Document:

Exhibit 10.46

Exhibit 10.46

As of January 3, 2006

Ms. Diane Silberstein

1185 Park Avenue

Apt 10E

New York, NY  10128

e-mail:  dsilberstein1185@yahoo.com

Re:  Employment Offer for Position of President and Publisher, Magazine Group

Dear Diane:

On behalf of Penthouse Media Group Inc. (the “Company”), I am pleased to offer you the position of President and Publisher, Magazine Group on the following terms:

1. Base salary:  Your base salary year of employment will be payable semi-monthly in accordance with the Company’s standard payroll practices at the rate of $20,833.33 ($500,000.00 annually) during each year of full-time employment.  Base salary increases will be subject to periodic review based on corporate policy, your performance, and other factors at the discretion of the Company.

2. Bonus.

Your bonus will be based on incremental increases in Company Print Publication Advertising Revenue each year during your employment. “Company Print Publication Advertising Revenues” means the sum of all revenues earned and actually collected for advertising insertions in each of the Company’s print publications. The Company will determine and report to you the Company Print Publication Advertising Revenues for fiscal year 2005 within sixty (60) days after it closes, but it no event for the purpose of calculating your bonus will the figure exceed $2 million (the “2005 Advertising Revenue Base”). For fiscal year 2006 Company Print Publication Advertising Revenues, the Company will pay you as a bonus twenty percent (20%) of the first $3 million of Company Print Publication Advertising Revenues above the 2005 Advertising Revenue Base; plus fifteen percent (15%) of the next $3 million of Company Print Publication Advertising Revenues above the 2005 Advertising Revenue Base; plus ten percent (10%) of all additional Company Print Publication Advertising Revenues above the 2005 Advertising Revenue Base. This Bonus shall be provided in each year of your employment and calculated by taking the Advertising Revenue Base consisting of the previous fiscal year Company Print Publication Advertising Revenues and then applying the relevant percentages to the amounts the then current fiscal year Company Print Publication Advertising Revenues exceed the Advertising Revenue Base.

3. Company Print Publication Advertising Revenues. The Company shall pay you as a non- refundable advance against such bonus the sum of $200,000 per fiscal year, payable in quarterly installments on March 31, June 30, September 30 and December 31.  All payments set forth in this Section 2 shall be payable to you only provided that you are employed by the Company as of its quarterly due date due and that you are not in breach of this Agreement.  The bonus per year cannot exceed $2 million.

“Earned” generally is higher than “actually collected” because some accounts remain unpaid. The base number should not reflect monies collected by Jo-Jean for prior years’ advertising.

4. Stock options: You shall be entitled to receive 300,000 Stock options at a strike price of $1.00 per share which will vest in accordance with the 2006 Stock Option Plan which we expect to have in place by the end of the first quarter in 2006. The Company warrants that the terms 2006 Stock Option Plan will apply equally to all senior management of the Company.

/s/ MB

5. Benefits and vacation time: Beginning the first day of the month following your full-time employment start date, you will be entitled to the standard Company health insurance, dental insurance, disability insurance, life insurance, 401(K) savings plan and other benefit plans, consistent with the terms of such plans and as set forth in the summary plan documents, a copy of which the Company will provide to you.  A new employee currently cannot participate in the Company’s 401(K) savings plan until the beginning of his or her third month of employment.  You shall receive four weeks of vacation time per year, which vacation time you agree to use during the calendar year in which it is accrued unless you are not afforded the opportunity to take all your vacation or as otherwise permitted by Mare Bell or Dan Staton in writing

6. Start date:  You have agreed to a start date of January 9, 2006 pending release from Playboy Enterprises and the completion of the pre-employment process.  Your orientation will be held during your rust week of employment.

7. Responsibilities:  You will be responsible for and run all publishing business, including editorial, circulation, production and advertising functions, and including such other duties as may be mutually agreed upon by you and Company from time to time.  You will report directly to the Chief Operating Officer of PMGI. You will be part of the Company’s senior management team.  You will devote all of your professional time, attention, energy and skill to the business and affairs of the Company.  You will serve the Company faithfully and diligently to the best of your ability.

