Person that is not a Subsidiary on such Determination Date (or would cease
to be a Subsidiary on such Determination Date in connection with the
transaction that requires the determination of the Consolidated Coverage Ratio)
will be deemed not to have been a Subsidiary at any time during such
Measurement Period, 

               (c)
if any Obligor shall have in any manner 

                    (i)
acquired (including through an asset acquisition or the commencement of
activities constituting such operating business), or 

                    (ii)
disposed of (including by way of an Asset Sale or the termination or
discontinuance of activities constituting such operating business) 

any operating
business during such Measurement Period or after the end of such Measurement
Period and on or prior to the Determination Date, such calculation shall be
made on a pro forma basis in accordance with GAAP as if, in the case of an
asset acquisition or the commencement of activities constituting such operating
business, all such transactions had been consummated on the first day of such
Measurement Period and, in the case of an Asset Sale or termination or
discontinuance of activities constituting such operating business, all such
transactions had been consummated prior to the first day of such Measurement
Period; provided, however, that such pro forma adjustment shall not give effect
to the Consolidated EBITDA of any acquired Person to the extent that such
Person’s net income would be excluded pursuant to clauses (a) through (g) or
(i) of the definition of Consolidated Net Income; and 

               (d)
any Indebtedness incurred and proceeds thereof received and applied as a result
of the transaction giving rise to the need to calculate the Consolidated
Coverage Ratio will be deemed to have been so incurred, received and applied on
the first day of such Measurement Period.” 

                    3.6
Section 1.01 of each of the SPAs is hereby amended by the addition of the
following definitions (in the appropriate alphabetical locations of Section
1.01): 

          ““Beach
Point” means Beach Point Capital Management LP.” 

          ““INI
First Lien Notes” means the Senior Secured Notes due 2011 of Interactive
Network, Inc.” 

9

          ““INI
Second Lien Notes” means the Subordinated Secured Notes due 2011 of Interactive
Network, Inc.” 

          ““Qualified
Initial Public Offering” means an underwritten initial public offering of
shares of the Issuer’s Common Stock pursuant to a registration statement under
the Securities Act with either (i) aggregate gross proceeds to the Issuer of at
least $25,000,000 or (ii) an implied pre-money equity value of at least
$100,000,000.” 

          ““Third
Amendment Effective Date” means the date on which Third Amendment and Limited
Waiver to Securities Purchase Agreements dated as of October 8, 2009, which
amends this Agreement, became effective pursuant to its terms.” 

          ““VAT”
means value added tax and related interest, fines and penalties.” 

          ““VAT
Liability” means all liabilities, monetary obligations, losses, damages,
punitive damages, consequential damages, costs and expenses (including all
reasonable fees, disbursements and expenses of counsel, experts and consultants
and costs of investigations, but excluding all such amounts arising in
connection with pursuit of indemnification and other damages and remedies
concerning the VAT Liability), fines, penalties, sanctions and interest
incurred as a result of any claim or demand by any Governmental Authority or
any third party, and which relate to payment of VAT by any Obligor.” 

                    3.7
The definition of “Post” in Section 1.01 of each of the SPAs is hereby deleted
and each reference to the defined term “Post” (but, for the avoidance of doubt,
not the name of any Holder that includes the word “Post”) in each of the SPAs
is hereby amended to read “Beach Point.” 

                    3.8
Section 2.04(c) of each of the SPAs is hereby restated in its entirety to read
as follows: 

          “(c)
Interest Payment. Interest on each Note shall be payable in immediately
available and freely transferable funds quarterly in arrears, on the 35th day
(or the next succeeding business day if the 35th day is not a business day)
after the end of each fiscal quarter, and at maturity (whether at the Final
Maturity Date, upon demand, by acceleration or otherwise). Interest at the
applicable Post-Default Rate shall be payable in cash on demand. For the
avoidance of doubt, Defaults waived by the Third Amendment and Waiver to
Securities Purchase Agreements dated as of October 8, 2009 shall not be subject
to the Post-Default Rate. Each Obligor hereby authorizes the Agent to, and the
Agent may, from time to time, charge the Note Account pursuant to Section 4.01
with the amount of any cash interest payment due hereunder.” 

                    3.9
Section 2.04(b) of each of the SPAs is hereby restated in its entirety to read
as follows: 

          “(b)
Default Interest. To the extent permitted by law, upon the occurrence
and during the continuance of a Default or an Event of Default other than a
Default or Event of Default which has been waived pursuant to the Third
Amendment and Waiver to Securities Purchase Agreements dated as of October 8,
2009, the principal of, and all accrued and unpaid interest on, all Notes,
fees, indemnities or any other Obligations of the Obligors under this Agreement
and the other Note Documents, shall bear interest, from the date such Default
or Event of Default occurred until the date such Default or Event of Default is
cured or waived in writing in accordance herewith, at a rate per annum equal at
all times to the Post-Default Rate.” 

10

                    3.10
Section 7.01(a)(4) of each of the SPAs is hereby amended by adding the
following at the end thereof: 

          “,
and containing an affirmative statement that no Default or Event of Default has
occurred and is continuing with respect to Sections 7.02(a) and (r) or, if a
Default or Event of Default existed, describing the nature and period of
existence thereof and the action which the Obligors propose to take or have
taken with respect thereto;” 

                    3.11
Section 7.01(i)(2) of each of the SPAs is amended in its entirety to read as
follows: 

          “(2)
Without limitation to Section 7.01(i)(1), (A) promptly notify the Agent of any
material accounts established after the Closing Date that would have been
required to be disclosed on Schedule 6.01(v) if they had been maintained
as of the Closing Date, (B) cause to be promptly executed and delivered an
Account Control Agreement relating to each new account required to be disclosed
pursuant to the foregoing clause (A), except for the Accommodation Bank
Accounts (as defined below) and (C) take such other action reasonably requested
by the Agent to maintain the validity, perfection and priority of the Holders’
Liens on such accounts, except for the Accommodation Bank Accounts (other than
the Wells Fargo Bank account listed on Schedule 7.01(u), to which this
clause (C) does apply).” 

