Document:

Exhibit 10.7

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

      Pursuant to the provisions of Section 141(f) of the Delaware General
Corporation Law, the undersigned Directors, constituting all of the members of
the Board of Directors (the "Board") of Playboy Enterprises, Inc., a Delaware
corporation (the "Corporation"), hereby consent to the taking of the following
action without the holding of a meeting and hereby adopt these resolutions
effective as of August 30, 2006.

      WHEREAS, the Corporation has previously adopted the Second Amended and
Restated Playboy Enterprises, Inc. 1995 Stock Incentive Plan (the "Plan"); and

      WHEREAS, the Board has determined that it is in the best interests of the
Corporation to revise the provisions of Section 4.1(a), 4.1(b) and 4.1(c) of the
Plan, which govern the exercise price of stock options issued under the Plan;
and

      WHEREAS, Section 9.2 of the Plan permits the Board to amend the Plan in
its discretion (subject to certain restrictions not applicable in this
instance);

      NOW, THEREFORE, BE IT RESOLVED, that, effective as of August 30, 2006, the
Plan is hereby amended by restating in full the provisions of Section 4.1(a),
4.1(b) and 4.1(c), substantially in the form attached hereto as Exhibit A.

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

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

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                                                                       EXHIBIT A

                  Section 4.1 Option Price. (a) The price of the shares subject
to each Non-Qualified Option shall not be less than 100% of the fair market
value of such shares at the end of the business day upon which such Option is
granted.

            (b) For purposes of the Plan, the fair market value ("Fair Market
Value") of a share of the Company's Common Stock as of a given date shall be:
(i) the closing price of a share of such class of the Company's Common Stock on
the principal exchange on which shares of the Company's Common Stock are then
trading, if any, on such date, or, if shares were not traded on such date, then
on the next subsequent trading day during which a sale occurs; or (ii) if such
Common Stock is not traded on an exchange but is quoted on NASDAQ or a successor
quotation system, (1) the last sales price (if the Company's Common Stock is
then listed as a National Market Issue under the NASD National Market System) or
(2) the mean between the closing representative bid and asked prices (in all
other cases) for the Company's Common Stock on such date as reported by NASDAQ
or such successor quotation system; or (iii) if such Common Stock is not
publicly traded on an exchange and not quoted on NASDAQ or a successor quotation
system, the mean between the closing bid and asked prices for the Company's
Common Stock, on such date, as determined in good faith by the Committee; or
(iv) if the Company's Common Stock is not publicly traded, the fair market value
established by the Committee acting in good faith.

            (c) The price of the shares subject to Incentive Stock Options shall
not be less than the greater of (i) 100% of the Fair Market Value of a share of
Common Stock on the date the Incentive Stock Option is granted, or (ii) 110% of
the fair market value of a share of Common Stock on the date such Incentive
Stock Option is granted in the case of an individual then owning (within the
meaning of Section 424(d) of the Code) more than 10% of the total combined
voting power of all classes of stock of the Company or any Subsidiary.

                                       2Exhibit 10.8.1

                              EMPLOYMENT AGREEMENT

EMPLOYMENT AGREEMENT ("Agreement"), dated as of September 15, 2006, between
ROBERT MEYERS, residing at 640 West End Avenue, #9B, New York, New York, 10024
("Executive") and PLAYBOY ENTERPRISES, INC., a Delaware corporation ("Employer"
or the "Company"), with an office at 680 North Lake Shore Drive, Chicago,
Illinois, 60611.

                                     RECITAL

Employer is primarily engaged in the business of multimedia entertainment.
Employer desires to hire Executive, and Executive desires to be employed by
Employer on the terms and subject to the conditions set forth below.

In consideration of the premises and the mutual covenants hereinafter set forth,
the parties hereto hereby agree as follows:

1.    Employment of the Executive

      Employer hereby agrees to employ Executive and Executive hereby agrees to
      be and remain in the employ of Employer, as an Executive Vice President of
      Employer, upon the terms and conditions hereinafter set forth.