8. Geographic location: The position will be based primarily out of the Company’s New York City offices.  In addition, you will engage in some travel and spend such time in other places as may be necessary or appropriate in furtherance of your duties under this Agreement.

9. Reimbursement of business expenses:  Your expenses will be reimbursed in accordance with the Company’s procedures, and as provided by the Company’s policy at the time such expenses are incurred.  You shall be entitled to fly business class on flights of four (4) hours or more.

10. At-will employment:  The Company is an “at will” employer and you are an “at will” employee.  As such your employment is not for any definite period of time, and either you or the Company may terminate such employment for any reason, at any time, with or without Cause (as defined in paragraph 10), and with or without advance notice.  Similarly, as an employee of the Company, you will be subject to such employment policies and terms and conditions as the Company may adopt or modify from time to time, and nothing in this offer letter, or told or given to you during your employment should be interpreted as a guarantee or contract for continued employment

11. Termination without Cause: If you are terminated without Cause, the Company shall pay you the equivalent of twelve (12) months’ salary at your then-current salary rate (the “Severance Payment”). “Cause” shall be a willful failure or refusal on your part to perform your duties under this Agreement; willful failure or refusal to carry out the lawful directions of your superiors provided that you shall not be liable for willfully failing or refusing to perform your duties under this agreement for any actions undertaken or not undertaken as the result of following the lawful directions of your superiors; willful gross misconduct on your part, including but not limited to theft, violent work-related behavior, violation of the Company’s sexual or other unlawful workplace harassment policies or repeated acts of gross insubordination; willful dishonesty or fraud in connection with your employment, regardless of whether it results in economic harm to the Company or its subsidiaries or affiliates; indictment or conviction of a crime other than a minor traffic infraction; or material breach of one or more provisions of this Agreement  If you are terminated with Cause, you shall receive only unpaid salary through the date your employment is terminated and shall forfeit all entitlement to [as yet unvested] stock options and unpaid bonus.

12. D&O insurance coverage: The Company shall covet you in its standard D&O insurance policy, under the current limits and evidence in place. To the fullest extent permitted by law, the Company shall indemnify, defend, protect and hold you harmless from and against all claims, demands, causes of action, actions, suits, costs, damages, penalties, fines, liabilities, losses and expenses, whether civil or 

/s/ MB

criminal, including without limitation reasonable and reasonably documented attorneys’ fees and consultants’ fees and expenses arising out of or resulting from the performance of your duties within the scope of your employment, provided that (i) all such obligations shall first be satisfied on behalf of the Company via its insurance coverages consistent with the terms of such coverages; (ii) you provide immediate notice to Marc Bell, Daniel Staton and the Company’s General Counsel of any matters that you believe could trigger the Company’s obligations pursuant to this Section; and (iii) as between you and the Company, the Company shall have sole control over the defense, strategy and resolution of such matters, and you will cooperate as requested by the Company and its representatives in connection with the defense and resolution of all such matters, provided that as to this provision (iii) you have the right to decline representation provided by the Company and engage, on your own behalf and at your own (i.e., non-indemnified) expense, independent counsel chosen by you and approved by the Company should any civil or criminal proceedings be asserted against you personally.