                    3.12
Section 7.01(s) of each of the SPAs is hereby deleted in its entirety. 

                    3.13
Section 7.01(u) of each of the SPAs is hereby amended in its entirety to read
as follows: 

          “(u)
Accommodation Bank Accounts. Cause the following conditions to be met
with respect to the bank accounts listed on Schedule 7.01(u) hereto (the
“Accommodation Bank Accounts”): 

	
 

	
 

	
 

	
 

	
(1)

	
Sweep all
  funds contained in the account of Wachovia Bank, National Association
  described on Schedule 7.01(u) to an Obligor’s operating account that
  is subject to an effective Account Control Agreement at the following times:
  (i) at least once each calendar month following the Third Amendment Effective
  Date, and (ii) at such time as the account balance equals or exceeds $25,000,
  which sweep shall be the only means by which the account holder may deduct
  funds from this account. Following any sweep, a maximum of $2,500 may remain
  in the account and no sweep will be required if the account balance is not
  greater than $2,500; 

	
 

	
 

	
 

	
 

	
(2)

	
Sweep all
  funds contained in each account of Bank of America described on Schedule
  7.01(u) to an Obligor’s operating account that is subject to an effective
  Account Control Agreement at the following times: (i) at least once each
  calendar month following the Third Amendment Effective Date, and (ii) at such
  time as the account balance of each such account equals or exceeds $25,000,
  which sweep shall be the only means by which the account holder may deduct
  funds from each such account. Following any sweep, a maximum of $2,500 may
  remain in each account and no sweep will be required if the account balance
  is not greater than $2,500; 

11

	
 

	
 

	
 

	
 

	
(3)

	
Sweep all
  funds contained in the account of PayPal described on Schedule 7.01(u)
  to an Obligor’s operating account that is subject to an effective Account
  Control Agreement at the following times: (i) at least once each calendar
  month following the Third Amendment Effective Date, and (ii) at such time as
  the account balance equals or exceeds $25,000, which sweep shall be the only
  means by which the account holder may deduct funds from this account.
  Following any sweep, a maximum of $2,500 may remain in the account and no
  sweep will be required if the account balance is not greater than $2,500; 

	
 

	
 

	
 

	
 

	
(4)

	
Cause the
  aggregate account balances of the Dresdner Bank AG accounts described on Schedule
  7.01(u) to remain below €35,000 at all times following the Third
  Amendment Effective Date; 

	
 

	
 

	
 

	
 

	
(5)

	
Cause the
  Wells Fargo Bank account listed on Schedule 7.01(u) to be subject to
  an Account Control Agreement no later than sixty (60) days following the
  Third Amendment Effective Date; and 

	
 

	
 

	
 

	
 

	
(6)

	
Cause the
  funds deposited into the ING EURO – Belgium account listed on Schedule
  7.01(u) to be used solely to pay VAT Liability for Spain in a manner
  otherwise consistent with this Agreement.” 

                    3.14
Section 7.01 of the SPAs is hereby amended by adding the following new clauses
at the end thereof 

          “(v)
Registration Statement. Cause the first Demand Registration Statement
(as defined in the Security Holders Agreement) to be filed in accordance with
the Security Holders Agreement no later than four months after the consummation
of the Qualified Initial Public Offering and use its best efforts to cause the
first Demand Registration Statement to be declared effective by the SEC no
later than 180 days after the consummation of the Qualified Initial Public
Offering. Notwithstanding the foregoing, the declaration of effectiveness of
such Demand Registration Statement may be delayed to provide for any customary
lock-up period and extension required by the underwriters of the Qualified
Initial Public Offering, and such delay shall not constitute a breach of this
covenant. 

          (w)
Guarantor Authorization. No later than 60 days after the Third Amendment
Effective Date, the Issuer shall provide a certificate or certificates of a
duly authorized officer of the Issuer attaching true and complete copies of
resolutions or a written consent of the board of directors of the Guarantors
listed on Schedule 7.01(w) hereto authorizing the execution, delivery and
performance of the Third Amendment and Limited Waiver to Securities Purchase
Agreements dated as of October 8, 2009 and the issuance of the additional Notes
thereunder.” 

12

                    3.15
Section 7.02(a) of each of the SPAs is hereby amended by adding the following
at the end thereof: 

          “Notwithstanding
anything to the contrary set forth in this Agreement or any other Note
Document, any Lien upon or with respect to any of the properties of any Obligor
arising from, or in connection with, any VAT Liability shall constitute an
immediate Event of Default, except for Liens that may be deemed to arise on
frozen assets not exceeding €610,343 with respect to that certain Various, Inc.
credit card processing account administered by Global Collect, NV located in
the Netherlands.” 

                    3.16
Section 7.02(h) of each of the SPAs is hereby restated in its entirety: 

          “(h)
Restricted Payments. (i) Declare or pay any dividend or other
distribution, direct or indirect, on account of any Capital Stock of any
Obligor now or hereafter outstanding, (ii) make any repurchase, redemption,
retirement, defeasance, sinking fund or similar payment, purchase or other
acquisition for value, direct or indirect, of any Capital Stock of any Obligor
or any direct or indirect parent of any Obligor, now or hereafter outstanding,
(iii) make any payment to retire, or to obtain the surrender of, any
outstanding warrants, options or other rights for the purchase or acquisition
of shares of any class of Capital Stock of any Obligor, now or hereafter
outstanding, (iv) return any Capital Stock of any Obligor to any shareholders
or other equity holders of any Obligor or any of its Subsidiaries, or make any
other distribution of property, assets, shares of Capital Stock, warrants,
rights, options, obligations or securities thereto as such or (v) except for
transactions set forth on Schedule 7.02(h)(i) with respect to
Interactive and Schedule 7.02(h)(ii) with respect to the Issuer, pay any
salaries, bonuses, management fees, or other form of compensation, fees or
expenses (including the reimbursement thereof by any Obligor) to any of the
stockholders or other equityholders, Subsidiaries or Affiliates of any Obligor,
or to any employees or family members thereof; provided, however, that any
Subsidiary of the Issuer may pay dividends or make other distributions to the
Issuer.” 

