Document:

Exhibit 10.33

EXECUTION COPY

As of October 8, 2009

PET Capital
Partners LLC, as Agent

6800 Broken Sound Parkway, Suite 200

Boca Raton, FL 33487

Re: FFN/PET
Capital October 8, 2009 Limited Waiver

Ladies &
Gentlemen:

Pursuant to
Section 3.14 and Section 6.16 of that certain 13% Subordinated Term Loan Note
due 2011 (the “Note”), by FriendFinder Networks Inc. (formerly known as
Penthouse Media Group Inc.) (the “Company” or “Issuer”)), payable to PET
Capital Partners LLC as Agent for the Holders listed on Schedule I to the Note,
and guaranteed by the Subsidiary Guarantors party thereto, the Agent and the
undersigned Holders of a majority in principal amount of the outstanding Notes
hereby agree to waive each of the covenants identified on Schedule A
attached to this FFN/PET Capital Limited Waiver (this “Waiver”), solely to the
extent described on Schedule A (with each such waiver being effective as of the
date such waiver is required to negate breach or non-compliance with the
applicable covenant); provided that each such waiver shall remain
effective only if the Company complies with the applicable restated obligation
(if any) with respect to such waiver described on Schedule A.

In connection
with this Waiver and each of the limited waivers pertaining to the Notes, dated
as of December 19, 2008 and March 20, 2009, by PET Capital Partners LLC as
Agent and majority Holder for the Holders of the Notes, Issuer shall pay to the
Agent an amendment fee (the “Amendment Fee”) which shall be (i) in an amount
determined by multiplying the outstanding principal amount of the Notes by four
percent (4%) and (ii) paid in additional Notes. This paragraph supersedes and
replaces for all purposes the second paragraph of the Limited Waiver, dated as
of December 19, 2008, by PET Capital Partners LLC as Agent and majority Holder
for the Holders of the Notes.

Terms
capitalized but not defined in this Waiver have the respective meanings
ascribed in the Note. This Waiver may be executed via facsimile or e-mail, and
in counterparts, all of which shall constitute one and the same instrument.
Except as otherwise provided in this Waiver, the Note remains in full force and
effect.

[remainder of page intentionally left blank]

[signature page to limited waiver letter
agreement]

Very truly
yours, 

PET CAPITAL PARTNERS
LLC, as Agent

	
   
  	
   
  	
   
  	
   
  
	
  By:
  	
  NAFT
  Ventures I, LLC, Managing Member
  	
   
  
	
   
  	
   
  	
   
  
	
   
  	
  By:
  	
  /s/ Marc H.
  Bell
  	
   
  
	
   
  	
   
  	   	 	
   
  
	
   
  	
  Name: Marc
  H. Bell
  	
   
  
	
   
  	
  Title:
  Managing Member
  	
   
  
	
   
  	
   
  	
   
  	
   
  
	
  cc:
  	
  FriendFinder
  Networks Inc.
 6800 Broken Sound Parkway NW, Suite
  100 

  Boca Raton, FL 33487
  

Majority Holders

MARC H. BELL

	
   

  	
   

  
	
   /s/ Marc H. Bell

  	
   

  
	 

  	
   

  
	
  Name: Marc
  H. Bell

  	
   

  

STATON FAMILY
INVESTMENTS, LTD

	
   
  	
   
  	
   
  
	
  By: 
  	
  /s/ Daniel C. Staton
  
	
   
  	   	 	
   
  
	
  Name:
  	
  Daniel C. Staton
  
	
  Title:
  	
  Managing Member
  

Please
indicate your acceptance of the foregoing terms of this FFN/PET Capital
Partners Limited Waiver by executing a copy and returning it to us.

ACCEPTED AND
AGREED

FRIENDFINDER NETWORKS INC.

	
   
  	
   
  	
   
  
	
   /s/ Ezra Shashoua
  	
   
  
	   	 	 	
   
  
	
  By: 
  	
  Ezra
  Shashoua
  	
   
  
	
  Its: 
  	
  Chief
  Financial Officer
  	
   
  
	 	 	 
	
  Date:
  	
  October 8,
  2009
  	
   
  

Schedule A: Limited Waivers Granted

	
   

  	
   

  	
   

  
	
  Waiver

  	
   

  	
  Restated Obligation (if any)

  
	
  The
  obligation under Note Section 6.15(3) to deliver for fiscal years 2007 and
  thereafter a written statement by the Issuer’s independent public accountant
  within 90 days after the end of such fiscal year.