13. Intellectual property and confidentiality.

a. Intellectual property. All inventions, trade secrets, works of authorship and other intellectual property created by you in part or in whole during and in connection with your employment with Company or using Company resources, or otherwise related to the actual business or interests of the Company shall be owned exclusively by the Company and its affiliates and shall be deemed “work made for hire” to the extent permissible under applicable law.  You agree to execute and deliver promptly, at the Company’s expense, all assignments and other documents requested by the Company to confirm the Company’s and its affiliates’ ownership of such intellectual property. You hereby waive any and all moral rights you might have in such intellectual property. You agree that any inventions, products, processes, apparatus, designs, improvements, or business related suggestions and information, conceived, discovered, made or developed by you, solely or jointly with others, after your termination of employment with the Company that are based on the Company’s or its affiliates’ trade secrets or confidential information shall belong to the Company and its affiliates and you hereby assign any and all rights in such items to the Company and its affiliates.

b. You agree you will fully and promptly disclose to the Company all inventions, products, processes, apparatus, designs, improvements, or material business-related information which you may, solely or jointly with others, conceive, discover, make or develop in connection with your employment with Company or using Company resources

c. You understand this Agreement does not apply to an invention which qualifies fully under the provisions of California Labor Code section 2870(a). That section provides:

Any provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of his or her rights in an invention to his or her employer shall not apply to an invention that the employee developed entirely on his or her own time without using the employer’s equipment, supplies, facilities, or trade secret information except for those inventions that either: (1) Relate at the time of conception or reduction to practice of the invention to the employer’s business, or actual or demonstrably anticipated research or development of the employer; or (2) Result from any work performed by the employee for the employer.

d. You have identified on the attached Schedule 12.d, all inventions and other intellectual property related to the actual or prospective businesses or interests of the Company that you have developed prior to the effective date of this Agreement.

14. Confidentiality. (Non-Compete)

 As a result of your employment with the Company, you agree you will have access to confidential information” about the Company and its business, subsidiaries, and affiliates. You agree that you will not at any time utilize for 

/s/ MB

personal benefit, or directly or indirectly divulge or communicate to any person, firm, corporation or entity, any confidential information concerning the Company and its business, subsidiaries and affiliates, which was disclosed to or acquired by you at any time during the Term, of this Agreement, except upon direct written authority of Marc Bell, Daniel Staton..  You specifically agree that all confidential information or knowledge concerning matters affecting or relating to the Company’s and its affiliates’ business obtained by you during your employment is deemed to be included within the terms of this paragraph and to constitute important, material and confidential trade secrets that affect the successful conduct of the Company’s business and its goodwill.

 “Confidential information,” as used herein, means information obtained as the result of your employment with Company which includes, but is not limited to, the names, buying habits or practices of any of the Company’s or its affiliates’ customers; operational, marketing and fundraising strategies; marketing methods and related data; the names of any vendors or suppliers; costs of materials; the prices the Company and its affiliates obtain or have obtained or at which it sells or has sold its products or services; manufacturing and sales costs; lists or other written records used in the Company’s and its affiliates’ business; compensation paid to employees and other terms of employment, merchandising or sales techniques; contracts and licenses; business systems; computer programs; or any other confidential information of, about, or concerning the business of the Company and its affiliates, their manners of operation, or other confidential data of any kind.

15. Unfair competitive practices.

a. You hereby acknowledge and agree that you will likely be exposed to a significant amount of confidential information concerning the Company’s and its affiliates, business methods, operations and customers during your employment, that such information might be retained by you in tangible form or simply retained in your memory, and that the protection of the Company’s exclusive rights to such confidential information and trade secrets can best be ensured by means of a restriction on your activities after termination of your employment. Therefore, you agree that for a one (1) year period following termination of your employment for any reason, and provided that the Severance Payment is offered to you, and paid if accepted, you shall not solicit, divert or initiate any contact with (or attempt to solicit, divert or initiate any contact with) any customer, client, independent contractor, employee or competitor of the Company for any commercial or business reason whatsoever and shall not render services to, any adult entertainment competitor of Company in any media segment (e.g., Playboy, Hustler, Vivid, Spice), whether as an employee, consultant or otherwise.

b. During your employment with the Company, you shall not act as a consultant, employee, agent, or independent contractor or otherwise render services to any business in which the performance of your duties would (1) require use or disclosure of any of the Company’s confidential information or trade secrets or (2) would conflict with your best efforts to perform your duties under this Agreement.  Nothing in this paragraph precludes you from investing in any publicly traded company where such investment does not require your performing services as an employee, agent, independent contractor, or consultant.

