Document:

Exhibit 10.22(h)

                                SECOND AMENDMENT
                                     TO THE
                            PLAYBOY ENTERPRISES, INC.
                               BOARD OF DIRECTORS'
                           DEFERRED COMPENSATION PLAN
               (As Amended and Restated Effective January 1, 2005)

      WHEREAS,  Playboy  Enterprises,  Inc. (the  "Company") has established and
maintains  the  Playboy   Enterprises,   Inc.   Board  of  Directors'   Deferred
Compensation Plan, as amended and restated effective January 1, 2005 and amended
once thereafter (the "Plan"); and

      WHEREAS,  Section  7.01 of the Plan  reserves  to the  Company's  Board of
Directors (the "Board") the authority to amend the Plan at any time; and

      WHEREAS,  the Board has determined that it is desirable to freeze the Plan
as of December  31,  2008 and to add a new  transitional  distribution  election
feature to the Plan effective as of December 10, 2008;

      NOW, THEREFORE, the Plan is hereby amended in the following respects:

            1.  New   subsections  (g)  and  (h)  are  added  to  Section  3.01,
Eligibility  and  Participation,  effective as of December 31, 2008,  to read as
follows:

                  "(g)  Notwithstanding  any  Plan  provision  to  the
                        contrary,  participation  in the Plan shall be
                        frozen  as  of  December   31,  2008  and  any
                        Director who is not already a  Participant  on
                        that date shall not be  permitted  to elect to
                        participate in the Plan for any Plan Year that
                        begins after December 31, 2008.

                  (h)   Notwithstanding  any  Plan  provision  to  the
                        contrary, no contributions shall be made by or
                        on behalf of any  Participant  with respect to
                        any Plan Year that begins  after  December 31,
                        2008.  Accordingly,  no  Agreements  shall  be
                        permitted,   accepted,  honored  or  have  any
                        effect with  respect to any such Plan Year and
                        the deferral limitations set forth in Sections
                        3.01(b)  above  shall all be  reduced  to zero
                        percent (0%)  effective for any Plan Year that
                        begins after December 31, 2008."

<PAGE>

            2. A new Section 4.11 is added to the Plan, effective as of December
10, 2008, to read as follows:

                  "4.11 Transitional Early Distribution Option.

                        The Plan shall  offer a new single sum benefit
                        distribution   option,   commencing  effective
                        December 10,  2008,  in  accordance  with this
                        Section 4.11.  All  Participants  who have not
                        yet incurred a  distributable  event under any
                        of  Sections  4.01,  4.02  or  4.03  prior  to
                        December  10, 2008 shall have the  opportunity
                        to elect to  receive  a lump  sum  payment  of
                        their  entire  Account  under the  Plan.  Such
                        benefit shall first become  payable on January
                        2, 2009 and  shall be  processed  for  payment
                        thereafter,  valued and  distributed  no later
                        than  January  30,  2009.  In order to receive
                        such early  distribution  under  this  Section
                        4.11,  the  Participant  must  file a  written
                        election,   in  accordance   with   transition
                        election guidance under Code Section 409A, not
                        later   than   December   23,   2008  and  the
                        Participant   must   not   have   incurred   a
                        distributable  event under any other provision
                        of Article IV before such election is filed.

                        A  transitional   distribution  election  made
                        under this  Section  4.11 shall  override  and
                        supersede  any  and  all  other   distribution
                        rights and  elections  then  applicable to the
                        electing  Participant  and  shall  render  the
                        Participant  ineligible for distribution under
                        any other  Section of the Plan  regardless  of
                        any distributable events subsequently incurred
                        by the electing Participant. This distribution
                        election  shall be considered to be consistent
                        with  Section   3.01(e)  and  not  subject  to
                        Section 3.01(f)."

                                      -2-
<PAGE>

      IN WITNESS WHEREOF, this Second Amendment, having been first duly adopted,
is hereby executed by a duly authorized officer on behalf of the Company on this
10th day of December, 2008.

                                          PLAYBOY ENTERPRISES, INC.

                                          By: /s/ Robert D. Campbell
                                             -----------------------------------
                                              Robert D. Campbell
                                              Senior Vice President, Treasurer

                                      -3-Exhibit 10.22(i)

                                 THIRD AMENDMENT
                                     TO THE
                            PLAYBOY ENTERPRISES, INC.
                               BOARD OF DIRECTORS'
                           DEFERRED COMPENSATION PLAN
               (As Amended and Restated Effective January 1, 2005

      WHEREAS,  Playboy  Enterprises,  Inc. (the  "Company") has established and
maintains  the  Playboy   Enterprises,   Inc.   Board  of  Directors'   Deferred
Compensation Plan, as amended and restated effective January 1, 2005 and amended
twice thereafter (the "Plan"); and

      WHEREAS, Sections 7.01 and 7.02 of the Plan reserve to the Company's Board
of Directors  (the "Board") the authority to amend and terminate the Plan at any
time; and