                    3.17
Section 7.02(l)(ii) of the 2006 SPA is amended to add the following at the end
thereof: 

          “except
that, not later than ten Business Days following its receipt of cash proceeds
(after deduction of (i) underwriting discounts and commissions and (ii) unpaid
out-of-pocket expenses of up to $11,000,000 less any amounts already paid or
from time to time paid for expenses in connection with a Qualified Initial
Public Offering under clauses (1) and (2) of Section 7.02(h)(c) of the
Securities Purchase Agreement governing the INI First Lien Notes, as amended)
from a Qualified Initial Public Offering, the Issuer shall be permitted to (1)
pay a non-refundable waiver fee equal to 1.00% of the outstanding principal
amount of the INI First Lien Notes on the date of consummation of the Qualified
Initial Public Offering payable to the holders of the INI First Lien Notes and
a non-refundable waiver fee equal to 1.00% of the outstanding principal amount
of the INI Second Lien Notes on the date of consummation of the Qualified
Initial Public Offering payable to the holders of the INI Second Lien Notes, if
such waiver fees have not already been paid on March 31, 2010, (2) after
payment of the waiver fees in clause (1) above, prepay the INI First Lien Notes
in an aggregate amount equal to 50% of the remaining cash proceeds received
from such Qualified Initial Public Offering at a redemption price of 115% of 

13

the principal
amount redeemed, plus accrued and unpaid interest thereon to such redemption
date, (3) to the extent there are remaining cash proceeds received from such
Qualified Initial Public Offering, prepay as much as possible any remaining INI
First Lien Notes, at a redemption price of 105% of the principal amount
redeemed, plus accrued and unpaid interest thereon to such redemption date,
provided that notwithstanding the foregoing, if any holder of INI First Lien
Notes foregoes its right to receive such prepayment, such funds must be used to
prepay the other holders of INI First Lien Notes on a pro rata basis with 50%
of such proceeds to be paid at a redemption price of 115% of the principal
amount redeemed and the remaining 50% of such proceeds to be paid at a
redemption price of 105% of the principal amount redeemed, (4) to the extent
there are remaining cash proceeds received from such Qualified Initial Public
Offering, prepay the INI Second Lien Notes, at a redemption price of 100% of
the principal amount redeemed, in an amount equal to the greater of (A) the
amount by which such remaining cash proceeds, after reduction for the portion
thereof required to be paid under clauses (1), (2) and (3) above, exceeds
Interactive’s reasonable allocation of a portion of such net proceeds for use
as working capital and then identified strategic acquisitions and (B) ninety
percent (90.0%) of such cash proceeds, after reduction for the portion thereof
required to be paid under clauses (1), (2) and (3) above and (5) to the extent
there are any remaining cash proceeds after repayment of the INI First Lien
Notes and INI Second Lien Notes pursuant to the preceding sentence, prepay in
cash as much as possible of the Notes and Existing Senior Secured Notes on a
pro rata basis, at a redemption price equal to 100% of the principal amount
redeemed, plus accrued and unpaid interest thereon to such date of redemption,”

                    3.18
Section 7.02(l)(ii) of the 2005 SPA is amended to add the following at the end
thereof: 

          “except
that, not later than ten Business Days following its receipt of cash proceeds
(after deduction of (i) underwriting discounts and commissions and (ii) unpaid
out-of-pocket expenses of up to $11,000,000 less any amounts already paid for
out-of-pocket expenses in connection with a Qualified Initial Public Offering
under clauses (1) and (2) of Section 7.02(h)(c) of the Securities Purchase
Agreement governing the INI First Lien Notes, as amended, as of the Third
Amendment Effective Date) from a Qualified Initial Public Offering, the Issuer
shall be permitted to (1) pay a non-refundable waiver fee equal to 1.00% of the
outstanding principal amount of the INI First Lien Notes on the date of
consummation of the Qualified Initial Public Offering payable to the holders of
the INI First Lien Notes and a non-refundable waiver fee equal to 1.00% of the
outstanding principal amount of the INI Second Lien Notes on the date of
consummation of the Qualified Initial Public Offering payable to the holders of
the INI Second Lien Notes, if such waiver fees have not already been paid on
March 31, 2010, (2) after payment of the waiver fees in clause (1) above,
prepay the INI First Lien Notes in an aggregate amount equal to 50% of the
remaining cash proceeds received from such Qualified Initial Public Offering at
a redemption price of 115% of the principal amount redeemed, plus accrued and
unpaid interest thereon to such redemption date, (3) to the extent there are
remaining cash proceeds received from such Qualified Initial Public Offering,
prepay as much as possible any remaining INI First Lien Notes, at a redemption
price of 105% of the principal amount redeemed, plus accrued and unpaid
interest thereon to such redemption date, provided that notwithstanding the
foregoing, if any holder of INI First Lien Notes foregoes its right to receive
such prepayment, such funds must be used to prepay the other holders of INI
First Lien Notes on a pro rata basis with 50% of such proceeds to be paid at a
redemption price of 115% of the 

14

 principal amount redeemed and the remaining
50% of such proceeds to be paid at a redemption price of 105% of the principal
amount redeemed, (4) to the extent there are remaining cash proceeds received
from such Qualified Initial Public Offering, prepay the INI Second Lien Notes,
at a redemption price of 100% of the principal amount redeemed, in an amount
equal to the greater of (A) the amount by which such remaining cash proceeds,
after reduction for the portion thereof required to be paid under clauses (1),
(2) and (3) above, exceeds Interactive’s reasonable allocation of a portion of
such net proceeds for use as working capital and then identified strategic
acquisitions and (B) ninety percent (90.0%) of such cash proceeds, after
reduction for the portion thereof required to be paid under clauses (1), (2)
and (3) above and (5) to the extent there are any remaining cash proceeds after
repayment of the INI First Lien Notes and INI Second Lien Notes pursuant to the
preceding sentence, prepay in cash as much as possible of the Notes and New
Notes on a pro rata basis, at a redemption price equal to 100% of the principal
amount redeemed, plus accrued and unpaid interest thereon to such date of
redemption,” 

                    3.19
Section 7.02 of each of the SPAs is hereby amended by adding a new clause (r)
at the end thereof to read as follows: 

          “(r)
VAT Payments. Make any payments arising from, or in connection with, any
VAT Liability (i) that was accrued prior to July 1, 2008, (ii) that is past due
or (iii) that relates to any activities of Various, Inc. or its Subsidiaries
prior to July 1, 2008, including in each case fees and penalties relating
thereto, which, together with any such payments previously made, exceeds
$10,000,000 in aggregate until all Obligations are paid in full; provided that
such payments shall in no event be paid with cash of the Obligors other than
cash reimbursed with proceeds from the Working Capital Escrow Amount (as
defined in the Stock Purchase Agreement, dated as of September 21, 2007, by and
among Various, Inc., Andrew B. Conru Trust Agreement, Andrew B. Conru Trustee,
Mapstead Trust, created on April 16, 2002, Lars and Marin Mapstead Trustees,
Andrew B. Conru, Lars Mapstead and Penthouse Media Group Inc., as amended by an
Amendment to Stock Purchase Agreement dated as of December 6, 2007)
attributable to the VAT Liability (or for payments made prior to the Third
Amendment Effective Date, reimbursed from the Working Capital Escrow Amount).” 

