Document:

Exhibit 10.3
	 

	 	 June 16,
2006
	 	 

	Mr. Henry A. Braun

  Senior Vice President

    Flushing Savings Bank

      1979 Marcus Avenue, Suite E140

        Lake Success, NY 11042

Dear Hank:

                As
you know, the Board of Directors has approved your new positions as Senior Vice President of Flushing
Financial Corporation (“FFIC”) and Senior Vice President/Senior Operations Officer of Flushing
Savings Bank, FSB (the “Bank”), effective as of May 15, 2006. 

                Your employment agreements with FFIC and the Bank provide that you have the right to terminate your
employment for “Good Reason” if FFIC or the Bank fail to elect or to reelect you to serve
as Senior Vice President/Operations of the Bank or such other position as you consent to hold, or
if FFIC or the Bank make a material adverse change in your functions, duties, or responsibilities
in your position with FFIC or the Bank.

                Please
sign below to evidence your consent to your new positions as Senior Vice President of FFIC and Senior
Vice President/Senior Operations Officer of the Bank and your agreement that the functions, duties
and responsibilities of your new positions do not represent a material adverse change in the functions,
duties and responsibilities in your position with FFIC and the Bank.

	 

	FLUSHING SAVINGS BANK, FSB	 	FLUSHING FINANCIAL CORPORATION
	 	 	 
	 	 	 
	By: /s/John R. Buran	 	By: /s/Anna M. Piacentini
	 	 	 
	 	 	 
	Acknowledged And Agreed:	 	 
	 	 	 
	 	 	 
	/s/ Henry A. Braun	 	 
	Henry A. Braun	 	 
	 	 	 
	 	 	 
	June 16, 2006	 	 
	DateExhibit 10.1.1
                              SECOND AMENDMENT TO
                     AMENDED AND RESTATED CREDIT AGREEMENT

                                              April 27, 2006

PEI Holdings, Inc.
680 North Lakeshore Drive
Chicago, Illinois  60611

Ladies and Gentlemen:

            Reference is hereby made to that certain Amended and Restated Credit
Agreement,  dated as of April 1,  2005,  among PEI  Holdings,  Inc.,  a Delaware
corporation  ("Borrower"),  the financial  institutions  from time to time party
thereto (the  "Lenders"),  and Bank of America,  N.A.,  as Agent for the Lenders
("Agent") (as amended,  supplemented or otherwise  modified to date, the "Credit
Agreement").  Unless  otherwise  defined herein,  capitalized  terms used herein
shall have the meanings provided to such terms in the Credit Agreement.

            Borrower  has  requested  that Agent and Lenders  agree to amend the
Credit Agreement in certain respects,  and Agent and Lenders have agreed to such
amendments, on the terms, and subject to the conditions, contained herein.

            Therefore, Borrower, Agent and Lenders hereby agree as follows:

            1. Amendments to Credit  Agreement.  Subject to the  satisfaction of
the  conditions  set forth in Section 3 hereof,  the Credit  Agreement is hereby
amended as follows:

            (a) The new definition of the term "Second  Amendment  Closing Date"
is hereby  inserted  into  Section 1.01 of the Credit  Agreement in  appropriate
alphabetical order, as follows:

            "Second Amendment Closing Date" means April 27, 2006.

            (b)  Section  6.10 of the  Credit  Agreement  is hereby  amended  by
deleting such section and replacing it with the following:

            6.10 Additional Guarantors.

            Notify Agent (i) at the time that any Person (other than a
      Playboy.com Entity,  China or CJI) becomes a Domestic Restricted
      Subsidiary  of Playboy,  (ii) within 60 days after the formation
      of each of China and CJI, and