16. Entire agreement.

 Except as provided expressly herein, this Agreement represents the entire agreement between both parties, and no changes, alterations or deviation shall be recognized as valid unless such changes, alterations or deviations have been embodied in a new and superseding written Memorandum of Agreement signed by both parties.  Each party to this Agreement acknowledges that no representations, inducement, promises or agreements, oral or otherwise, with regard to the relationship between the parties have been made by any party, or anyone acting on behalf or any party, which are not embodied herein and that no other agreement, statement or promise regarding performance of services not contained in this Agreement shall be valid or binding regarding the subject matter of this Agreement.

17. Amendment.

 This Agreement may not be modified, altered or changed except in writing, and upon express written consent of both parties wherein specific reference is made to this Agreement.

/s/ MB

18. No assignment or delegation.

You acknowledge that you are personally and uniquely qualified to render the services contemplated herein.  Accordingly, you may not assign, delegate or otherwise transfer your obligations under this Agreement.  The Company may assign or otherwise transfer this Agreement to its affiliates, subsidiaries or successors in interest.

19. Captions.

Captions in this Agreement are for convenience and do not alter the terms of this Agreement in any way.

20. Notices.

Required notices under this Agreement shall be sent via certified mail, return receipt:

a. If to you:

Ms. Diane Silberstein

1185 Park Avenue

Apt 10E

New York, NY  10128

With a copy to:

Irving J. Gotbaum

Friedman & Gotbaum, LLP

568 Broadway – Suite 505

New York, NY 10012

b. If to the Company:

Mr. Marc H. Bell Chief Executive Officer

Penthouse Media Group Inc.

6800 Broken Sound Parkway Boca Raton, Florida 33487

With a copy to:

Penthouse Media Group Inc.

Attn: General Counsel

6800 Broken Sound Parkway Boca. Raton, Florida 33487

21. Severability/Savings.

 If any provision of this Agreement is held by a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions shall nevertheless continue in full force without being impaired or invalidated in any way. If any provision of this Agreement is held by a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions shall nevertheless continue in full force without being impaired or invalidated in any way.  However, before severing any such illegal provision, said court may modify it to the extent necessary to render it enforceable in law or equity.

22. Choice of law; choice of forum.

This Agreement shall be governed by the laws of the State of New York applicable to agreements made and wholly performed therein.  All claims arising under or otherwise relating to this Agreement shall be brought in the courts residing in the State of New York, Borough of Manhattan and each party waives all objections to such venue.

/s/ MB

If the forgoing terms meet with your approval, please sign and date this letter below where indicated and return it to me at your earliest convenience and this shall constitute the agreement between us with respect to the matters set forth herein. We agree that a signed copy of this Agreement transmitted by facsimile will have the same effect as if the copy transmitted by facsimile contained the original signatures of the parties.

I look forward to you joining our team.

Sincerely,

		
	PENTHOUSE MEDIA GROUP INC.

	 

	 

	/s/ Marc H. Bell

	1-6-06

	Marc H. Bell  

	Date

	Chief Executive Officer

	 

	 

	ACKNOWLEDGED AND AGREED

	 

	 

	/s/ Diane Silberstein

	1/6/06

	Diane Silberstein  

	Date

/s/ MB

Schedule 12.d.

All inventions and other intellectual property related to the actual or prospective businesses or interests of the Company that you have developed prior to the effective date of this Agreement are identified below.  The inclusion of these items in this schedule shall not constitute an acknowledgement by the Company that you have any proprietary rights therein.

[Remainder of page intentionally left blank.]

/s/ MBExhibit 10.47

Exhibit 10.47

AGREEMENT AND GENERAL RELEASE

Penthouse Media Group Inc., 2 Penn Plaza, 11th Floor, New York, New York 10121 (hereinafter “the Employer”) and Diane M. Silberstein, 1185 Park Avenue Apt. #10E, New York, New York 10128, her heirs and executors, (collectively referred to throughout this Agreement as “Employee”), agree that:

1.