                    3.20
Section 7.03(a) of each of the SPAs is hereby restated in its entirety to read
as follows: 

          “Permit
Consolidated EBITDA to be less for any period than the amount specified for
such period in the table below: 

	
 

	
 

	
 

	
Period Ending

	
 

	
Minimum Consolidated EBITDA

	 

	 

	 

	
Quarter
  ending June 30, 2008

	
 

	
$1,000,000

	
Two quarter
  period ending September 30, 2008

	
 

	
$1,000,000

	
Three
  quarter period ending December 31, 2008

	
 

	
$1,000,000

	
Each four
  quarter period ending on or after March 31, 2009 through December 31, 2009

	
 

	
$1,000,000

	
Each four
  quarter period ending on or after March 31, 2010

	
 

	
$3,500,000

	
 

	
 

	
 

15

                    3.21
Section 7.03(c) of each of the SPAs is hereby amended by adding the following
proviso to the end thereof: 

          “;
provided, however, that the Obligors shall be required to maintain a
Consolidated Coverage Ratio not less than the ratio specified for the
applicable period in the table below: 

	
 

	
 

	
 

	
 

	
Period Ending

	
 

	
Minimum Consolidated Coverage Ratio

	 

	 

	 

	
Quarter
  ending June 30, 2008

	
 

	
0.1

	
 

	
Two quarter
  period ending September 30, 2008

	
 

	
0.1

	
 

	
Three
  quarter period ending December 31, 2008

	
 

	
0.1

	
 

	
Each quarter
  period ending on or after March 31, 2009 through December 31, 2009

	
 

	
0.1

	
 

	
Each quarter
  period ending on or after March 31, 2010

	
 

	
0.35

	
 

                    3.22
The following new Section 7.03(i) is hereby inserted into each of the SPAs
immediately following Section 7.03(h): 

          “(i)
Liquidity. Permit unrestricted cash on hand (including Cash Equivalents)
in accounts of the Issuer to be less than $500,000 at any time.” 

                    3.23
The following new Section 7.03(j) is hereby inserted into each of the SPAs
immediately following Section 7.03(i): 

          “(j)
IPO Expenses. Except with respect to fees and expenses paid out of the
cash proceeds of a Qualified Initial Public Offering, incur, make or commit or
agree to make any payment of fees or expenses in connection with or related to
the preparation and filing of registration statements or other documentation
for a proposed public offering of securities of the Issuer or any of its
Subsidiaries that, together with all such fees and expenses previously
incurred, made or committed or agreed to be made by the Obligors, exceeds
$11,000,000 in the aggregate.” 

16

                    3.24
Section 9.01(c) of each of the SPAs is hereby amended by deleting “and (i)(2)”
therein and inserting “,(i)(2) and (w)” in its place and by deleting “and (l)”
therein and inserting “(l), (q) and (r)” in its place. 

                    3.25
Section 9.01 of each of the SPAs is hereby amended by (i) deleting the “or” at
the end of clause (o) thereof, (ii) deleting the period and adding “;” at the
end of clause (p) thereof, (iii) adding the following new clause (q)
immediately after clause (p) thereof to read “if at any time the total VAT
Liability of the Issuer or any Subsidiary of the Issuer (including, without
limitation, Interactive and its Subsidiaries) that relates to activities of
Various, Inc. or its Subsidiaries prior to July 1, 2008 exceeds $45,416,000
plus accrued interest and penalties after June 30, 2009, exclusive of the
effect of increases attributable to changes in exchange rates after June 30,
2009; or”, (iv) adding the following new clause (r) immediately after the new
clause (q) thereof to read “if the gross proceeds from a Qualified Initial
Public Offering are less than $100,000,000.”, and (v) amending the phrase
“clause (f) or (g)” in clause (i) of the last paragraph of Section 9.01 to read
“clause (f), (g) or (i).” 

                    3.26
Section 9.04 of the 2006 SPA is hereby restated in its entirety to read as
follows: 

          “Section
9.04 Board Composition. So long as Holders affiliated with Beach Point
or any of their respective Affiliates hold any Securities, Existing Senior
Secured Notes, or capital stock (in the form of preferred stock or common
stock) of the Issuer, and to the extent allowed by the national securities
exchange on which the Issuer’s securities are listed, if applicable, Beach
Point, on behalf of such Holders and their respective Affiliates, as
applicable, (i) shall have the right to designate, and the Issuer shall take
reasonable steps to cause to be nominated, one designee for election to the
Board of Directors of the Issuer (and every committee thereof, except as set
forth in this paragraph), which designee shall be (A) reasonably satisfactory
to the Issuer so long as no Event of Default has occurred and is continuing or
(B) upon the consummation of a Qualified Initial Public Offering, reasonably
acceptable to the Issuer’s Nominating Committee of the Board of Directors and
subject to compliance with the applicable national securities exchange
regulations (the “Board Designee”) and (ii) shall have the right to
designate one designee to be permitted to attend all meetings of the Board of
Directors of the Issuer (and every committee thereof, except as set forth in
this paragraph) as an observer (the “Board Observer”). The Board of
Directors of the Issuer will meet at least one (1) time per fiscal quarter. If
the Board Designee has been designated, he or she will be entitled to receive
copies of all materials distributed at all meetings of the Board of Directors
of the Issuer. If the Board Observer has been designated, he or she will be
entitled to receive copies of all materials distributed at all meetings of the
Board of Directors of the Issuer (and every committee thereof, except as set
forth in this paragraph). However, the Board Observer may be excused from any
meeting of the Board of Directors or any committee thereof, and may be limited
from receiving any board materials, upon the advice of the Issuer’s outside
counsel and, among other things, will be subject to the same confidentiality
requirements as if he or she were a Director. Upon election of the Board
Designee, the Issuer will execute a customary form of indemnification agreement
in favor of the Board Designee in his or her capacity as a director of the
Issuer. At all times during the tenure of the Board Designee, the Issuer shall
maintain a directors’ and officers’ liability insurance policy with coverage in
an amount not less than $10,000,000 from financially sound and reputable
insurers. The Issuer shall pay to the Board Designee the same compensation for
his or her services as a director of the Issuer as the compensation, if any,
paid to non-employee directors of the Issuer. Notwithstanding any of the
foregoing, the Board Designee shall not be entitled to representation on the
Issuer’s Audit Committee, Nominating and Corporate Governance Committee and
Compensation Committee.” 

