Playboy, Inc.

Entry Into Lease Agreement

On August 11, 2025, Playboy Enterprises, Inc. (“PEI”), a Delaware corporation and a wholly owned subsidiary of the Company, entered into a triple net lease (the “Lease”) with RK Rivani LLC, a Florida limited liability company (the “Landlord”), pursuant to which, among other matters and on the terms and subject to the conditions set forth in the Lease, PEI will lease from the Landlord approximately 20,169 square feet of office space in Miami Beach, Florida, for the Company and its subsidiaries, for a term of 11 years (the “Term”), which will formally begin in approximately one year, following renovations of the office space. The Term may also be extended for two additional five-year periods.

The base rent under the Lease starts at $176,478.75 per month, beginning as of the seventh month of the first year of the Term, and escalates 3% per year during the Term, on the terms and subject to certain abatements set forth in the Lease. In addition to base rent, PEI is responsible for customary payments of its pro rata share of operating expenses and property taxes related to the leased office space. The Lease also requires the delivery by PEI to the Landlord of an irrevocable letter of credit in the initial amount of $2,843,829, and the Lease provides for a tenant improvement allowance from the Landlord of up to $2,420,280 to be applied against expected costs of the renovation of the office space.

The Landlord has the right to terminate the Lease upon any event of default under the Lease. Such events of default include, without limitation, a failure to pay amounts due after applicable notice and cure periods, certain bankruptcy or insolvency events, and the failure to comply with a variety of covenants after applicable notice and cure periods, including those related to the repair and maintenance, insurance and the security deposit.

The Lease contains customary representations and covenants made by PEI to the Landlord. There are also certain restrictions on the ability of PEI to assign its interest in the Lease without having to obtain the Landlord’s prior consent, including requirements for the transferee (or its parent company) to satisfy certain financial metrics.

The foregoing summary of the Lease and the transactions contemplated thereby does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Lease filed herewith as Exhibit 10.3, which is incorporated herein by reference.

Fifth Amendment of A&R Credit Agreement

In connection with the Lease, on August 11, 2025, the Company also entered into Amendment No. 5 to the A&R Credit Agreement (the “A&R Fifth Amendment”). The A&R Fifth Amendment revises the definition of Consolidated EBITDA in the A&R Credit Agreement to allow for $2.4 million of non-cash rent expense related to the Lease to be added back when calculating such Consolidated EBITDA for applicable periods. The other terms of the A&R Credit Agreement prior to the A&R Fifth Amendment remain substantively unchanged. The foregoing summary of the A&R Fifth Amendment and the transactions contemplated thereby does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the A&R Fifth Amendment filed herewith as Exhibit 10.4, which is incorporated herein by reference.

No 10b5-1 Trading Plans or Changes to Director Nomination Procedures

No Rule 10b5‑1 plans or non-Rule 10b5-1 trading arrangements were adopted, modified orterminated by officers or directors of the Company, nor were there any material changes to the procedures by which security holders may recommend nominees to the Company’s board of directors, during the quarter ended June 30, 2025.