  	
   

  	
  None.

  
	
   

  	
   

  	
   

  
	
  Any Event of
  Default arising under the Note, solely to the extent such Event of Default
  resulted or would result from a default that has occurred or is occurring
  under the agreements identified in Schedule B attached hereto.

  	
   

  	
  None.

  
	
   

  	
   

  	
   

  
	
  Any Event of
  Default arising under the Note, solely to the extent such Event of Default
  arises from, or in connection with, value added tax liability that was
  accrued prior to July 1, 2008 or relates to any activities of the Company,
  Interactive Network, Inc., Various, Inc. or any of their Subsidiaries prior
  to July 1, 2008.

  	
   

  	
  None.

  
	
   

  	
   

  	
   

  
	
  The
  obligation under Note Section 6.07 not to, and not to permit any of its
  Subsidiaries to, incur certain Debt, solely to the extent necessary to permit
  (i) the adjustment in principal amount reflected in the amendment and
  restatement of the 6% Subordinated Convertible Note (the “Seller Note”) of
  Interactive Network Inc. (“INI”) attached hereto as Exhibit A, (ii)
  any adjustment in principal amount made in accordance with Section 4(a) of
  the letter agreement, dated October 8, 2009, between the Issuer, INI and the holders
  of the Seller Notes, in the form attached hereto as Exhibit
  B (the “Seller Note Agreement”), and (iii) INI’s incurrence of up to
  $150,000,000 in additional debt as described in Section 1(b) of the Seller
  Note Agreement.

  	
   

  	
  None.

  
	
   

  	
   

  	
   

  
	
  The
  obligation under Note Section 6.09 not to make certain Restricted Payments
  and Note Section 6.13 not to enter into certain transactions with Affiliates
  and Related Persons, solely to the extent necessary to permit the Issuer to
  enter into, and perform its obligations under, the agreements with Marc Bell,
  Daniel Staton, Andrew Conru and Lars Mapstead, respectively, in substantially
  the forms of Exhibit C, Exhibit D, Exhibit E and Exhibit
  F attached hereto.

  	
   

  	
  None.

  

	
   

  	
   

  	
   

  
	
  The
  obligation under Note Section 6.09 not to make certain Restricted Payments
  and Note Section 6.13 not to enter into certain transactions with Affiliates
  and Related Persons, solely to the extent necessary (i) to permit the
  payments made to Hinok Media Inc. (and payments made to Youmu, Inc. in lieu
  of Hinok Media Inc. in violation of Section 10 of the Independent Contractor
  Agreement, dated September 21, 2007, between Hinok Media Inc. and Various,
  Inc. which prohibits such assignment) and Legendary Technology Inc. prior to
  the date hereof and (ii) to continue to pay amounts due under the terms of
  that certain Independent Contractor Agreement by and between Various, Inc.,
  and Hinok Media Inc., dated as of September 21, 2007, as amended, and as
  further amended pursuant to that certain Amendment No. 2 to Independent
  Contractor Agreement, Assignment and Limited Waiver dated as of October 8,
  2009, and that certain Independent Contractor Agreement by and between
  Various, Inc., and Legendary Technology Inc., dated as of September 21, 2007,
  as amended pursuant to that certain Amendment No. 1 to Independent Contractor
  Agreement dated as of October 8, 2009.

  	
   

  	
  None.

  
	
   

  	
   

  	
   

  
	
  The
  obligation under Note Section 6.11 not to, and not to permit any of its
  Subsidiaries to, incur or suffer to exist certain Liens, solely to the extent
  necessary to allow INI or any of its Subsidiaries to (i) grant a security
  interest in favor of the Seller Notes as described in Section 1(c) of the
  Seller Note Agreement and (ii) grant a security interest in favor of up to
  $150,000,000 in additional debt as described in Section 1(c) of the Seller
  Note Agreement.

  	
   

  	
  None.

  
	
   

  	
   

  	
   

  
	
  The
  obligation under Note Section 6.18 to cause newly-acquired or created
  Subsidiaries to execute a Guaranty pursuant to a joinder agreement in form
  and substance satisfactory to the Agent, and to execute and authorize the
  filing of Uniform Commercial Code financing statements and other recordings.