17

                    3.27
Section 9.04 of the 2005 SPA is hereby restated in its entirety to read as
follows: 

          “Section
9.04 Board Composition. So long as Holders affiliated with Beach Point
or any of their respective Affiliates hold any Securities, New Notes, or
capital stock (in the form of preferred stock or common stock) of the Issuer,
and to the extent allowed by the national securities exchange on which the
Issuer’s securities are listed, if applicable, Beach Point, on behalf of such
Holders and their respective Affiliates, as applicable, (i) shall have the
right to designate, and the Issuer shall take reasonable steps to cause to be
nominated, one designee for election to the Board of Directors of the Issuer
(and every committee thereof, except as set forth in this paragraph), which
designee shall be (A) reasonably satisfactory to the Issuer so long as no Event
of Default has occurred and is continuing or (B) upon the consummation of a
Qualified Initial Public Offering, reasonably acceptable to the Issuer’s
Nominating Committee of the Board of Directors and subject to compliance with
the applicable national securities exchange regulations (the “Board Designee”)
and (ii) shall have the right to designate one designee to be permitted to
attend all meetings of the Board of Directors of the Issuer (and every
committee thereof, except as set forth in this paragraph) as an observer (the “Board
Observer”). The Board of Directors of the Issuer will meet at least one (1)
time per fiscal quarter. If the Board Designee has been designated, he or she
will be entitled to receive copies of all materials distributed at all meetings
of the Board of Directors of the Issuer. If the Board Observer has been
designated, he or she will be entitled to receive copies of all materials
distributed at all meetings of the Board of Directors of the Issuer (and every
committee thereof, except as set forth in this paragraph). However, the Board
Observer may be excused from any meeting of the Board of Directors or any
committee thereof, and may be limited from receiving any board materials, upon
the advice of the Issuer’s outside counsel and, among other things, will be
subject to the same confidentiality requirements as if he or she were a
Director. Upon election of the Board Designee, the Issuer will execute a
customary form of indemnification agreement in favor of the Board Designee in
his or her capacity as a director of the Issuer. At all times during the tenure
of the Board Designee, the Issuer shall maintain a directors’ and officers’
liability insurance policy with coverage in an amount not less than $10,000,000
from financially sound and reputable insurers. The Issuer shall pay to the
Board Designee the same compensation for his or her services as a director of
the Issuer as the compensation, if any, paid to non-employee directors of the
Issuer. Notwithstanding any of the foregoing, the Board Designee shall not be
entitled to representation on the Issuer’s Audit Committee, Nominating and
Corporate Governance Committee and Compensation Committee.” 

                    3.28
Schedule 7.01(u) attached hereto is hereby added as Schedule 7.01(u) to each of
the SPAs. 

                    3.29
Schedule 7.01(w) attached hereto is hereby added as Schedule 7.01(w) to each of
the SPAs. 

18

                    3.30
Schedule 7.02(h) is hereby deleted from each of the SPAs and replaced with
Schedule 7.02(h)(i) attached hereto. 

                    3.31
Schedule 7.02(h)(ii) attached hereto is hereby added as Schedule 7.02(h)(ii) to
each of the SPAs. 

                    3.32
Schedule 7.03(a) is hereby deleted from each of the SPAs. 

                    3.33
Schedule 7.03(c) is hereby deleted from each of the SPAs for fiscal periods
ending after June 30, 2008. 

          Section
4. Amendment Fee. 

                    4.1
Issuer shall issue the Additional 2005 Notes and Additional 2006 Notes (each as
defined below), providing for an amendment fee (the “Amendment Fee”) with respect to each 2005 Note and 2006 Note,
capitalized and payable as additional principal owing in respect of the 2005
Notes and 2006 Notes, in an amount equal to 4 percent (4%) of the principal
amount of each 2005 Note and 2006 Note outstanding on the Effective Date
immediately prior to such increase. 

                    4.2
The Issuer shall issue to each Holder of Notes issued under the 2005 SPA an
additional Note in substantially the form of Exhibit J hereto (the “Additional 2005 Notes”), appropriately
completed, in a principal amount equal to such Holder’s Pro Rata Share of the
Amendment Fee as defined in Section 4.1 hereof. From and after the
Effective Date, all of the Additional 2005 Notes shall be “Notes” for all
purposes of the 2005 SPA and the other Note Documents, guarantied by the
continuing Guaranties of the Guarantors pursuant to Article XI of the 2005 SPA
and secured by the continuing security interests granted pursuant to the
Security Documents. 

                    4.3
The Issuer shall issue to each Holder of Notes issued under the 2006 SPA an
additional Note in substantially the form of Exhibit K hereto (the “Additional 2006 Notes”), appropriately
completed, in a principal amount equal to such Holder’s Pro Rata Share of the
Amendment Fee as defined in Section 4.1 hereof. From and after the
Effective Date, all of the 2006 Additional Notes shall be “Notes” for all
purposes of the 2006 SPA and the other Note Documents, guarantied by the
continuing Guaranties of the Guarantors pursuant to Article XI of the 2006 SPA
and secured by the continuing security interests granted pursuant to the
Security Documents. 

          Section
5. Agent Authorized and Directed to Act. 

                    5.1
By their signatures below, the Holders (constituting the Required Holders)
hereby authorize and instruct the Agent (a) to execute, deliver and perform its
duties under the documents set forth in Section 7.1 hereof to which it
is a party and (b) to take all other actions reasonable or necessary to
accomplish or document any of the waivers contemplated by this Amendment and
Waiver. 

                    5.2
The recitals contained herein shall be taken as the statements of the other
parties hereto, and the Agent assumes no responsibility for their correctness.
The Agent makes no representation as to the validity or sufficiency of this
Amendment and Waiver or the satisfaction of the Conditions to Effectiveness of
Waiver contained in Section 7 hereof.  

19

          Section
6. Representations and Warranties of the Issuer. 

                    To
induce the Holders to enter into this Amendment and Waiver, the Issuer hereby
represents and warrants to each Holder as follows: 

                    6.1
The Issuer’s Due Organization, Power and Authority, Etc. The Issuer is a
corporation duly organized, validly existing and in good standing under the
laws of the State of Nevada, having full power and authority (i) to own its
properties and to carry on its business as presently conducted and as proposed
to be conducted, (ii) to execute and deliver this Amendment and Waiver and
(iii) to consummate the other transactions contemplated hereby. The Issuer is
duly qualified to transact business and is validly existing or in good standing
in each jurisdiction in which the failure so to qualify, individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect. 