Termination of Employment Agreement.  The parties agree that the Employment Agreement between Employee and the Employer dated January 3, 2006 (the “Employment Agreement”) will terminate as of April 15, 2008, and shall be null and void and of no further force and effect and neither party shall have any further obligation to the other pursuant to the Employment Agreement, except as otherwise specifically provided in this Agreement.  Employee and Employer relinquish and forever waive any and all rights in or claims that they now have or may have under the Employment Agreement, except as otherwise specifically provided in this Agreement.  Employee represents that with the termination of the Employment Agreement she has no other present or future contract or agreement of employment with the Employer, whether written or oral, express or implied.

2.

Last Day of Employment.  Employee’s last day of employment with the Employer is/was April 15, 2008.

3.

Consideration.  In consideration for signing this Agreement and General Release and Employee’s compliance with its terms, Employer agrees:

a.

to pay to Employee the total sum of $625,000.00, less applicable payroll deductions and lawful withholdings.  This amount represents fifteen (15) months’ pay at Employee’s regular rate of pay.  The Employer agrees to pay this amount to the Employee in equal semi-monthly installments of $20,833.33, less applicable deductions and lawful withholdings, beginning the next regular pay period following the Employer’s receipt of this Agreement and General Release and the letter from the Employee in the form attached hereto as Exhibit “A,” both signed by the Employee, and

b.

if Employee elects to continue coverage under the Company’s group health insurance plans in accordance with the continuation requirements of COBRA, the Employer shall reimburse Employee for the cost of said coverage upon proof of payment beginning with the month in which the Employee executes and fails to revoke this Agreement and General Release, and ending with the last month the Employee receives semi-monthly installments provided in subpart “a.” above. Thereafter, Employee shall continue such COBRA coverage for the remainder of the COBRA period, solely at Employee’s own expense.  COBRA will be reimbursed to Employee within 21 days of Employer receiving proof of payment.

4.

No Consideration Absent Execution of this Agreement.  Employee understands and agrees that she has been provided good and sufficient consideration set forth in Paragraph “3” above in exchange for her execution of this Agreement and General Release and the fulfillment of the promises contained herein.

5.

General Release of All Claims.  Employee knowingly and voluntarily releases and forever discharges Penthouse Media Group Inc., its parent corporation, affiliates, subsidiaries, divisions, insurers, (and any predecessors, successors and assigns thereof), and their current and former employees, members, attorneys, officers, directors and agents thereof, both individually and in their business capacities, and their employee benefit plans and programs and their administrators and fiduciaries (collectively referred to throughout the remainder of this Agreement as “Releasees”), of and from any and all claims, known and unknown, asserted or unasserted, which the Employee has or may have against Releasees as of the date of execution of this Agreement and General Release, including, but not limited to, any alleged violation of:

·

Title VII of the Civil Rights Act of 1964;

·

Sections 1981 through 1988 of Title 42 of the United States Code;

·

The Employee Retirement Income Security Act of 1974 (“ERISA”) (except for any vested benefits under any tax qualified retirement benefit plan);

·

The Civil Rights Act of 1991;

·

The Immigration Reform and Control Act;

·

The Americans with Disabilities Act of 1990;

·

The Age Discrimination in Employment Act of 1967;

·

The Older Worker Benefit Protection Act;

·

The Workers Adjustment and Retraining Notification Act;

·

The Occupational Safety and Health Act;

·

The Sarbanes-Oxley Act of 2002;

·

The Labor Management Relations Act;

·

The Rehabilitation Act of 1973;

·

The Fair Credit Reporting Act;

·

The New York State Executive Law;

·

The New York State Human Rights Law;

·

The New York State Labor Law;

·

The New York State Civil Rights Law;

·

The New York Wage Hour And Wage Benefits Law;

·

The New York Minimum Wage Law;

·

The Retaliation/Discrimination provisions of the New York Workers’ Compensation Law;

·

The New York City Human Rights Law;

·

Any other federal, state or local civil or human rights law or any other local, state or federal law, regulation or ordinance;

·

Any public policy, contract, tort, or common law; or

·

Any allegation for costs, fees, or other expenses including attorneys’ fees incurred in these matters.

