Document:

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
NOR UNDER ANY STATE SECURITIES LAW AND MAY NOT BE PLEDGED, SOLD, ASSIGNED OR
OTHERWISE TRANSFERRED UNLESS (I) A REGISTRATION STATEMENT WITH RESPECT THERETO
IS EFFECTIVE UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE
STATE SECURITIES LAW REQUIREMENTS HAVE BEEN MET OR (II) AN EXEMPTION FROM THE
REGISTRATION REQUIREMENTS UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND THE
REGISTRATION OR QUALIFICATION REQUIREMENTS OF APPLICABLE STATE SECURITIES LAWS
IS AVAILABLE.

                                                                      $5,000,000
                                                                      ----------

                        PLAYBOY.COM, INC. PROMISSORY NOTE

                                                               December 29, 2000

      FOR VALUE RECEIVED, Playboy.com, Inc., a Delaware corporation (the
"Company"), whose principal place of business is located at 730 Fifth Avenue,
New York, NY 10019, promises to pay to the order of Hugh M. Hefner, an
individual, whose principal place of business is located at Playboy Mansion
West, 10236 Charing Cross Road, Holmby Hills, CA 90024 (the "Holder"), the
principal amount of FIVE MILLION Dollars ($5,000,000), together with interest
incurred thereon, all as hereinafter provided. Any payments of amounts due
hereunder shall be in such currency of the United States at the time of payment
as shall be legal tender for the payment public or private debts.

1. INTEREST. Prior to the date upon which this Note becomes due and payable as
described herein, the unpaid balance of the principal amount shall accrue
interest at a rate equal to twelve percent (12.0%). Interest shall be compounded
annually and shall be computed on the basis of a 360-day year. All payments
received by the Holder hereunder will be applied first to costs of collection
and fees, if any, then to interest, and the balance to principal.

2. REPAYMENT. Except as otherwise provided herein, all principal and interest
accrued and unpaid hereunder shall become due sixty (60) days from the date
hereof (the "Maturity Date"), and shall be payable by the Company to the Holder
in full on the Maturity Date; provided that, this Note may be repaid in whole or
in part by the Company without penalty or premium at any time and from time to
time prior to the Maturity Date. This Note shall be paid without deduction by
reason of any set-off, defense or counterclaim of the Company. If any payment
due hereunder shall become due on a Saturday, Sunday or legal holiday under the
laws of the State of New York, such payment shall be made on the next succeeding
business day in New York.

<PAGE>

3. EVENTS OF DEFAULT. If any of the following conditions, events or acts shall
occur: (a) the dissolution of the Company or any vote in favor thereof by the
Board of Directors and shareholders of the Company; or (b) the Company's
insolvency, assignment for the benefit of creditors, application for or
appointment of a receiver, filing of a voluntary or involuntary petition under
any provision of the United States Bankruptcy Code or amendments hereto or any
other United States federal or state statute affording relief to debtors; or
there shall be commenced against the Company any such proceeding or filed
against the Company any such application or petition which proceeding,
application or petition is not dismissed or withdrawn within sixty (60) days of
commencement or filing as the case may be; or (c) the failure of the Company to
pay the amount of principal on and interest accrued under this Note in
accordance with the terms hereof, when the same shall become due and payable; or
(d) the default in the due observance or performance of any material covenant,
condition or agreement on the part of the Company to be observed or performed
pursuant to the terms hereof and such default shall continue uncured for fifteen
(15) days after written notice thereof, specifying such default, shall have been
given to the Company by the Holder of this Note; then, in any such event and at
any time thereafter while such event is continuing, the Holder shall have the
right to declare an event of default hereunder ("Event of Default"); provided
that upon the occurrence of an event described in subsection (a) or (b) above
such event shall be deemed an Event of Default hereunder whether or not the
Holder makes such a declaration (an "Automatic Event of Default"), and the
indebtedness evidenced by this Note shall immediately upon such declaration or
Automatic Event of Default become due and payable, both as to principal and
interest, without presentment, demand, protest or other notice of any kind, all
of which are hereby expressly waived (pursuant to Section 8 hereof),
notwithstanding anything contained herein to the contrary.