<PAGE>

      (iii) within 150 days after each  Playboy.com  Entity  becomes a
      Wholly-Owned  Restricted  Subsidiary  of Playboy;  and  promptly
      thereafter  (and in any  event  (x) in the  case of all  Persons
      other  than  a  Playboy.com   Entity  that  is  a   Wholly-Owned
      Restricted  Subsidiary as of the Second Amendment  Closing Date,
      China or CJI,  within  30 days  after the  applicable  notice is
      required  to be given,  and (y) in the case of each  Playboy.com
      Entity that is a  Wholly-Owned  Restricted  Subsidiary as of the
      Second  Amendment  Closing  Date and CJI,  no later than May 15,
      2006),   cause  each  such  Person  (a)  other  than  a  Foreign
      Subsidiary, to become a Guarantor by executing and delivering to
      Agent  a  Loan  Guaranty  or  Loan  Guaranty  joinder  in a form
      reasonably  acceptable  to  Agent,  (b)  other  than  a  Foreign
      Subsidiary,  to deliver to Agent documents  reasonably necessary
      to grant to Agent (and  permit  Agent to  perfect) a Lien on the
      personal property of such Person to the extent permitted herein,
      (c) to cause the appropriate Person to deliver to Agent a Pledge
      Agreement  granting to Agent a Lien on the Equity  Interests  of
      such Person  (excluding  China and Gibraltar,  unless  otherwise
      agreed  by  Agent  and  Borrower)  and (d) to  deliver  to Agent
      documents  of the types  referred  to in clause  (iv) of Section
      4.01(a) and favorable  opinions of counsel  (including  in-house
      counsel) to such Person (which shall cover,  among other things,
      the legality, validity, binding effect and enforceability of the
      documentation  referred  to in  clauses  (a),  (b) and (c)),  as
      applicable,   all  in  form,   content   and  scope   reasonably
      satisfactory to Agent.

            2. Scope.  Except as amended hereby,  the Credit  Agreement  remains
unchanged and in full force and effect.

            3.  Effectiveness.  This Second  Amendment  to Amended and  Restated
Credit Agreement (the  "Amendment")  shall be effective when executed by Lenders
and Agent and agreed to by  Borrower  and  returned  to Agent,  together  with a
reaffirmation of the guaranty executed by each Guarantor.

            4.  Severability.  If any  provision of this  Amendment or the other
Loan  Documents  is  held  to be  illegal,  invalid  or  unenforceable,  (a) the
legality,  validity  and  enforceability  of the  remaining  provisions  of this
Amendment and the other Loan Documents shall not be affected or impaired thereby
and (b) the parties  shall  endeavor in good faith  negotiations  to replace the
illegal, invalid, or unenforceable provisions with valid provisions the economic
effect of which comes as close as possible  to that of the  illegal,  invalid or
unenforceable  provisions.  The  invalidity  of  a  provision  in  a  particular
jurisdiction shall not invalidate or render  unenforceable such provision in any
other jurisdiction.

            5.  Counterparts.  This  Amendment  may be  executed  in one or more
counterparts, each of which shall constitute an original, but all of which taken
together shall be one and the same instrument.

                                      -2-
<PAGE>

            6. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE  WITH, THE LAWS OF THE STATE OF ILLINOIS  APPLICABLE TO AGREEMENTS
MADE AND TO BE PERFORMED  ENTIRELY  WITHIN SUCH STATE;  PROVIDED THAT  BORROWER,
AGENT AND EACH LENDER SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW.

                                 Very truly yours,

                                 BANK OF AMERICA, N.A., as Agent

                                 By David A. Johanson
                                 Its Vice President

                                 BANK OF AMERICA, N.A., as a Lender

                                 By Craig w. McGuire
                                 Its Senior Vice President

                                 LASALLE BANK NATIONAL ASSOCIATION,
                                 as a Lender

                                 By Illegible
                                 Its AVP

ACKNOWLEDGED AND AGREED TO
THIS 27TH DAY OF APRIL, 2006:

PEI HOLDINGS, INC., as Borrower

By Robert Campbell
Its Treasurer

Signature Page to Second Amendment to
A/R Credit AgreementExhibit 10.1.2

                            REAFFIRMATION OF GUARANTY

            Reference  is made to  that  certain  Amended  and  Restated  Credit
Agreement,  dated as of April 1, 2005 (as the same may be  amended,  modified or
supplemented  from time to time,  the "Credit  Agreement"),  among PEI Holdings,
Inc., a Delaware corporation ("Borrower"), the various financial institutions as
are, or may from time to time become,  parties thereto ("Lenders"),  and Bank of
America,  N.A.,  as a Lender  and as agent  for the  Lenders  ("Agent").  Unless
otherwise defined herein,  capitalized terms used herein shall have the meanings
ascribed to such terms in the Credit Agreement.

            Each of the undersigned  hereby  acknowledges that it has executed a
Master Corporate Guaranty,  dated as of March 11, 2003 (the "Guaranty"),  of all
of the  obligations of Borrower to Agent and Lenders under the Credit  Agreement
and as more fully  described in the Guaranty.  Each of the  undersigned  further
acknowledges   that  such   Guaranty   was   reaffirmed   pursuant   to  certain
Reaffirmations of Guaranty dated April 1, 2005 and March 10, 2006, respectively.

            Each of the undersigned  hereby (i) acknowledges and consents to the
execution,  delivery  and  performance  of the Second  Amendment  to Amended and
Restated  Credit  Agreement  (the  "Amendment")  of even date  herewith and (ii)
ratifies and affirms the Guaranty in all respects.