2.    Employment Period

      The term of Executive's employment under this Agreement (the "Employment
      Period") shall commence September 18, 2006 (the "Commencement Date") and,
      subject to earlier termination as provided herein, shall continue for a
      period of three years (the "Initial Period") after the Commencement Date.
      Unless earlier terminated, at the end of the Initial Period, the parties
      will determine whether or not to renew this Agreement and, if so, on what
      terms and conditions.

3.    Duties and Responsibilities

      (a)         During the Employment Period, Executive (i) shall have the
                  title of Executive Vice President and President, Media Group,
                  (ii) shall devote his full business time and attention and
                  expend his best efforts, energies and skills on a full-time
                  basis to the business of the Company, and shall not engage in
                  any other activity that would interfere with the performance
                  of his duties under this Agreement (provided that Executive is
                  permitted to serve on the board of directors of Double Click
                  -- to the extent that doing so does not create any conflict of
                  interest with Executive's obligations or duties under this
                  Agreement -- other organizations, subject to approval of the
                  Company's CEO, or engage in endeavors related to the
                  community, his faith and other charitable functions which do
                  not materially interfere with the performance of his duties
                  hereunder) and (iii) shall perform such duties, and comply
                  with all reasonable directions and instructions of the
                  Company's CEO.

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      (b)         During the Employment Period, Executive's responsibilities
                  will include all pay and free cable and satellite broadcast
                  television, home video and theatrical entertainment
                  development activities of the Company, and the associated
                  production, programming and distribution activities, the
                  Company's online, radio and wireless activities and the
                  Company's publishing activities (other than international
                  publishing); provided, however, that the foregoing will not be
                  construed so as to prevent or limit the Company's good faith
                  determination for bona fide business reasons to operate one or
                  more of any such activities through a joint venture, third
                  party license or other arrangement with a third party, subject
                  to Paragraph 5.7(ii) hereof.

      (c)         During the Employment Period, Executive will report to the
                  Company's CEO and will be the Company's most senior executive
                  in regard to those responsibilities set forth in Paragraph
                  3.(b) above.

4.    Compensation

      (a)         For all services rendered and required to be rendered by,
                  covenants of and restrictions in respect to Executive, under
                  this Agreement, Employer shall pay to Executive during and
                  with respect to the Employment Period, and Executive agrees to
                  accept a base salary computed at a rate of $700,000 per annum
                  ("Base Salary"), payable on a biweekly basis in accordance
                  with the Employer's standard payroll practices. In addition,
                  on the Commencement Date, Executive will be eligible to
                  participate in a Board of Directors' approved incentive
                  compensation plan, with Executive's being eligible to earn up
                  to a maximum potential of 100% of his Base Salary. The
                  incentive compensation will be based in part (50%) on the
                  Company's fiscal year net income performance as determined by
                  the CEO and the Company's Board of Directors and in part (50%)
                  on Media Group financial performance established by the CEO in
                  consultation with Executive that are reasonably attainable.
                  Subject to Paragraph 5. hereof, incentive compensation for
                  fiscal years 2006 and 2009 will be prorated based on
                  Executive's Commencement Date.

      (b)(i)      The Company will also pay to Executive a one-time bonus (the
                  "Signing Bonus") in the sum of $50,000, payable to Executive
                  on the Commencement Date. In the event that Executive resigns
                  prior to the first anniversary of the Commencement Date, other
                  than for Good Reason (as hereinafter defined), or is
                  terminated for Cause (as hereinafter defined), then Executive
                  shall promptly repay to the Company 100% of the Signing Bonus
                  within 30 days of such resignation or termination.

      (b)(ii)     The Company will reimburse Executive that amount which
                  represents the prorata refund Executive makes to Westwood One
                  of the signing bonus Executive received from Westwood One up
                  to, but not to exceed, $50,000 within 30 days of the
                  Commencement Date.