No course of dealing or delay or failure on the part of the Holder to exercise
any rights under this Section 3 shall operate as a waiver of such rights or
otherwise prejudice such Holder's rights, powers and remedies. The Company will
pay or reimburse the Holder, to the extent permitted by law, for all costs and
expenses, including, but not limited to reasonable attorneys' fees, incurred by
it in collecting any sums due on this Note or in otherwise enforcing any of its
rights.

4. ASSIGNMENT. This Note may not be assigned, transferred or otherwise
negotiated by the Holder without the prior written consent of the Company.

5. SEVERABILITY. In the event any one or more of the provisions of this Note
shall for any reason be held to be invalid, illegal or unenforceable, in whole
or in part or in any respect, or in the event that any one or more of the
provisions of this Note operate or would prospectively operate to invalidate
this Note, then and in any such event, such provision(s) only shall be deemed
null and void and shall not affect any other provision of this Note and the
remaining provisions of this Note shall remain operative and in full force and
effect and in no way shall be affected, prejudiced or disturbed thereby.

6. SUCCESSORS AND ASSIGNS. All covenants, agreements and undertakings in this
Note by or on behalf of any of the parties shall bind and inure to the benefit
of the respective successors and permitted assigns of the parties whether so
expressed or not.

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<PAGE>

7. NOTICES. Any and all notices, requests, consents and demands required or
permitted to be given hereunder shall be in writing, delivered to the addresses
stated above. Either party may change by notice the address to which notices to
it are to be addressed.

8. WAIVER OF PRESENTMENT. The Company and all endorsers and guarantors of this
Note herein, if any, waive presentment for payment, demand, protest, notice of
protest for nonpayment and notice of dishonor of this Note; waive all other
demands and notices in connection with the delivery, acceptance, performance and
enforcement of this Note; and consent to any extension or postponement of the
time of payment or any other indulgence.

9. GOVERNING LAW. This Note shall be construed and enforced in accordance with,
and the rights of the parties shall be governed by, the laws of the State of New
York, without giving effect to the conflict of law provisions thereof.

10. EXPENSES. The Company hereby agrees to pay to the Holder all expenses
incurred by the Holder, including reasonable attorneys' fees, in enforcing and
collecting amounts due hereunder.

11. ENTIRE AGREEMENT. This Note contains the entire agreement between the
Company and the Holder with respect to the subject matter hereof, and supersedes
every course of dealing, other conduct or oral agreement or representation
previously made by the Holder. No change in this Note shall be effective unless
made in a writing duly executed by the Holder and the Company.

                  [Remainder of page intentionally left blank]

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<PAGE>

      IN WITNESS WHEREOF, the Company has caused this Note to be signed on the
date first set forth above.

                                        PLAYBOY.COM, INC.

                                        By: s/Lawrence Lux
                                            ------------------------------------
                                        Lawrence Lux, President
<PAGE>Real Estate Sublease

      THIS REAL ESTATE SUBLEASE ("Sublease") entered into this as of this 2nd
day of October, 2000 by and between Playboy Enterprises, Inc., as Sublandlord
("PEI") and Infinity Resources, Inc. an Illinois corporation, as Subtenant.