            Each of the  undersigned  further  agrees that each Loan Document to
which  it is a party  shall  remain  in full  force  and  effect  following  the
execution  and delivery of the  Amendment  and that all  references  in the Loan
Documents  to the  Credit  Agreement  shall be  deemed  to  refer to the  Credit
Agreement as amended or otherwise modified from and after the date hereof.

            This  Reaffirmation  of  Guaranty  may be  executed  in one or  more
counterparts, each of which shall constitute an original, but all of which taken
together shall be one and the same instrument.

                                   * * * * * *

                             Signature Pages Follow

<PAGE>

            IN WITNESS  WHEREOF,  this  Reaffirmation  of Guaranty has been duly
executed this 27th day of April 2006.

                    ADULTVISION COMMUNICATIONS, INC.
                    AL ENTERTAINMENT, INC.
                    ALTA LOMA DISTRIBUTION, INC.
                    ALTA LOMA ENTERTAINMENT, INC.
                    ANDRITA STUDIOS, INC.
                    CANDLELIGHT MANAGEMENT LLC
                      By: Playboy TV International, LLC, its Sole Member,
                          By: Playboy Entertainment Group, Inc., its Sole Member
                    CHELSEA COURT HOLDINGS LLC
                      By: Playboy TV International, LLC, its Sole Member,
                          By: Playboy Entertainment Group, Inc., its Sole Member
                    CLARIDGE ORGANIZATION, LLC
                      By: Playboy TV International, LLC, its Sole Member,
                          By: Playboy Entertainment Group, Inc., its Sole Member
                    CPV PRODUCTIONS, INC.
                    CYBERSPICE, INC.
                    ICS ENTERTAINMENT, INC.
                    IMPULSE PRODUCTIONS, INC.
                    INDIGO ENTERTAINMENT, INC.
                    ITASCA HOLDINGS, INC.
                    LAKE SHORE PRESS, INC.
                    LIFESTYLE BRANDS, LTD.
                    MH PICTURES, INC.
                    MYSTIQUE FILMS, INC.
                    PLANET PLAYBOY, INC.
                    PLANET SPICE, INC.
                    PLAYBOY CLUB OF HOLLYWOOD, INC.
                    PLAYBOY CLUB OF NEW YORK, INC.
                    PLAYBOY CLUBS INTERNATIONAL, INC.
                    PLAYBOY CRUISE GAMING, INC.
                    PLAYBOY ENTERTAINMENT GROUP, INC.
                    PLAYBOY GAMING INTERNATIONAL, LTD.
                    PLAYBOY GAMING NEVADA, INC.
                    PLAYBOY GAMING UK, LTD.
                    PLAYBOY JAPAN, INC.
                    PLAYBOY MODELS, INC.

                    By:
                    Name:  Robert Campbell
                    Title: Treasurer

                                      -2-
<PAGE>

                    PLAYBOY OF LYONS, INC.
                    PLAYBOY OF SUSSEX, INC.
                    PLAYBOY PREFERRED, INC.
                    PLAYBOY PROPERTIES, INC.
                    PLAYBOY SHOWS, INC.
                    PLAYBOY TV INTERNATIONAL, LLC
                        By: Playboy Entertainment Group, Inc., its Sole Member
                    PRECIOUS FILMS, INC.
                    SPECIAL EDITIONS, LTD.
                    SPICE DIRECT, INC.
                    SPICE ENTERTAINMENT, INC.
                    SPICE INTERNATIONAL, INC.
                    SPICE NETWORKS, INC.
                    SPICE PRODUCTIONS, INC.
                    STEELTON, INC.
                    TELECOM INTERNATIONAL, INC.
                    WOMEN PRODUCTIONS, INC.

                    By
                    Name:      Robert Campbell
                    Title:     Treasurer

                    PLAYBOY ENTERPRISES, INC.
                    PLAYBOY ENTERPRISES INTERNATIONAL, INC.

                    By
                    Name:  Robert Campbell
                    Title: Senior Vice President,
                           Treasurer and Strategic Planning

                    SPICE HOT ENTERTAINMENT, INC.
                    SPICE PLATINUM ENTERTAINMENT, INC.

                    By
                    Name:  Catherine A. Zulfer
                    Title: Treasurer

                                      -3-
<PAGE>

                           ACKNOWLEDGED AND AGREED TO
                           THIS 27TH DAY OF APRIL 2006:

                           BANK OF AMERICA, N.A., as Agent

                           By
                           Name:  David A. Johanson
                           Title: Vice President _______________________

                                      -4-

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