      (c)         In each calendar year of the Initial Period, Executive will
                  also be granted nonqualified options to purchase 50,000 shares
                  (the "Options") of the Class B common stock of the Company.
                  The Option agreements will be subject to the

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                  Company's stock option plan and contain the terms and
                  conditions determined by the Company's Compensation Committee,
                  which will be consistent with the terms and conditions of
                  stock option grants made to other executive officers of the
                  Company. The vesting period for such options will be three
                  years in equal installments from the date of grant. The strike
                  price of the options will be the closing price of the
                  Company's Class B common stock at the close of business on the
                  date on which such grants are made to the other executive
                  officers by the Compensation Committee of the Company's Board
                  of Directors.

      (d)         In each calendar year of the Initial Period, Executive will be
                  granted 20,000 deferred stock awards subject to the terms and
                  conditions determined by the Company's Compensation Committee
                  of the Company's Board of Directors consistent with the terms
                  and conditions of deferred stock awards to other executive
                  officers of the Company (which will include performance goals
                  based on the Company's operating income as such term is used
                  and determined by the Company for purposes of the Company's
                  rolling three year plan).

      (e)         Upon commencement of Executive's employment by the Company
                  Executive will receive:

                  (i)   a one-time grant of nonqualified options to purchase
                        75,000 shares of the Class B common stock of the
                        Company. This option will be subject to the Company's
                        stock option plan and contain the terms and conditions
                        determined by the Company's Compensation Committee,
                        which will be consistent with the terms and conditions
                        of those stock option grants made to Executive pursuant
                        to Paragraph 4.(c) above. The vesting period of such
                        options will be three years in equal installments from
                        the date of grant. The strike price of such options will
                        be the closing price of the Company's Class B common
                        stock at the close of business on the Commencement Date;
                        and

                  (ii)  a one-time grant of 30,000 shares of the Company's Class
                        B stock; and

                  (iii) a one-time grant of 25,000 deferred stock awards subject
                        to the terms and conditions determined by the Company's
                        Compensation Committee consistent with the terms and
                        conditions of deferred stock awards to other executive
                        officers for fiscal 2006 (which will include performance
                        goals based on the Company's operating income as such
                        term is used and determined by the Company for purposes
                        of the Company's rolling three year plan).

      (f)         Effective on the Commencement Date, Executive will be entitled
                  to participate in the Company's health benefit plans, together
                  with the Company's Executive vacation policy, matching 401-K
                  plan, deferred compensation plan and similar plans in effect
                  from time to time. Executive's participation in the foregoing
                  plans, perquisites and travel and entertainment policy will be
                  on terms no less favorable than afforded to other executives
                  of the Company commensurate with Executive's level.

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5.    Termination of Employment Period; Change of Control

      5.1   Employer may, at any time during the Employment Period by notice to
            Executive (the "Termination Notice"), terminate the Employment
            Period for "Cause" effective immediately. The Termination Notice
            shall specify the Cause for termination. In such an event, Executive
            shall not be entitled to any compensation or other amount from the
            Company from the effective date of termination. For purposes hereof,
            for "Cause" means a:

            (a)   willful failure or refusal by Executive to implement or follow
                  lawful policies or directions of the CEO or Board of Directors
                  after notice from Company;

            (b)   commission by Executive of an act of moral turpitude or act
                  bringing disgrace or disrepute to the Company , or commission
                  of/conviction for any felony or any misdemeanor involving
                  theft, fraud or other dishonest action or event that results
                  in harm to the Company;

            (c)   material violation of this Employment Agreement; and

            (d)   material misrepresentation or material and willful
                  non-disclosure by Executive to the Company in connection with
                  performance of Executive duties.

            Provided that in the event any such wrongful conduct is capable of
            being cured, Executive will have 15 days from his receipt of the
            Termination Notice to cure such conduct to the reasonable
            satisfaction of Company.

      5.2   The company may terminate this Agreement at any time, by delivering
            a notice to Executive, without Cause, effective 30 days after
            Executive receives such notice in accordance with the terms hereof.
            In such an event, Executive's sole remedy shall be:

            (a)   to collect all unpaid Base Salary and all unreimbursed
                  expenses payable for all periods through the effective date of
                  termination; plus

            (b)   a severance payment in the sum of 12 months of Executive's
                  then Base Salary; plus

            (c)   a prorata payout under the incentive compensation plan for
                  Executive in the year of such termination in an amount equal
                  to the fraction, the numerator of calendar days from the
                  beginning of the year of such termination through the
                  effective date of termination and the denominator of which is
                  365;

            (the sum of paragraphs 5.2 (a), (b) and (c) being collectively
            referred to as the "Severance Payment").

