Severance Agreement between Playboy Enterprises, Inc. and Alex Vaickus

Summary

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

EX-10.30.(E) 4 d73851_ex10-30e.txt INTEROFFICE CORRESPONDENCE Exhibit 10.30(e) [LOGO] PLAYBOY ENTERPRISES, INC. INTEROFFICE CORRESPONDENCE DATE: December 21, 2007 TO: Alex Vaickus FROM: Christie Hefner 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/ Christie Hefner ------------------- Christie Hefner