                    6.2
Binding Obligations. All corporate action on the part of the Issuer and
its officers, directors and stockholders necessary for the authorization,
execution and delivery of this Amendment and Waiver and the performance of all
obligations of the Issuer hereunder has been taken. This Amendment and Waiver
has been duly executed and delivered by the Issuer as of the Effective Date.
This Amendment and Waiver constitutes the valid, legal and binding obligations
of the Issuer, enforceable against the Issuer in accordance with its terms,
except to the extent that enforceability may be limited by applicable
bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’
rights generally and subject to general principles of equity (regardless of
whether such enforcement is considered in a proceeding at law or at equity). 

                    6.3
No Conflict. Neither the execution, delivery and performance of this
Amendment and Waiver nor the issuance of the Additional 2005 Notes and
Additional 2006 Notes will violate, conflict with, or cause a breach or default
under any agreement or instrument binding on the Issuer, the Obligors or any of
their respective properties or assets. 

                    6.4
VAT Payments. Attached hereto as Schedule 2 is a true, correct
and complete disclosure of all payments made by any Obligor to any Governmental
Authorities in connection with any VAT Liability of the Issuer or any
Subsidiary of the Issuer (including, without limitation, Interactive and its
Subsidiaries) through the Effective Date (including a breakdown of (i) all such
payments of VAT Liability relating to activities prior to July 1, 2008, (ii)
all such payments of VAT liability relating to activities after July 1, 2008
and (iii) a reasonably detailed description of the Obligors’ good faith
estimate of its VAT liability relating to activities prior to July 1, 2008). 

                    6.5
Terminated Subsidiaries. The Board of Directors of the Issuer has
determined that the preservation of each of FriendFinder Processing (India)
Private Limited and FriendFinder (Switzerland) AG is no longer necessary or
desirable in the conduct of the business of the Issuer and its Subsidiaries. In
addition, each of Streamray Processing Philippines, Inc. and FriendFinder
Processing Philippines, Inc. has expired pursuant to the terms of its
organizational documents. Each of FriendFinder Processing (India) Private
Limited, FriendFinder (Switzerland) AG, Streamray Processing Philippines, Inc.
and FriendFinder Processing Philippines, Inc. (together, the “Terminated
Subsidiaries”) has been dissolved, divested, sold or expired and had either no
assets or nominal assets at the time of such dissolution, divestiture, sale or
expiration. 

20

                    6.6
FriendFinder (Switzerland) AG. Pursuant to that certain Friendfinder
(Switzerland) AG Share Sale and Purchase Agreement, by and between Various,
Inc. and Translex International Ltd. (“Translex”),
effective date October 27, 2008, Various, Inc. sold the outstanding shares of
FriendFinder (Switzerland) AG to Translex for the purchase price of CHF 1.00,
payable in cash. Other than cash in FriendFinder (Switzerland) AG’s bank
account not exceeding U.S. $30,000, which was paid to Various, Inc.,
FriendFinder (Switzerland) AG had no assets of greater than nominal value
immediately prior to transfer of the shares in FriendFinder (Switzerland) AG to
Translex. 

          Section
7. Conditions to Effectiveness of Waiver. 

                    The
waivers provided in this Amendment and Waiver shall be expressly conditioned
upon, and this Amendment and Waiver shall not be effective until the
satisfaction, or waiver by the Required Holders, of each of the following (the
first date on which all such conditions have been satisfied or waived by the
Required Holders, the “Effective Date”):

                    7.1
Execution by Parties; Issuance of Notes. The execution and delivery of
counterparts hereof by the Issuer, the Guarantors, and the Holders and the
issuance by the Issuer of the Additional 2005 Notes and Additional 2006 Notes; 

                    7.2
Other Waivers and Agreements . The prior or simultaneous execution and
delivery of the Other Waivers and the INI Convertible Notes Agreement, each in
form and substance satisfactory to the Holders; 

                    7.3
Subsidiary Matters. The receipt by the Holders of: 

                    (a)
a certificate of a duly authorized officer of the Issuer attaching true and
complete copies of (i) resolutions of the Board of Directors of the Issuer
making the determination set forth in Section 6.5 hereof, and (ii)
evidence of the dissolution, divestiture or expiration of each Terminated
Subsidiary (including, in the case of any divestiture, the terms and conditions
of such divestiture), and 

                    (b)
a copy of the letter agreement addressed to the Agent and the Holders relating
to the representations, warranties and covenants of FriendFinder GmbH, duly
executed and delivered by the parties thereto; 

                    7.4
Availability of Working Capital Escrow. The receipt by the Holders of
evidence satisfactory to the Holders that there are sufficient funds in the
Working Capital Escrow Amount that will be released to the Issuer or the
appropriate Subsidiary of the Issuer to reimburse the Obligors for payments for
VAT Liability to Governmental Authorities already made, and to reimburse
additional VAT Liability amounts through September 30, 2010, in an aggregate
amount of $10,000,000; 

21

                    7.5
Confirmation of Accountants. The receipt by the Holders of evidence
satisfactory to the Holders that the Obligors have received confirmation from
their independent accountants that upon effectiveness of this Amendment and
Waiver and the Other Waivers, any going concern qualifications in the Obligors’
2008 audited financial statements will be removed; 

                    7.6
Officer’s Certificate. The receipt by the Agent (with a copy to the
Holders) of a certificate or certificates of (i) a duly authorized officer of
the Issuer attaching true and complete copies of resolutions or a written
consent of the board of directors of the Issuer, Interactive Network, Inc. and
the Guarantors listed on Schedule 3 hereto authorizing the execution,
delivery and performance of this Amendment and Waiver and the issuance of the
Additional 2005 Notes and Additional 2006 Notes, (ii) a duly authorized officer
of the Issuer attaching true and complete copies of resolutions or a written
consent of the requisite stockholders of the Issuer consenting to the Series A
Amendment and Series B Amendment, and (iii) a duly authorized officer of each
of the Obligors certifying that all deposit accounts and securities accounts
are subject to control agreements in favor of the Agent, except for the
Accommodation Bank Accounts; 

                    7.7
Opinion of Counsel. The receipt by the Agent (with a copy to the
Holders) of an opinion of counsel (which may constitute more than one opinion
of counsel) in form and substance satisfactory to the Holders to the effect
that this Amendment and Waiver and the Additional 2005 Notes and the Additional
2006 Notes have been duly authorized, executed and delivered by the Issuer and
Interactive Network, Inc. and constitute valid and binding obligations of the
Issuer and Interactive Network, Inc., enforceable in accordance with their
respective terms (subject to customary exceptions); 