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            The Severance Payment will be due and payable on the effective date
            of the termination of this Agreement.

      5.3   (a)   In the event Executive becomes totally disabled or disabled
                  such that he is rendered unable to perform substantially all
                  of his usual duties for Company, and if such disability shall
                  persist for a continuous period in excess of three months, or
                  an aggregate period in excess of three months in any one
                  fiscal year, Company shall have the right at any time after
                  the end of such period during continuance of Executive's
                  disability by the delivery of not less than 30 days' prior
                  written notice to Executive to terminate Executive's
                  employment under this Agreement whereupon the applicable
                  provisions of Paragraph 5.4 below shall apply.

      5.3   (b)   For purposes of this Agreement, if Executive and Company shall
                  disagree as to whether Executive is totally disabled, or
                  disabled such that he is rendered unable to perform
                  substantially all of his usual duties for Company as set forth
                  above, or as to the date at which time such total disability
                  began, the decision of a licensed medical practitioner,
                  mutually agreed upon by the parties, shall be binding as to
                  both questions. If the parties cannot agree as to the identity
                  of the licensed medical practitioner, Executive shall select a
                  licensed medical practitioner of his choice and the Company
                  shall select a licensed medical practitioner of its choice.
                  The two licensed medical practitioners so selected shall
                  select a third licensed medical practitioner, which third
                  individual shall resolve either or both of the questions
                  referred to above and which resolution shall be binding upon
                  the parties.

      5.4   If Executive's employment with the Company is terminated on account
            of Executive's disability as provided for in Paragraph 5.3 above or
            on account of Executive's death, then Executive (or Executive's
            estate or personal representative, as applicable) shall only be
            entitled to receive, and Company shall pay to Executive (or
            Executive's estate or personal representative, as applicable) the
            following amounts:

            (a)   all unpaid Base Salary and all unreimbursed expenses payable
                  for all periods through the effective date of termination;
                  plus

            (b)   the sum of six months of Executive's then Base Salary; plus

            (c)   a pro rata payout under the incentive compensation plan for
                  Executive in the year of such termination in an amount equal
                  to the fraction, the numerator of which is the number of
                  calendar days from the beginning of the year of such
                  termination through the effective date of termination and the
                  denominator of which is 365.

      5.5   The Company is party to a certain severance agreement with certain
            executives of the Company ("the Severance Agreement") a copy of
            which is attached hereto as Exhibit A. The Company will enter into a
            Severance Agreement on substantially the same terms upon the
            execution hereof by Executive.

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      5.6   If Executive's employment with Company is terminated for any reason,
            Company will have no right of offset, nor will Executive be under
            any duty or obligation to seek alternative or substitute employment
            at any time after the effective date of such termination or
            otherwise mitigate any amounts payable by Company to Executive.

      5.7   Executive shall have the right to terminate his employment under
            this Agreement and receive the Severance Payment by the delivery of
            written notice to Company within 30 days after any of the events
            hereinbelow defined as Good Reason. For purposes hereof, "Good
            Reason" means that:

            (i)   the Company has materially breached this Agreement and the
                  Company has failed to cure such breach after 30 days written
                  notice from Executive,

            (ii)  there has occurred any material diminution or reduction in
                  duties of Executive, whether in scope or nature,

            (iii) Executive fails to report directly to the CEO of the Company
                  (or reports to a CEO other than Christie Hefner),

            (iv)  there has occurred a Change in Control (as defined in the
                  Severance Agreement referenced in Paragraph 5.5),

            (v)   the Company sells or otherwise transfers all or substantially
                  all of its media assets in a single transaction or series of
                  transactions, except if, and only for so long as, the Company,
                  directly or indirectly, continues to own a controlling
                  interest in the buyer or transferee, or

            (vi)  the Company permanently closes its New York office.