Notwithstanding the above, nothing in this release is intended to release or waive rights to COBRA, any existing rights of defense and indemnity or liability insurance coverage under Paragraph 12 of the Employment Agreement, or unemployment insurance benefits.

6.

Acknowledgments and Affirmations.

Employee affirms that Employee has not filed, caused to be filed, or presently is a party to any claim against Releasees.

Employee also affirms that she has been paid and/or has received all compensation, wages, bonuses, commissions, and/or benefits to which Employee may be entitled.  Employee affirms that Employee has been granted any leave to which Employee was entitled under the Family and Medical Leave Act or related state or local leave or disability accommodation laws.

Employee further affirms that she has no known workplace injuries or occupational diseases.

Employee also affirms that she has not divulged any proprietary or confidential information of the Employer, and will continue to maintain the confidentiality of such information consistent with the Employer’s policies and Employee’s agreements with the Employer (as set forth in the Paragraphs 13 and 14 of the Employment Agreement) and/or common law.

2

Employee further affirms that she has not been retaliated against for reporting any allegations of wrongdoing by the Employer or its officers, including any allegations of corporate fraud.  Both Parties acknowledge that this Agreement does not limit either party’s right, where applicable, to file or participate in an investigative proceeding of any federal, state or local governmental agency.  To the extent permitted by law, Employee agrees that if such an administrative claim is made, Employee shall not be entitled to recover any individual monetary relief or other individual remedies.

7.

Confidentiality and Return of Property.  Employee agrees not to disclose any information regarding the underlying facts leading up to or the existence or substance of this Agreement and General Release, except to Employee’s significant other and family, financial planners, , tax advisors, and/or attorneys with whom Employee chooses to consult regarding Employee’s consideration of this Agreement and General Release.  Employee will instruct significant other and family, financial planners, tax advisors and/or attorneys that any information regarding the underlying facts leading up to or the existence or substance of this Agreement and General Release is confidential and is not to be divulged to other parties. . However, nothing in this paragraph shall preclude Employee from: (1) communicating or cooperating with any appropriate federal, state or local government agency; or (2) responding to any lawfully-issued subpoena, court order or other compulsory legal process provided that he notify the Employer in writing in advance and cooperate with the Employer as requested to protect Employer’s confidential information.  Employee affirms that Employee has returned all of the Employer’s property, documents, and/or any confidential information in Employee’s possession or control.  Any such materials and other property of the Employer that the Employee possesses must be returned within seven (7) days of the Employee’s last day of employment to Mr. Paul Asher, Vice President, Operations or his designee. Employee also affirms that she is in possession of all of her property that Employee had at the Employer’s premises and that the Employer is not in possession of any of Employee’s property.  Immediately upon Employee’s execution of this Agreement, Employee agrees to deliver to the Employer without copying or reproducing:  (1) all documents, files, notes, memoranda, manuals, computer files, computer disks, computer databases, computer programs and/or other storage medium within the possession or control of Employee or her agents that reflect any trade secrets, privileged information, confidential information, financial information, personnel/employee information, client information and/or proprietary information regarding releasees and/or releasees’ current, former or prospective customers or business relationships; and (2) all items or other forms of property and/or equipment belonging to releasees and/or to releasees’ current, former or prospective customers or clients within the possession or control of Employee or her agents, including but not limited to keys, credit cards, furniture, electronic equipment, business equipment, home office equipment and lists of current, former or prospective customers.  Immediately upon Employee’s execution of this Agreement, Employee agrees to delete any trade secrets, privileged information, confidential information, financial information, personnel/employee information, customer or client information, or proprietary information relating to releasees and/or to releasees’ current, former or prospective customers or clients from any computer hard drive or computer system within the possession or control of Employee or her agents that is not located on the Employer’s premises. Nothing in this paragraph will prevent Employee from retaining any documents in her possession or control concerning the employee benefits and/or compensation she received from the Employer. Employer agrees to reimburse Employee within 14 days of submitting proof of any outstanding business expenses incurred during employment.  Employee agrees she will submit a request for reimbursement of any outstanding business expense, with appropriate supporting proof, on or before May 9, 2008.