      WHEREAS, the Board has determined that the Plan shall be terminated (i) if
the Company's Deferred Compensation Plan for executives is terminated or (ii) if
enough  Participants elect to receive  transition  distributions in January 2009
under  new  Section  4.11 of the  Plan so that  at  least  66 2/3% of the  total
benefits  accrued  through  December 31, 2008 will have been paid out after such
January 2009 distributions are completed, because so few assets and Participants
would  remain in the Plan and the costs of  maintaining  the Plan for such small
numbers cannot be justified; and

      WHEREAS,   the  Board  desires  that  the  Plan  be  terminated   (if  the
preconditions  for  termination  are met) in a manner that permits all remaining
benefits  to be  distributed  during  the  thirteenth  month  after the  actions
authorizing   the  Plan   termination   take   place   without   violating   the
anti-acceleration prohibition under Section 409A of the Internal Revenue Code of
1986, as amended;

      NOW, THEREFORE, the Plan is hereby amended in the following respects:

      1. The following new paragraphs are added to Section 7.02, Company's Right
to Terminate:

<PAGE>

            "Notwithstanding any Plan provisions to the contrary,  if sufficient
      Participant  distribution  elections  are made under Section 4.11 so that,
      after such January, 2009 distributions are completed, no more than 33 1/3%
      of all vested  benefits would remain unpaid under the Plan,  then the Plan
      shall be  terminated  effective  as of the  last  day of the  distribution
      election period under Section 4.11 (December 23, 2008), in accordance with
      the  provisions  of  this  Section  7.02.  Alternatively,  if the  Company
      terminates its Deferred  Compensation Plan for executives due to a similar
      lack of participant  interest,  then this Plan also shall be terminated as
      if the conditions of the preceding sentence were satisfied,  regardless of
      whether such conditions were actually met. If the preceding conditions are
      not met, then the Plan shall not terminate and the following provisions of
      this Section 7.02 shall be null and void.

            All  distribution  events occurring after the December 23, 2008 Plan
      termination date shall not give rise to any distribution  rights. The only
      distributions payable under the Plan after the Plan termination date shall
      be (i) Plan  termination  distributions  under  this  Section  7.02;  (ii)
      distributions  which are in pay status or already scheduled as of the Plan
      termination  date due to a prior  distribution  event under Sections 4.01,
      4.02 or 4.03; (iii) transition  distributions  elected under Section 4.11;
      and (iv)  hardship  distributions  made in  accordance  with Section 4.06.
      Except  for  the  foregoing  removal  of  distribution   events  from  the
      terminated Plan,  Participants  shall continue to have all other rights of
      Participants under the Plan until their benefit has been fully paid.

            Distributions triggered solely by the Plan termination shall be paid
      in a lump sum  during  the  thirty  (30) day  period  commencing  with the
      one-year anniversary of the Plan termination date.  Participants shall not
      be allowed any influence  regarding in which calendar year this payment is
      made; the timing of such Plan termination  payments shall be determined in
      the sole  discretion of the Company.  Any benefit that is in pay status or
      otherwise  scheduled for payment  after that thirty (30) day  distribution
      period  shall be  accelerated  and paid in a single  lump sum during  that
      thirty  (30)  day  distribution  period  the  same  as a Plan  termination
      distribution.

            This Plan  termination  shall be  administered  so as to comply with
      Treasury  Regulation  ss.1.409A-3(j)(4)(ix)(C)  and any Plan provision not
      consistent   with  that  intent  shall  be  disregarded  or  conformed  in
      operation,  in the discretion of the Administrative  Committee,  to ensure
      compliance with such Regulation. The Company reserves the right to further
      amend the Plan,  even after the Plan  termination  date, to facilitate the
      Plan termination, to maintain compliance with Code Section 409A or for any
      other  purpose.  The Company  agrees to terminate all other similar plans,
      and not to adopt any similar  replacement plan for at least the next three
      years after  adoption of this Plan  termination  amendment,  as and to the
      extent required by the aforesaid Treasury Regulation."

                                      -2-
<PAGE>

            2. The first sentence of Section 8.10,  Deferred  Compensation  Plan
            Trust,  is hereby  rewritten,  effective as of the Plan  termination
            date  (but  only if the Plan is  terminated  hereunder),  to read as
            follows:

                  "The Company may  establish a Trust and designate the trustee,
            and shall comply with the terms of the Trust."

      IN WITNESS  WHEREOF,  this Third Amendment,  having been duly adopted,  is
hereby executed below by a duly  authorized  officer on behalf of the Company on
this 10th day of December, 2008.

                                         PLAYBOY ENTERPRISES, INC.

                                         By: /s/ Robert D. Campbell
                                             -----------------------------------
                                              Robert D. Campbell
                                              Senior Vice President, Treasurer

                                      -3-

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