6.    Location of Executive's Activities

      Executive's place of business in the performance of his duties and
      obligations under this Agreement shall be split principally between the
      Employer's place of business in Glendale, California and New York, New
      York. Notwithstanding the preceding sentence, Executive will engage in
      such travel and spend such time in other places, including Chicago, as may
      be necessary or appropriate in furtherance of his duties hereunder at the
      Employer's expense.

7.    Miscellaneous

      7.1   Notices. All notices, requests, demands, consents, and other
            communications required or permitted to be given or made hereunder
            shall be in writing and shall be deemed to have been duly given and
            received, (i) if delivered by hand, the day it is so delivered, (ii)
            if mailed via the United States mail, certified first class mail,
            postage prepaid, return receipt requested, five business days after
            it is mailed, or (iii) if sent by a nationally recognized overnight
            courier for next business day delivery, the business day after it is
            sent, to the party to whom the same is so

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            given or made, at the address of such party as set forth at the head
            of this Agreement, which address may be changed by notice to the
            other party hereto duly given as set forth herein, with copies
            delivered as follows:

            (a)   if to Executive:

                  640 West End Avenue, #9B
                  New York, NY 10024

                  with a copy to:

                  Ted Schachter
                  Schachter Entertainment
                  1157 South Beverly Drive
                  Los Angeles, CA 90035

            (b)   if to the Company:

                  General Counsel
                  Playboy Enterprises, Inc.
                  680 North Lake Shore Drive
                  Chicago, Illinois 60611

      7.2   Governing Law; Jurisdiction. This agreement shall be governed by,
            and construed and enforced in accordance with, the substantive and
            procedural laws of the State of Illinois. Each party hereto hereby
            irrevocably submits to the exclusive jurisdiction of the state and
            federal courts located in Cook County, Illinois, and waives any
            claim based upon forum non-conveniens.

      7.3   Headings. All descriptive headings in this agreement are inserted
            for convenience only and shall be disregarded in construing or
            applying any provision of this Agreement.

      7.4   Counterparts. This Agreement maybe executed in counterparts, each of
            which shall be deemed to be an original, but all of which together
            shall constitute one and the same instrument.

      7.5   Severability. If any provision of this Agreement, or part thereof,
            is held to be unenforceable, the remainder of such provision and
            this Agreement, as the case may be, shall nevertheless remain in
            full force and effect.

      7.6   Entire Agreement and Representation. This Agreement contains the
            entire agreement and understanding between Employee and Executive
            with respect to the subject matter hereof. This Agreement supersedes
            any prior agreement between the parties relating to the subject
            matter hereof. Except as otherwise provided herein, this Agreement
            cannot be changed or terminated except by an instrument in writing
            signed by the parties hereto.

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      7.7   Binding Effect. This Agreement shall be binding upon, and insure to
            the benefit of, each parties' successors, transferees, heirs and
            assigns.

