Severance Agreement between Playboy Enterprises, Inc. and Linda Havard

Summary

This agreement from Playboy Enterprises, Inc. confirms that if Linda Havard is terminated from her employment for any reason other than cause, she will receive 12 months of severance pay based on her current salary. 'Cause' is defined as conviction of a crime involving dishonesty, fraud, breach of trust, or conduct materially harmful to Playboy. If terminated, Linda is not required to seek other employment or reduce damages, and she may accept other work at her discretion.

EX-10.6 8 d51025_ex10-6.txt INTEROFFICE CORRESPONDENCE Exhibit 10.6 [LOGO] PLAYBOY ENTERPRISES, INC. INTEROFFICE CORRESPONDENCE Date: May 21, 2002 To: Linda Havard From: Howard Shapiro Subject: Severance This will confirm that if you are terminated at any time during the course of your employment not for cause (as defined below), you will be entitled to receive 12 months severance pay based on your salary at that time. "For cause" is defined as conviction of a crime involving dishonesty, fraud or breach of trust, or engaging in conduct materially injurious to Playboy. In the event of such termination you will have no duty to mitigate damages, and you will be free to accept other employment at your discretion. /s/ Howard Shapiro ------------------ Howard Shapiro