8.

Future Cooperation.  With respect to any threatened, pending or future litigations, administrative or arbitration proceedings, investigations, or other legal proceedings (as well as demands or asserted claims) involving any subject related to Employer and/or any aspect of Employee’s employment about which Employee possesses relevant knowledge, Employee agrees to cooperate fully with Employer in preparing for such proceedings and/or the defense of any current or former officers, directors, trustees, administrators, executors, agents, employees, successors or assigns who are involved in such proceedings, and in appearing as a witness at trial, deposition, hearing or any other forum. Employee agrees her cooperation pursuant to this Paragraph will continue for all matters filed or initiated within three (3) years following her execution of this Agreement and General Release.  To the extent Employee incurs any reasonable expenses with respect to such participation she will be reimbursed by Employer.

9.

Governing Law and Jury Waiver.  This Agreement shall be governed and conformed in accordance with the laws of the State of New York, without regard to the State’s conflicts of laws provisions.  If Employee or Employer breaches any provision of this Agreement, Employee and Employer affirm that Employee or Employer may institute an action: (1) to specifically enforce any term or terms of this Agreement; (2) to recover 

3

damages resulting from such breach in an amount to be determined by a court of competent jurisdiction; and/or (3) to seek any other legal or equitable relief permitted by law, including but not limited to injunctive relief.  In the event the Employee or Employer breaches any provision of this Agreement and General Release, Employee and Employer affirm that either may institute an action to specifically enforce any term or terms of this Agreement and General Release, and the prevailing party shall be entitled to recover from the other attorney’s fees incurred in any such action. Employee and Employer agree that any action or proceeding relating to the enforcement of this Agreement will only be brought in a court located in the State of New York, New York County, and that any such action or proceeding will be heard without a jury or an advisory jury.  Employee and Employer waive their respective rights to bring any such action, or proceeding in any other jurisdiction, or to have any such action or proceeding heard before a jury or an advisory jury.  The court will have the authority to award attorneys’ fees to a prevailing party (including the costs associated with any fee application).

10.

Severability.  Should any provision of this Agreement be declared illegal or unenforceable by any court of competent jurisdiction and cannot be modified to be enforceable, excluding the general release language, such provision shall immediately become null and void, leaving the remainder of this Agreement in full force and effect.

11.

Nondisparagement.  Employee agrees that she shall not, directly or indirectly, in public or private, deprecate, impugn, disparage, or make any remarks that would tend to or be construed to tend to defame any of the Releasees, nor shall Employee assist any other person, firm or company in so doing.  Employer agrees that its executive management shall not , directly or indirectly, in public or private, deprecate, impugn, disparage, or make any remarks that would tend to or be construed to tend to defame Employee, nor shall Employer’s executive management assist any other person, firm or company in so doing.

12.

Nonadmission of Wrongdoing.  The parties agree that neither this Agreement and General Release nor the furnishing of the consideration for this Release shall be deemed or construed at anytime for any purpose as an admission by either party, or evidence of any liability or unlawful conduct of any kind.

13.

Amendment.  This Agreement and General Release may not be modified, altered or changed except in writing and signed by both Parties wherein specific reference is made to this Agreement and General Release.

14.

Survival of Restrictive Covenant, Confidentiality and Intellectual Property Provisions of the Employment Agreement.  Notwithstanding anything in this Agreement to the contrary, Employee and Employer agree that the provisions relating to “Intellectual property and confidentiality,” “Confidentiality (Non-Compete)” as set forth in Paragraphs 13 and 14of the Employment Agreement shall remain in full force and effect.