      7.8   Confidentiality; Disclosure of Information

            (a)   Executive recognized and acknowledges that he will have access
                  to Confidential Information (as defined below) relating to the
                  business or interests of Company or of persons with whom
                  Company may have business relationships. Except as permitted
                  herein or as may be approved by Company from time to time,
                  Executive will not during the Employment Period or at any time
                  thereafter, use or disclose to any other person or entity, any
                  Confidential Information of Company (except as required by
                  applicable law or in connection with performance of
                  Executive's duties and responsibilities hereunder). If
                  Executive is requested or becomes legally compelled to
                  disclose any of the Confidential Information, he will give
                  prompt notice of such request or legal compulsion to Company.
                  Company may waive compliance with this Paragraph 7.8(a) or
                  will provide Executive with legal counsel at no cost to
                  Executive to seek an appropriate remedy; provided however
                  Executive may disclose any Confidential Information in the
                  event notwithstanding all such efforts of the Company and such
                  legal counsel Executive if compelled by court order to do so.
                  The term "Confidential Information" means information relating
                  to Company's business affairs, proprietary technology, trade
                  secrets, patented processes, research and development data,
                  know-how, market studies and forecasts, competitive analyses,
                  pricing policies, executive lists, employment agreements
                  (other than this Employment Agreement), personnel policies,
                  the substance of agreements with customers, suppliers and
                  others, marketing arrangements, customer lists, commercial
                  arrangements, or any other information relating to Company's
                  business which is treated as confidential or proprietary by
                  Company in accordance with its policies. Notwithstanding the
                  immediately preceding sentence, the provisions of this
                  Paragraph 7.8(a) shall not apply to any information that (1)
                  is in the public domain; (2) is or becomes available to the
                  public other than as a result of a disclosure by Executive in
                  violation of this Paragraph 7.8(a); (3) was available to
                  Executive on a non-confidential basis prior to the date of
                  this Employment Agreement; (4) was already lawfully in
                  Executive's possession prior to the date of this Employment
                  Agreement; or (5) becomes available to Executive on a
                  non-confidential basis from a source other than Company. This
                  obligation shall continue until such Confidential Information
                  becomes publicly available, other than pursuant to a breach of
                  this Paragraph 7.8(a) by the Executive, regardless of whether
                  the Executive continues to be employed by the Company.

            (b)   It is further agreed and understood by and between the parties
                  to this Agreement that all "Company Materials," which include,
                  but are not limited to, computers, computer software, computer
                  disks, tapes, printouts, source, HTML and other codes,
                  flowcharts, schematics, designs, graphics, drawings,
                  photographs, charts, graphs, notebooks, customer lists, sound
                  recordings, other tangible or intangible manifestation of
                  content, and all

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                  other documents whether printed, typewritten, handwritten,
                  electronic, or stored on computer disks, tapes, hard drives,
                  or any other tangible medium, as well as samples, prototypes,
                  models, products and the like shall be the exclusive property
                  of Company and, upon termination of Executive's employment
                  with Company, and/or upon the written request of Company, all
                  Company Materials, including copies thereof, as well as all
                  other Company property then in Executive's possession or
                  control, shall be returned to and left with Company.

      7.9   Copyright

            Executive acknowledges that all original works of authorship by
            Executive, whether created alone or jointly with others, relating to
            the Executive's employment with the Company, and which are
            protectable by copyright, are "works made for hire" within the
            meaning of the United States Copyright Act, 17 U.S.C. ss. 101, as
            amended, and the copyright of which shall be owned solely,
            completely and exclusively by Company. If any such work is
            considered to be a work not included in the categories of work
            covered by the United States Copyright Act, 17 U.S.C. ss. 101, as
            amended, such work is hereby conveyed and transferred completely and
            exclusively to Company. Executive hereby irrevocably designates
            counsel to Company as Executive's agent and attorney-in-fact to do
            all lawful acts necessary to apply for and obtain patents and
            copyrights and to enforce Company's rights under this section,
            provided that such counsel shall take any such actions only after
            Executive has been requested in writing to do such acts by Company
            and failed to promptly do so. This Paragraph 7.9 shall survive the
            termination of this Agreement. Any conveyance of copyright hereunder
            includes all rights of paternity, integrity, disclosure and
            withdrawal and any other rights that may be known as or referred to
            as "moral rights."

      7.10  Indemnification

            Company recognizes that the activities within the scope of
            Executive's employment create the potential in some jurisdictions of
            civil or even criminal actions being brought against Executive. To
            the fullest extent permitted by law, Company shall indemnify,
            defend, protect and hold Executive harmless from and against all
            claims, demands, causes of action, actions, suits, costs, damages,
            penalties, fines, liabilities, losses and expenses, whether civil or
            criminal, including, without limitation, reasonable attorneys' and
            consultant's fees and expenses arising out of or resulting from the
            performance of Executive's duties within the scope of Executive's
            employment. Company will include Executive as a named insured on
            Company's directors and officers liability policy.