  	
   

  	
  Company must
  complete this obligation by March 31, 2010 

  

[Remainder of page intentionally blank.]

Schedule B

	
   

  	
   

  
	
  •

  	
  That certain
  Securities Purchase Agreement, dated as of August 17, 2005, relating to the
  15% Senior Secured Notes due 2010 and certain other securities of
  FriendFinder Networks Inc., as amended, and that certain Securities Purchase
  Agreement, dated as of August 28, 2006, relating to the 15% Senior Secured
  Notes due 2010 and certain other securities of Company, and all related
  agreements, as amended.

  
	
   

  	
   

  
	
  •

  	
  That certain
  Securities Purchase Agreement, dated as of December 6, 2007, relating to the
  Senior Secured Class A Notes due 2011 issued by Interactive Network, Inc.,
  and the Senior Secured Class B Notes due 2011, and certain securities of
  FriendFinder Networks Inc., and all related agreements, as amended.

  
	
   

  	
   

  
	
  •

  	
  That certain
  Sellers’ Securities Agreement, dated as of December 6, 2007, relating to the
  Subordinated Secured Notes due 2011 issued by Interactive Network. Inc., and
  certain securities of FriendFinder Networks Inc., and all related agreements,
  as amended.

  
	
   

  	
   

  
	
  •

  	
  Those
  certain 6% Subordinated Convertible Notes due 2011, dated December 6, 2007,
  June 30, 2008, December 31, 2008 and June 30, 2009, issued by Interactive
  Network, Inc.Exhibit 10.36

EXECUTION COPY

AMENDMENT NO. 2 TO INDEPENDENT CONTRACTOR
AGREEMENT, 

ASSIGNMENT AND LIMITED WAIVER

          THIS
AMENDMENT NO. 2 TO THE INDEPENDENT CONTRACTOR AGREEMENT, ASSIGNMENT AND LIMITED
WAIVER (the “Agreement”), dated as of October 8, 2009, amends that certain
Independent Contractor Agreement by and between Various, Inc., a California
corporation (the “Company”) and Hinok Media Inc., a California corporation
(“Hinok”), dated as of September 21, 2007, as amended by Section 10.3 of that
certain Amendment to the SPA dated December 6, 2007, and as further amended and
confirmed by that certain letter agreement accepted by the Company on or about
May 14, 2008 (so amended, the “Independent Contractor Agreement”) and (subject
to Section 3(a)) assigns Hinok’s rights and obligations arising under the
Independent Contractor Agreement from Hinok, as assignor, to YouMu, Inc., a
Washington corporation (“YouMu,” together with Hinok and the Company, the
“Parties”), as assignee (the “Assignment”).

          WHEREAS, Hinok is an independent contractor
to the Company under the Independent Contractor Agreement, pursuant to which
Consultant provides consulting and related services to the Company.

          WHEREAS, Hinok wishes to assign all of its
rights under the Independent Contractor Agreement to YouMu, and YouMu wishes to
accept such Assignment and to assume all of Hinok’s obligations under the
Independent Contractor Agreement, and the Company wishes to consent to the
Assignment.

          WHEREAS, Hinok and the Company wish to
waive any provisions of the Independent Contractor Agreement requiring payments
to Hinok, which were instead made to YouMu.

          WHEREAS,
the Company and Hinok desire to further amend the Independent Contractor
Agreement as set forth herein.

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

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

          2.
Waiver.

          (a)
Any violations of Section 10 or Section 16 of the Independent Contractor
Agreement caused by the Company’s compensation for Services paid to YouMu
rather than Hinok prior to the date hereof are hereby waived. Hinok
acknowledges that the Company remitted payments to YouMu at Hinok’s direction.
The Company acknowledges that the Founder provided Services under the
Independent Contractor Agreement as required since the commencement of the
Term, notwithstanding that payments were made to YouMu and not Hinok.

1

          (b)
Hinok and the Company hereby consent to the Assignment of the Independent
Contractor Agreement to YouMu as set forth in Section 3 hereof pursuant to
Section 16 of the Independent Contractor Agreement.

          3.
Assignment. 

          (a)
Hinok hereby grants, conveys, assigns, transfers and sets over to YouMu, and
its successors, all of Hinok’s right title and interest in and to the
Independent Contractor Agreement, and all of the rights, obligations, duties
and benefits of Hinok thereunder, effective as of the first date of services
rendered by YouMu to the Company (the “Assignment Effective Date”); provided,
however that Hinok shall continue to be bound by Sections 7 and 8 of the
Independent Contractor Agreement and that such provisions shall continue to be
binding upon Hinok as contemplated by Section 9 of the Independent Contractor
Agreement. 