                    7.8
Payment of Legal Expenses. The payment of the fees and disbursements
required pursuant to Section 10.4 hereof; and 

                    7.9
Amendment of the Security Holders Agreement. The Issuer shall use
reasonable best efforts to amend the Security Holders Agreement in
substantially the form attached hereto as Exhibit L (the “Amended Security Holders Agreement”);
provided, however, that the Amended Security Holders Agreement shall have been
executed by each of the entities required under sections (i) and (ii) of
Section 6.11 of the Security Holders Agreement as well as by PET Capital
Partners LLC, PET Capital Partners II LLC and NAFT Ventures I, LLC on or prior
to the Third Amendment Effective Date. In addition, such signatories shall have
executed an acknowledgment with respect to the Security Holders Agreement in a
form satisfactory to the Holders upon or prior to the Third Amendment Effective
Date. 

                    7.10
Securities Purchase. The simultaneous consummation of the transactions
contemplated by those certain letter agreements, each dated October 8, 2009,
among Marc H. Bell, Staton Family Investments, Ltd., Florescue Family
Corporation, and certain holders of equity securities of the Issuer, pertaining
to the purchase and sale of such equity securities on the terms set forth
therein. 

22

          Section
8. Affirmation of Obligations. 

                    Each
of the Issuer and the Guarantors hereby ratifies, affirms and confirms all of the
Note Documents and each and every Obligation, covenant and agreement of such
Obligor thereunder in all respects, except as otherwise expressly modified or
waived by this Amendment and Waiver upon the terms set forth herein. Each of
the Issuer and the Guarantors further affirms that each security interest and
Lien granted pursuant to any of the Note Documents is a continuing, perfected,
first-priority security interest or Lien (except to the extent otherwise
permitted by the Note Documents) on substantially all of the assets of the
Issuer and its Subsidiaries. In addition, each of the Issuer and the Guarantors
hereby represents and warrants that, as of the date hereof, no counterclaim,
right of set-off, claim or defense of any kind exists or is outstanding with
respect to any of the Obligations or against any of the Holders of any 2005
Notes or 2006 Notes. 

          Section
9. Most Favored Nation Provision. 

                    This
Amendment and Waiver may be executed prior to the execution of the Other Waivers.
Except with regard to the use of proceeds from a Qualified Initial Public
Offering as outlined in Sections 3.16 and 3.17 hereof and except with
regard to the Amendment Fee set forth in Section 4 hereof vis a vis (i)
the amendment fees and/or the waiver fees provided for in Sections 2 and 3 of
the waiver from the holders of the INI First Lien Notes, (ii) the amendment
fees and/or the waiver fees provided for in Sections 2 and 3 of the waiver from
the holders of the INI Second Lien Notes and (iii) the amendment fee provided
in the amendment and waiver agreement with respect to the Subordinated Notes
dated October 8, 2009, in the event that the language or provisions of the
Other Waivers with respect to a provision common to, or covering the same subject
matter as, the SPAs is more favorable to the holders of the INI First Lien
Notes, INI Second Lien Notes or FFN Subordinated Notes than is the
corresponding restated obligation to the Holders under this Amendment and
Waiver, such more favorable restated obligation shall supersede and be deemed
substituted for such corresponding Amendment and Waiver obligation herein for
the benefit of all Holders under the SPAs. 

          Section
10. Miscellaneous. 

                    10.1
Headings. Section and subsection headings in this Amendment and Waiver
are included herein for convenience of reference only and shall not constitute
a part of this Amendment and Waiver for any other purpose or be given any
substantive effect. 

                    10.2
Funding Documents Ratified. Except as expressly set forth herein, this
Amendment and Waiver shall not by implication or otherwise limit, impair,
constitute a waiver of, or otherwise affect the rights and remedies of, the
Holders under the SPAs, the Security Agreements or any other Funding Documents;
or be construed to alter, modify, amend or in any way affect any of the terms,
conditions, obligations, covenants or agreements contained in the SPAs, the
Security Agreements or any other Funding Documents, all of which are hereby
confirmed and ratified in all respects and shall continue in full force and
effect. 

                    10.3
Scope of Consent. The consents provided by the Holders pursuant to this
Amendment and Waiver are given solely in such Holders’ capacities as holders of
the 2005 Notes and/or 2006 Notes. No Holder shall be deemed, by virtue of its
execution of this Amendment and Waiver, to have amended or waived any agreement
or right, or otherwise consented to any transaction, in such Holder’s capacity
as a holder of stock, warrants or any other securities of the Issuer, or in any
other capacity. All such rights are hereby reserved. 

23

                    10.4
Expenses. The Issuer shall pay (or reimburse the Holders, if they have
so paid) Irell & Manella LLP and any special and local counsel retained by
or on behalf of the Holders for their reasonable fees and disbursements
(appropriately documented) incurred in connection with the negotiation,
execution and delivery of this Amendment and Waiver and the other documents and
transactions contemplated hereby and thereby. Without limiting the foregoing,
on the Effective Date, the Issuer shall pay Irell & Manella LLP and any
special and local counsel retained by or on behalf of the Holders for all such
reasonable fees and disbursements invoiced on or prior to the Effective Date. 

                    10.5
Survival of Agreement. All covenants, agreements, representations and
warranties made by any party in this Agreement shall be considered to have been
relied upon by the other parties hereto and shall survive the execution and
delivery of this Agreement. 

                    10.6
Note Documents. From and after the Effective Date, this Amendment and
Waiver shall be considered Note Documents for all purposes of the SPAs, entitled
to all of the benefits and protections thereof, and all references to the Note
Documents shall thereafter be construed to include this Amendment and Waiver. 

                    10.7
Applicable Law. THIS AMENDMENT AND
WAIVER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE
OF NEW YORK.

                    10.8
Counterparts; Facsimile Signatures. This Amendment and Waiver may be
executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be
deemed an original, but all such counterparts together shall constitute but one
and the same instrument; signature pages may be detached from multiple separate
counterparts and attached to a single counterpart so that all signature pages
are physically attached to the same document. Facsimile signatures shall be
considered originals for all purposes. 

[remainder of page intentionally blank]

24

IN WITNESS WHEREOF, the parties hereto have caused this Amendment and Waiver to be duly executed and delivered by their respective officers thereunto duly authorized as of the date first written above.