      7.11  Non-Competition and Non-Solicitation

            Executive acknowledges that Company has invested substantial time,
            money and resources in the development and retention of its
            Confidential Information (including trade secrets), customers,
            accounts and business partners, and further acknowledges that during
            the course of Executive's employment with Company, Executive will
            have access to Company's Confidential Information (including

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            trade secrets), and will be introduced to existing and prospective
            customers, vendors, cable operators, accounts and business partners
            of Company. Executive acknowledges and agrees that any and all
            "goodwill" associated with any existing or prospective customer,
            vendor, cable operator, account or business partner belongs
            exclusively to Company, including, but not limited to, any goodwill
            created as a result or direct or indirect contacts or relationships
            between Executive and any existing or prospective customers,
            vendors, cable operators, accounts or business partners.
            Additionally, the parties acknowledge and agree that Executive
            possesses skills that are special, unique or extraordinary and that
            the value of Company depends upon his use of such skills on its
            behalf.

            In recognition of this, Executive covenants and agrees that:

            (a)   During Executive's employment with Company, Executive may not,
                  without prior written consent of Company (whether as an
                  executive, agent, servant, owner, partner, consultant,
                  independent contractor, representative, stockholder, or in any
                  other capacity whatsoever) perform any work directly
                  competitive in any way to the business of Company or a
                  substantially planned business that Executive is aware of
                  during Executive's employment with Company on behalf of any
                  entity or person other than Company (including Executive).

            (b)   During Executive's employment with Company and for one year
                  thereafter, Executive may not notice, solicit or encourage any
                  Company employee to leave the employ of the Company or any
                  independent contractor to sever its engagement with Company,
                  absent prior written consent from Company.

            (c)   During Executive's employment with Company and for one year
                  thereafter, Executive may not, directly or indirectly, entice,
                  solicit or encourage any customer or prospective customer of
                  Company to cease doing business with Company, reduce its
                  relationship with Company or refrain from establishing or
                  expanding a relationship with Company.

      7.12  Non-Disparagement; Non-Disclosure

            (a)   Executive and Company hereby agree that during the Employment
                  Period and all times thereafter, neither Executive or Company
                  will make any public statement, or engage in any conduct, that
                  is disparaging to the other party or, in the case of Company,
                  any of its Executives, officers, directors, or shareholders
                  known to Executive, including, but not limited to, any
                  statement that disparages the products, services, finances,
                  financial condition, capabilities or other aspect of the
                  business of Company and the capabilities of Executive.
                  Notwithstanding any term to the contrary herein, neither
                  Executive nor Company shall be in breach of this Paragraph
                  7.12 for the making of any truthful statements under oath.

            (b)   Executive will not directly or indirectly be the source of
                  disclosing, by publishing or by granting interviews, of any
                  Confidential Information

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                  (which is known to Executive to be confidential) concerning
                  the personal, social or business activities of Company, its
                  affiliates or the executives and principals and the officers,
                  directors, agents and Executives of all the foregoing during
                  or at any time after the termination of Executive's
                  employment, subject to the exceptions specified in Section
                  7.8(a) (1) - (5). In addition, Executive agrees that without
                  Company's express written approval in each case, Executive
                  will not:

                  i.    write, be the source of or contribute to any articles,
                        stories, books, screenplays or any other communication
                        or publicity of any kind (written or otherwise) or
                        deliver lectures in any way regarding or concerning the
                        Confidential Information, or

                  ii.   grant any interviews regarding or concerning the
                        Confidential Information during or at any time after the
                        termination of his employment.

      7.13  Representations and Warranties. The execution, delivery and
            performance of this Agreement by the Company has been duly
            authorized by all necessary corporate action of the Company and this
            Agreement constitutes the legal, valid and binding obligation of the
            Company, enforceable against the Company in accordance with its
            terms.

IN WITNESS WHEREOF, the parties hereto have executed this Employment Agreement
as of the date first above written.

                                            Playboy Enterprises, Inc.

                                            By: /s/ Christie Hefner
                                                ----------------------------
                                                Christie Hefner
                                                Chairman of the Board
                                                and
                                                Chief Executive Officer

                                                /s/ Robert Meyers
                                                ----------------------------
                                                       Robert Meyers

                                       11

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