15.

Successors and Assigns.  This Agreement shall be binding on the Employer and any successor thereto, whether by reason of merger, consolidation, occurrence of a Change in Control, or otherwise.  The duties and obligations of Employee may not be assigned by Employee.

16.

Entire Agreement.  This Agreement and General Release sets forth the entire agreement between the Parties hereto, and fully supersedes any prior agreements or understandings between the Parties, except Employee’s obligations to comply with Paragraphs 13 and 14 of the Employment Agreement, which shall remain in full force and effect.  Employee acknowledges that she has not relied on any representations, promises, agreements of any kind made to Employee in connection with Employee’s decision to enter into this Agreement, except for those set forth in this Agreement.

EMPLOYEE IS ADVISED THAT SHE HAS UP TO TWENTY-ONE (21) CALENDAR DAYS TO CONSIDER THIS AGREEMENT AND GENERAL RELEASE. EMPLOYEE ALSO IS ADVISED TO CONSULT WITH AN ATTORNEY PRIOR TO EMPLOYEE’S SIGNING OF THIS AGREEMENT AND GENERAL RELEASE.  EMPLOYEE IS ADVISED THAT IN SIGNING THIS AGREEMENT AND GENERAL RELEASE SHE IS WAIVING ANY AND ALL POTENTIAL CLAIMS AS SET FORTH IN PARAGRAPH “5,” INCLUDING THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967.

EMPLOYEE MAY REVOKE THIS AGREEMENT AND GENERAL RELEASE FOR A PERIOD OF SEVEN (7) CALENDAR DAYS FOLLOWING THE DAY EMPLOYEE SIGNS THIS 

4

AGREEMENT AND GENERAL RELEASE.  ANY REVOCATION WITHIN THIS PERIOD MUST BE SUBMITTED, IN WRITING, TO PAUL ASHER, VICE PRESIDENT, OPERATIONS, AND STATE, “I HEREBY REVOKE MY ACCEPTANCE OF OUR AGREEMENT AND GENERAL RELEASE.”  THE REVOCATION MUST BE PERSONALLY DELIVERED TO PAUL ASHER, VICE PRESIDENT, OPERATIONS OR HIS DESIGNEE, OR MAILED TO MR. PAUL ASHER, VICE PRESIDENT, OPERATIONS, PENTHOUSE MEDIA GROUP INC, 2 PENN PLAZA, 11TH FLOOR, NEW YORK, NEW YORK 10121 AND POSTMARKED WITHIN SEVEN (7) CALENDAR DAYS AFTER EMPLOYEE SIGNS THIS AGREEMENT AND GENERAL RELEASE.

EMPLOYEE AGREES THAT ANY MODIFICATIONS, MATERIAL OR OTHERWISE, MADE TO THIS AGREEMENT AND GENERAL RELEASE, DO NOT RESTART OR AFFECT IN ANY MANNER THE ORIGINAL UP TO TWENTY-ONE (21) CALENDAR DAY CONSIDERATION PERIOD.

EMPLOYEE FREELY AND KNOWINGLY, AND AFTER DUE CONSIDERATION, ENTERS INTO THIS AGREEMENT AND GENERAL RELEASE INTENDING TO WAIVE, SETTLE AND RELEASE ALL CLAIMS EMPLOYEE HAS OR MIGHT HAVE AGAINST RELEASEES.

The Parties knowingly and voluntarily sign this Agreement and General Release as of the date(s) set forth below:

						
	 
	PENTHOUSE MEDIA GROUP INC.

	 
	 

	By:

	/s/ Diane M. Silberstein

	By:

	/s/ Paul Asher

	Diane M. Silberstein

	Paul Asher

	 
	Vice President, Operations

	 
	 

	 
	 

	Date:

	4/28/08

	Date:

	4/30/08

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]