Issuer:

FRIENDFINDER NETWORKS INC.

By:  

/s/ Ezra Shashoua                                         

Name:  Ezra Shashoua

Title:   Chief Financial Officer

[Signature Page to Third Amendment and Limited Waiver to Securities Purchase Agreements]

SENIOR GUARANTORS:

GENERAL MEDIA ART HOLDING, INC.

GENERAL MEDIA COMMUNICATIONS, INC.

GENERAL MEDIA ENTERTAINMENT, INC.

GMCI INTERNET OPERATIONS, INC.

GMI ON-LINE VENTURES, LTD.

PENTHOUSE CLUBS INTERNATIONAL  ESTABLISHMENT

PENTHOUSE IMAGES ACQUISITIONS, LTD.

WEST COAST FACILITIES INC.

PMGI HOLDINGS INC.

PURE ENTERTAINMENT TELECOMMUNICATIONS, INC.

By:  

/s/ Paul Asher                                         

Name:  Paul Asher

Title:   Secretary

PENTHOUSE FINANCIAL SERVICES N.V.

By:  /s/ Daniel C. Staton                                       

Name:  Daniel C. Staton

Title:  Director

PENTHOUSE DIGITAL MEDIA PRODUCTIONS INC.

VIDEO BLISS, INC.

DANNI ASHE, INC.

By:  

/s/ Ezra Shashoua                                    

Name:  Ezra Shashoua

Title:   Chief Financial Officer

SNAPSHOT PRODUCTIONS, LLC

By:  

/s/ Ezra Shashoua                                     

Name:  Ezra Shashoua

Title:   Chief Financial Officer

TAN DOOR MEDIA INC. 

By:  

/s/ Ezra Shashoua                                      

Name:  Ezra Shashoua

Title:   Chief Financial Officer

[Signature Page to Third Amendment and Limited Waiver to Securities Purchase Agreements]

SUBORDINATED GUARANTORS:

INTERACTIVE NETWORK, INC.

VARIOUS, INC. 

GLOBAL ALPHABET, INC.

SHARKFISH, INC.

TRAFFIC CAT, INC.

BIG ISLAND TECHNOLOGY GROUP, INC.

FASTCUPID, INC.

MEDLEY.COM INCORPORATED

PPM TECHNOLOGY GROUP, INC.

FRIENDFINDER CALIFORNIA INC.

By:  

/s/ Ezra Shashoua                                      

Name:  Ezra Shashoua

Title:   Chief Financial Officer

FRIENDFINDER PROCESSING LTD. 

By:  

/s/ Daniel C. Staton                                   

Name:  Daniel C. Staton

Title:    Chief Financial Officer

FRIENDFINDER UNITED KINGDOM LTD. 

By:  

/s/ Paul Asher                                           

Name:  Paul Asher

Title:   Director

STREAMRAY, INC.

By:  

/s/ Daniel C. Staton                                 

Name:  Daniel C. Staton

Title:    Chief Financial Officer

CONFIRM ID, INC.

FRNK TECHNOLOGY GROUP

TRANSBLOOM, INC.

STREAMRAY INC. 

By:  

/s/ Ezra Shashoua                                   

Name:  Ezra Shashoua

Title:   Chief Financial Officer

[Signature Page to Third Amendment and Limited Waiver to Securities Purchase Agreements]

STREAMRAY PROCESSING LTD.

By:  

/s/ Ezra Shashoua                                  

Name:  Ezra Shashoua

Title:   Attorney

STREAMRAY STUDIOS INC. 

By:  

/s/ Ezra Shashoua                                 

Name:  Ezra Shashoua

Title:   Chief Financial Officer

VENTNOR ENTERPRISE LIMITED 

By:  

/s/ Paul Asher                                      

Name:  Paul Asher

Title:   Director

WIGHT ENTERPRISE LIMITED

By:  

/s/ Paul Asher                                      

Name:  Paul Asher

Title:   Director

[Signature Page to Third Amendment and Limited Waiver to Securities Purchase Agreements]

HOLDERS:

DBST DIRESSED OPPORTUNITIES MASTER PORTFOLIO, LTD

MW POST PORTFOLIO FUND, LTD.

ROYAL MAIL PENSION PLAN

By:  Beach Point Capital Management LP, 

As Authorized Agent

By:  

/s/ Carl Goldsmith                                      

Name:

Carl Goldsmith

Title:

Managing Partner

THE OPPORTUNITY FUND, LLC

By:  Beach Point Capital Management LP, 

Its Investment Manager

By:  

/s/ Carl Goldsmith                                      

Name:

Carl Goldsmith

Title:

Managing Partner

POST DISTRESSED MASTER FUND, L.P.

POST TOTAL RETURN MASTER FUND, L.P.

POST STRATEGIC MASTER FUND, L.P.

By:  Beach Point Capital Management LP, 

Its Investment Manager

By:  

/s/ Carl Goldsmith                                      

Name:

Carl Goldsmith

Title:

Managing Partner

[Signature Page to Third Amendment and Limited Waiver to Securities Purchase Agreements]

MARC H. BELL

/s/ Marc H. Bell                                      

STATON FAMILY INVESTMENTS, LTD.

/s/ Daniel C. Staton                                 

[Signature Page to Third Amendment and Limited Waiver to Securities Purchase Agreements]

CANYON VALUE REALIZATION FUND, L.P.

FINVEST CAPITAL LTD.

CANYON BALANCED EQUITY MASTER FUND, LTD.

MACVEST 1, LTD.

CANPARTNERS INVESTMENTS IV, LLC

INSTITUTIONAL BENCHMARKS SERIES

(MASTER FEEDER) LIMITED IN RESPECT

 OF CENTAUR SERIES

(each, only as to the 2005 SPA and related agreements)

By:

Canyon Capital Advisors LLC, 

on behalf of its participating funds 

and managed accounts

By:  

/s/ Mitchell R. Julis                                      

Name:  Mitchell R. Julis

Title:   Authorized Signatory

[Signature Page to Third Amendment and Limited Waiver to Securities Purchase Agreements]

AGENT:

U. S. BANK NATIONAL ASSOCIATION,

As Administrative Agent and Collateral Agent

By:  

/s/ Kathy L. Mitchell                                      

Name:  Kathy L. Mitchell

Title:   Vice President

[Signature Page to Third Amendment and Limited Waiver to Securities Purchase Agreements]

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