          (b)
YouMu hereby accepts the Assignment of Hinok’s right, title and interest in the
Independent Contractor Agreement, and assumes and agrees to perform all of the
obligations, duties and agreements of Hinok under the Independent Contractor
Agreement from and after the Assignment Effective Date.

          (c)
The Company’s execution of this Agreement shall constitute its acceptance of
the Assignment and acknowledgment that YouMu shall be the “Consultant” under
the Independent Contractor Agreement for all purposes as of the Assignment
Effective Date.

          (d)
Subject to the provisions of this Agreement, the Independent Contractor
Agreement shall continue in full force and effect in accordance with its terms,
and shall inure to the benefit of YouMu, as assignee, and the Company, and
their respective permitted successors pursuant to the Independent Contractor
Agreement.

          4.
Amendment. The Independent Contractor Agreement is hereby amended as
follows:

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

          (b)
All references to “Hinok Media Inc.” and “116 El Nido, Portola Valley, CA,
94028” in the Independent Contractor Agreement are hereby deleted and replaced
with “YouMu, Inc.” and “2125 1st Ave #2904, Seattle, WA 98121”,
respectively.

2

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

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

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

          (ii)
For the period from January 1, 2010 to March 31, 2013 (the “Increased
Compensation Period”) the Consultant’s aggregate compensation earned shall be
increased as follows (the “Increased Consulting Fees”): by $910,000 for the
year ended 2010; by $910,000 for the year ended 2011; by $910,000 for the year
ended 2012; and by $227,500 for the quarter ended March 31, 2013; provided,
however, that all payments of the Increased Consulting Fees to the Consultant
will be subject to and conditioned upon the repayment in full of the 15% Senior Secured Notes due 2010 of FriendFinder Networks Inc.
f/k/a Penthouse Media Group Inc. and the Senior Secured Notes due 2011 of
Interactive Network, Inc. (the “Debt Repayment”). If the Debt Repayment is not
completed by January 1, 2010, then once such Debt Repayment has occurred, if at
all, the Company shall,
within ten business days of the Debt Repayment date,
pay Consultant all Increased Consulting Fees earned and due for the period from
January 1, 2010 to the date of the then most recent payment due to Consultant prior to the Debt
Repayment in accordance with Section 5.a(i). For the
avoidance of doubt, any earned but unpaid Increased Consulting Fees will not
bear interest. The Increased Consulting Fees are earned pro rata over the
course of the Increased Compensation Period on a twice-per month basis. Subject
to the foregoing terms of payment as to the Increased Consulting Fees
(including, without limitation, the condition that the Debt Repayment has
occurred), the Increased Consulting Fees will be payable to Consultant,
regardless of whether or not this Agreement remains in full force and effect
and notwithstanding any other provisions of this Agreement to the contrary
(other than the condition that the Debt Repayment has occurred).”

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

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

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

[Remainder of page left blank intentionally.]

3

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

	
   
  	
   
  	
   
  
	
   
  	
  COMPANY:
  
	
   
  	
   
  
	
   
  	
  VARIOUS, INC.
  
	
   
  	
   
  
	
   
  	
  By:
  	
  /s/ Ezra
  Shashoua
  
	
   
  	
   
  	   	 
	
   
  	
  Name:
  	
  Ezra
  Shashoua
  
	
   
  	
  Title:
  	
  Chief
  Financial Officer
  
	
   
  	
   
  	
   
  
	
   
  	
  HINOK MEDIA INC.
  
	
   
  	
   
  
	
   
  	
  By:
  	
  /s/ Andrew
  Conru
  
	
   
  	
   
  	   	 
	
   
  	
  Name:
  	
  Andrew Conru
  
	
   
  	
  Title:
  	
  President
  
	
   
  	
   
  	
   
  
	
   
  	
  YOUMU, INC.
  
	
   
  	
   
  
	
   
  	
  By:
  	
  /s/ Andrew
  Conru
  
	
   
  	
   
  	   	 
	
   
  	
  Name: 
  	
  Andrew Conru
  
	
   
  	
  Title:
  	
  President

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