      1. Definitions. All capitalized terms herein shall have the same meanings
given to them as follows and as elsewhere herein defined. Capitalized terms not
defined in this Sublease shall have the meanings given to them in the Lease:

            a. "Commencement Date" means the date on which this Sublease shall
      commence, being the 2nd day of October, 2000.

            b. "Construction Provisions" means those provisions in the Lease
      relating to the construction of the Building of which the Premises are a
      part, including, but not limited to Article IV. Such Construction
      Provisions shall have no applicability in determining Subtenants rights
      and obligations hereunder.

            c. "Lease" means that certain Industrial Building Lease dated as of
      September 6, 1996 between PEI as Tenant and Centerpoint Properties
      Corporation as Landlord, together with any and all modifications thereof
      and amendments thereto, a copy of which is attached hereto as Exhibit A.

            d. "Premises" means that area of the Building , commonly known as
      900 N. Rohlwing Road, Itasca, Illinois 60143 being occupied by PEI as of
      the date hereof and consisting of a portion of the Building containing
      approximately 106,038 square feet .

            e. "Rent" means all sums of every kind and nature payable by
      Subtenant under this Sublease which sums shall be equal to any and all
      sums due from PEI to Landlord under the Lease.

            f. "Termination Date" means the date on which this Agreement shall
      terminate being that date which is co-terminus with the expiration or
      termination of the Lease, irrespective of whether or not Lease expires
      according to its terms or is terminated for any reason prior thereto.

      2. Sublease Grant and Payment of Rent. For and in consideration of the
payment of the Rent, the timely performance and satisfaction by Subtenant of
each and all obligations on the part of PEI to be performed under the Lease, and
the other agreements and covenants herein contained, PEI hereby subleases to
Subtenant and Subtenant hereby subleases from PEI the Premises in their current
"as is" condition, all in accord with the terms and conditions set forth herein.
Subtenant hereby acknowledges that it has received a copy of the Lease, has
reviewed and understands same, and agrees to be bound thereby to the same extent
as PEI. Notwithstanding anything herein contained or contained in the Lease to
the contrary, all Rent

                                       1
<PAGE>

due from Subtenant to PEI shall be paid by Subtenant to PEI no later than five
(5) days prior to the time that the same shall become payable by PEI to
Landlord.

      3. Incorporation of Lease and Inapplicable Provisions. The Lease is hereby
incorporated into this Sublease the same as if fully set forth herein. No
repetition herein of any provision of the Lease shall be construed to exclude
any other provision of the Lease; provided, however, none of the provisions of
the Lease relating to construction of the Building, including, but not limited
to, Article IV, and Sections 1.1 E., F., H., I., J., K., Q., R., S., V., and W.,
shall be applicable to this Sublease. In addition, other provisions of the Lease
as elsewhere herein described shall be inapplicable to this Sublease.

      4. Term. The Term of this Sublease shall commence on the Commencement Date
and end on the Termination Date; provided, however, notwithstanding anything
contained in the Lease to the contrary, Subtenant shall have no right to
exercise any renewal or expansion options as set forth in Articles XXXI, XXXII
or XXXIII of the Lease.

      5. Subtenant Undertakings. In addition to Subtenant's obligations
elsewhere herein set forth, Subtenant agrees that it will promptly and
diligently do and perform each and all of the following:

            a. Fulfill each and every obligation of PEI under the Lease, the
      same as if Subtenant were the Tenant under the Lease.

            b. In the event Subtenant is unable to perform any of its
      obligations hereunder, to promptly so notify PEI in writing appraising PEI
      of the extent of such inability.

            c. Promptly pay all Rent at such times and in such amounts as the
      same shall become due as determined under the Lease. Unless otherwise
      directed in writing by PEI, Subtenant shall pay all Rent to PEI at 680 N.
      Lake Shore Drive, Chicago, Illinois 60611, Attention: Sue Shoemaker. If
      the Rent or any installment thereof is paid to anyone other than to PEI,
      Subtenant shall promptly provide PEI with a copy of each such payment at
      the time each such payment is made.

      6. Security Deposit. Subtenant has not posted any security deposit with
PEI. Subtenant shall not be entitled to any portion of PEI's Security Deposit
posted with the Landlord at the inception of the Lease.

      7. Events of Default. Events of Default under the Lease shall constitute a
default under this Sublease. In addition, any default in the performance of any
obligation by Subtenant hereunder shall be constitute an Event of Default under
this Sublease whereupon PEI shall be entitled to exercise against Subtenant any
and all of the rights of Landlord as set forth in Article

                                       2
<PAGE>

XX of the Lease in the same manner and to the same extent as described therein
and in Articles XXI and XXII of the Lease.

      8. Quiet Enjoyment. So long as Subtenant has faithfully and diligently
performed all of its obligations and is not in default hereunder or has acted or
failed to act in such a manner or done any thing or failed to do anything as
would create a default under the Lease, Subtenant shall, during the Term be
entitled to peaceably and quietly have, hold and enjoy the Premises subject to
the terms, covenants, conditions and provisions hereof. In addition, in the
event that PEI shall default in its obligations under the Lease, Subtenant may
cure any such defaults in the name and stead of PEI and thereupon receive a
like-kind credit against it obligations next due to PEI hereunder.

      9. Conflict between Lease and Sublease. In the event of any conflict
between this Sublease and the Lease, this Sublease shall control.

      10. Captions. The captions of this Sublease are for convenience only and
are not to be construed as a part of this Sublease nor shall they be construed
as defining or limiting in any way the scope or intent of the provisions hereof.

      11. Amendments To Be In Writing. No modification of this Sublease or the
Lease shall be effective unless in writing and signed by PEI and Subtenant if
the same purports to be an amendment to this Sublease or signed by PEI and
Landlord if the same purports to be an amendment of the Lease.

      12. Relationship Of Parties. Nothing contained herein shall be deemed or
construed by the parties nor any third party to create any relationship between
the parties except that of sub-landlord and subtenant.

      13. Brokerage. Subtenant warrants that it has had no dealings with any
real estate broker or agent in connection with this Sublease. Subtenant hereby
covenants to pay, hold harmless, defend and indemnify PEI from and against any
and all costs, expenses, and liabilities for any compensation, commission or
other amount claimed by any real estate broker or agent with respect to this
Sublease.

      14. Authority. Each of the parties hereby represents to the other that all
actions necessary to the execution and deliver of this Sublease have been duly
taken. Simultaneously with the execution and delivery hereof by Subtenant,
Subtenant will deliver to PEI:

      a. Certified copies of Resolutions of the Board of Directors of Subtenant
      authorizing the execution and deliver hereof.

      b. A Certificate of Incumbency executed by the secretary of Subtenant
      identifying by name the officers of Subtenant holding the authority to
      execute and deliver this Sublease.

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<PAGE>

      c.    A current Certificate of Good Standing issued by the Secretary of
            State of the state in which Subtenant is incorporated.

      15. Environmental Representation. PEI hereby represents and warrants to
Subtenant that, to the best of its knowledge, it has done nothing in or about
the Premises which would result in any environmental contamination requiring
remediation. Except for the immediately foregoing, PEI makes nor has it made any
other representation or warranty respecting the environmental condition of the
Premises, the Building or the Land. Subtenant hereby acknowledges that PEI has
previously furnished to Subtenant a copy of the Environmental Assessment dated
19 August 1996 prepared for Center Point Properties by Alpha Environmental, Inc.
Subtenant further acknowledges that it has reviewed the Environmental
Assessment.

      16. Insurance. Subtenant shall procure and maintain insurance in accord
with the provisions of Article IX of the Lease and shall comply with the
provisions of Article IX in all respects. In addition, (i)Tenant shall cause the
insurance policies obtained by Subtenant to name Landlord and Sublandlord as
additional insureds as their respective interests may appear; and (ii) all
insurance policies procured by Tenant shall provide that the same may not be
cancelled except upon thirty (30) days prior notice to Sublandlord.

      IN WITNESS WHEREOF the parties have executed this Sublease as of the date
first set forth above.

Subtenant:                              Sublandlord:

Infinity Resources, Inc.                Playboy Enterprises, Inc.

By: s/Dennis Abboud                     By: s/Howard Shapiro
    ------------------------------          ------------------------------------
Its: CEO                                Its: Executive Vice President
    ------------------------------          ------------------------------------

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